New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-23
CORPORATIONS,
CHARTER.
u
STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS.

Be it known that on this eighth day Of June
in the year of Lord one Thousand eight
hundred and seyenty,one, and Of the indepen-
dence of the United States OF America the
nnety-tifth before me- William Joseph Castell. a
notary public in and for the parish of Orleans
State of Louisiana, duly commissioned and quail
fed, and in the presence OF the witnesses hereln
after nalhed and undersigned, personally came and
appeared the parties whose names are nere9nto
subscribed who declared that awaiting themselves
of the provisions of the laws of this state relative
the organization of corporations i'll this State for
works of public improvement and other purposes,
they have covenanted and agreed, and do by these
presents covenant and agree, and bind themselves
and those whom they represent to form and estab-
lish and do hereby establish corporation or body
corporate, 1or the objects and purposes, and under
the title, obligations, stpuatOns and regulations
following, to wit:
The name and title of the company shall be THE
HIBERNIA INSURANCE COMPANY OF NEW OR
LEANS and its dOmcile is hereby established in
the city of New Orleans 1t shall continue and exist
for twenty-five years from the date OF organization
1t shall commence operations Immediately on Or
ganizatOn. 1t shall have corporate seal having
for a device an Irish harp encircled by shamrock
and the name of this company and the date of this
act.
SECTION l. The objects and purposes of the COM
pany are hereby declared to be
SECTION l. TO make assurances upon dWeLnS
houses, stores cotton presses aud every other de-
scripti0n of buildings household furniture, goods,
wares merchandise, machinery, and other property
against loss or damage by fire.
SEC O. TO make insurance upon ships and sea-
going vessels, steamboats,, and all other vessels,
freiGhts goods bills of exchange and other evil
| dences of debt, commissions, profits, bullion or
money, and against all maritime and inland trans
portation risks, fOttOmry and respondenta inter,
ests i'll other words to effect fire, marine, river and
inland insurance of any kind hasOever with plivi-
lege of exercising all or either of said purposes.
The company may cause itself to be rensured
against any risk upon which it shall have made III
surances. :, -.
| corporate NAME and ali citations and other legal
process shall be served on the president OF tho
company
to invest from time to time the money and capital
| of the company i'll bonds and mortgages on unln-
| numbered and improved real estate which in every
| case shall be deemed worth at least double the
| amount loaned thereon.
They may also invest the profits of the company
| in any bonds or stocks created by or under the
laws of the United States OF this State or OF the
| cOrDOratiOns of this State or city, or make any
loans on pledge OF any OF the aforesaid securities
bonds stocks or any collateral or bill OF ladng;
provided this investment shall not Interfere with
| the prompt distribution OF net earned premiums
| for the current year.
| They shall have power to dispose of mortg cages
obtained by way of security, or of stocks pledged
| for security, OF of property conveyed to them III
satisfaction of debts previously contracted pur
| chased at public sale upon judgments or orders OF
seizure obtained by said company or OF any
| property movable or immOvable, which may have
| been pledged or abandoned to said company Tor OF
| concerning the operations of its business; Du'
nothing herein contained shall be so construed as
TO authorize the said company to discount negotla
| BILE paper or do any banking business nor, ethel
directly or indirectly deal or trade in buying o.
| selling movable immOvable property, goods
| wares merchandise; provided, alsO, that Inc
| company shall have the right to purchase aproper
| tv or building, for the purpose OF establishing al
They shall fix the compensation of the officers
| clerks and employees elected or employed by then
in the service of the company, and shall also have
| power to I'LL any vacancies which may occur IL
| their number or in the presidency.
They shall have power to adopt such rules, regu
| latiOns and bylaws as to them shall seem best fol
| the transac ton of the business of the company
provided the same shall not conflict with the tru'
| intent and meaning of this act.
ARTICLE III.
| SECTION l. All the corporate powers of the com
pany shall be exercised by the board of thirty-On,
| directors to be elected from among the stock
holders: provided that after the election OF di
eli giblo who does not hold in h name, or that o
| his firm at least twenty five shares, which stocl
| shall have stood III his name, or that of his firm
| on the books of the company for at least three
| months prior to the election.
No one shall be eligible for the position of di
| rector of this company who is director OF any
| other fire, marine or river insurance company.
Nine directors present at any meeting shall con
| Stitute a quorum FOR business.
ARTICLE ".
SECTION l. The capital stock of this company il
| hereby Xed at five hundred thousand dollars di
videa into five thousand shares of one hundred
dollars each. subject to be increased to one million
of dollars under article twelve of this charter
| and it is hereby authorized to commence bushes:
as soon as the capital shall be subscribed. The
| stock to be paid as fellows: Ten per cent of the
subscribed stock shall be paid in cash. for the re
mainder OF ninety per cent the subscriber shal
furnish his note payable on demand. subject, how
ever to calls whenever in the opinion of the Board
| of Directors the necessities of the company shat
require ii. In such cases calls shall be payable
within ten days after thirty days notice, published
| in two of the city newspapers Subscribers may
at auy time pay in cash up to the full amount OF
their subscription but no dividend shall attach tC
| such payments unless paid during the first three
months of the current fiscal year.
SEC. q Upon the failure OF any sto kholder to pay
the amount due on such call SO made, the stoe
owned by him. with dividends or increase shall bt
liable to forfeiture to the company by vote OF the
| directors, or the company may enforce the pay
ment of the stock. at its option.
SEC. 3. No stakeholder shall ever be held liable
or pOnsibe for the contracts or faults of sale
company in any further sum than the unpaid bal
ance due TO the company on the shares owned by
him, and his Indebtedness to the company.
SEC. t. All transfers of stock to be valid, snail On
made on the books of the company. No stock
holder shall have the right to transfer his stool
until his matured obligations to the company ar
fully paid Should any stakeholder desire to trans
fer his stock previous to the full payment OF thu
same having been made he shall be permitted u
do so by substitute of the obligations OF the party
purchasing, provided the substituted obligation
are satisfactory TO the Board of Directors.
ARTICLE v.
SECTION l. The election for directors shall be hell
OH the first Monday of May ofeach year At the Ottic
given for at least ten consecutive days, lmme
diately preceding the election i'll at least tive OF tn
city papers.
SEC. q The board shall appoint three stockhod
ers inspectors to preside al such elections, aud
any of said inspectors decline fail to attend tn
ARTICLE VI.