New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-11
CORPORATIONS,
CHARTER

OF THE
NEW ORLEANS INSURANCE ASSOCIATION,
As amended by act of December l. 1870, and mad,
| part thereof by reference.
| URITRp STATES AMERICA, }
State of Louisiana, ;
| Parish of Orleans, City of New Orleans.
Be 1t known, that this seventh day of the
month of August in the year Of our L. I'd one
thousand eight hundred and sixty nine, and Of the
independence of tine United States Of America the
ninety fourth, before me, Gustave LIE Gardeur, Jr.
notary public, duly commissioned and sworn, in
and for the parish and city aforesaid, therein
| residing, and in the presence of the witness s
hereinafter named and undersigned, personally
came and appeared the persons hereinafter named
| and undersigned, who severally declare that they
| 90, by these presents, form among themselves and
| such others as may become associated with them
oy subscription purchase, transfer or Succession,
corporation, under the general laws of this State
providing for the organization of corporations and
have agreed, upon the following stipulatons to
| ton:
ARTICLE
l. The domicile of this corporation hereby estab
shed in the said city of New Orleans p.,d 1t shall
| be designated and known under the name of the
| NEW ORLEANS INSURANCE. ASSOCIATION"
| 2 Ii shall commence business about the
| fifteenth of September, 1869, and shall exist for
| twenty-five years from the date of this charter
1nless its affairs should be liquidated and
| settled up by order Of two-thirds of the stock.
| holders.
g. The President or in his absence the Secretary,
|
| tons IN all suits against the association.
| ARTICLE H.
| The objects and purposes of this association are
declared to be:
!. To make insurance on dwelling houses stores
/ and other buildings, household furniture mer-
| chandise and other property against loss dam
| age by fire.
| O. To make marine and river insurance upon yes
sells, freights, steamboats,, goods, wares mer
| chandise, specie, buons bills of exchange, com
M ssons profits, bank notes and other evidence OF
| debt bottomry and respondents interests, and to
make all and every Insurance appertanng to or
connected with marine or inland transportation
Clsks.
3. To cause themselves to be reimbursed against
any risk upon which they have made or shall make
insurance.
ARTICLE III.
l. The capital stock of this association ia hereby
fixed at five hundred thousand dollars, with the
privilege of increasing it million of do lars
divided into shares of one hundred dollars each to
be paid for at the time and i'll the manner herein
after provided for in article four of this charter
2 The association may commence business as
soon as three hundred thousand dollars shall have
been subscribed, but each fiscal year shall end on
December 81, the first fiscal ear to end on the
thirty first of December, 1870
3. Transfers of stocks shall be made on the books
OF the association at its office, in the city of New
Orleans only, but not while any indebtedness to
the association exists on the part of the holder;
provided said transfers have been approved by the
Board Of Directors
ARTICLE ".
l. All persons who have subscribed or nav here
after subscribe to the capital stock of this assoca-
ton, shall furnish their note for the amount or
their shares, payable Oh the thirty first of Deem
ber 1871.
2. The notes furnished. as above provided for.
shall be reduced by a credit thereon of the net
profits made by the association in the first and
second year, pro rata to the amount OF earned pre-
by each stakeholder
g. AT the maturity of said notes, if the net profits
OF the association for the first and second year have
not extinguished the said notes. the stockholders
shall pay the balance due thereon.
T. The nOn-payment of the balance due on the
said notes, above provided for, shall forfeit the
entire stock to the association together with all
accumulation thereon and all interest benefits
thereunto belonging; provided that the Board OF
Directors may extend said payments for such time
az they deem proper; provided also the stock SO
forfeited may be transferred with the consent OF
the hoard OF directors.
5. No stakeholder shall. in any event be made
liable for the losses OF the association in any larger
sums than the amount of his, her or their subscrp
ton to the capital stock, and his, her or their in
debtedness to the association.
ARTICLE V.
l. AL premiums shall be due and payable cash at |
the end of each month.
2. Any losses or balance due on losses sustained
by the association Mt the beginning of its opera
lions, and when the association shall not have |
sufficient funds TO cover the same shall be paid |
pro ratn by the stockholders
3. All parties wishing TO insure with the assoca-
ton shall subscribe to the capital stock thereof
vided, however, that by and with the advice and |
consent OF special committee appointed for that |
purpose by the Board of Directors upon the re-
commentator of two or more of the stockholders,
risks may be taken from others than the stockhold.
ers, and such parties insuring will become entitled
to such rebate as may be established from time to
time by the Board OF Directors.
ARTICLE VI
l. Within the month of January, 1871 and 1872, |
the president shall cause to be made d statement |
of the net profits of the association and shall |
cause the same to be published in at least two of |
the city papers for one month, together with a |
tingushing the portion of same which is cash and |
the portion thereof invested in securities and the
nature thereof. This publication shall be made |
under oath of the president and secretary and !
shall be conclusive and binding upon all persons
interested.
p The annual statement, to be made in January
l91l and 1872, above provided for shall be made
up to December 81 preceding inclusive, in the fol-
lowing manner, to wit: /. Showing the amount of |
premiums received on fire, river and marine risks
each, deducting therefrom the amount of same
not terminated 2. Showing the amount of losses
paid on IRE, river and marine risks, each and rein
surance, return premiums. 3. Showing the inter
est on the portion OF the capital invested
ARTICLE VII.
l. From and after the beginning of the third
the assurances effected by them.
2 But i'll the year 1872 and in each and every
year following within the months of April, July
october and January the President shall cause to
be made statement of the losses and expenses OF
the association, to which shall be added two and
half per cent profits paid to the stockholders, on
their stock paid in full such part the reof that
shall have been paid and the amount thus formed
shall be paid pro rata by the parties insuring on
the earned premiums of the sums insured.
3. Tho statement to be made within the months
OF April, July, October and January as above pro-
vided for, shall be made to the thrty-first of
March, thirtieth of June, thirteth Of September
and thirty of December preceding, inclusive,
and shall be published as above provided for in
section of Article six for the annual statements
TO be made i'll January, 1871 and 1872.
ARTICLE VIII.
|. All the powers of the association shall be ex-
ercsed by Board of Directors to consist of twelve
persons, five of whom shall form quorum for
the transaction of business
2. The first election of directors of the assoca-
ton shall be leld on the fourth Monday of Decen-
Der, $780, and thereafter the said day in each
year at such place in the city of New Orleans as
the Board of Directors shall designate of which |
the president shall at least fifteen days pre-
viOus notice TO be given in two of the public
newspapers printed in said city. The Board of Di-
rectols shall appoint three of the stockholders of
the association inspectors to preside at such cleo
lions; and II any of the said inspectors decline or
fail to attend, the president may appoint others
to fill such vacancies.
,. The Board of Directors thus elected are To-
take their seats on the first Monday in January
after the election, and to hold the same one year
there from until others are elected in their stead.
q. Those persons receiving plurality of votes
shall be considered duly elected. In the event of
no election taking place on the day aforesaid, the
president shall cause another election to take
place within ten days thereafter, and give notice
Of the same by advertisement in more of
the public newspapers published in this city,
o. The Board of Directors shall annually, at their
first meeting, elect a president who shall on his
election, be ex Othco member of the Board of Di-
rectOrs, and who shall hold his office until his sue
eessor is elected and qualified. The President
shall preside at all meetings of the Board of Di-
rectors and at the meetings of the stockholders of
the association, and shall conduct the business of
The assoc alton generally under the supervision of
The Board of Directors.
In tl,a at