New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-08
CORPORATIONS.
CHARTER,
~uARTER ...CHARTER.
STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS.


CITY OF NEW ORLEANS.
Be it known that on thus eighth day of June,
!, ~ EAR of our Lord one thousand eight
hundred and seventy-one, and of the indepen-
Sanca of the United States of America the
f.r 6f4b before me, William Joseph Casteli a
n+erv p,lblic in and for the parish of Orleans
Sat- of louisiana duly commissioned and quail
fed, and in the presence OF the witnesses herein,
appeared the parties whose names are hereunto
sIIbscribed who declared that availing themselves
of the provisions of the laws of this State relative
to the organization of corporations in 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-
ljsh and do hereby establish corporation or body
corporate Ior the objects and purposes, and under
the title bigations stipulations and regulations
following, to wit:
The name and title of the company shall be THE
LEANS and its domicle 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
ganiZation. 1t shall have corporate seal having
for device an Irish harp encrced by shamrock
and the NAME OF this company and the date OF this
act.
SECrIoS l. The objects and purposes of the COM
pany are hereby declared to be
SEC'I0 /. To make assurances upon dwelling
houses, stores, colt presses and every other de
scrption OF buildings, household furniture, goods
wares, merchandise mach lnery, and other property
against loss or damage by fire.
SEC. 2 10 make insurance upon sllrs ana sea
going vessels, steamboats,, and all other vessels
treights, goods, bills of exchange and other EVIL
dences of debt commissions, prohts, bulIo or
money, and against all maritime and inland trans
pOrtation risks i'ottomry and respondentia inter
ests in other words effect fire, marine, river end
inland insurance of any kind whatsoever with pllvl
lege of exercising all or either OF said purposes.
The company NAV cause itself 10 be relnsIred
against any risk upon which it shall have made III
suranLes. .
corporate name, and all citations and other legal
process shall be served on the president of the
sec g. rhe Board of Directors shall have power
to invest from time to time the money and capital
of the company in bonds and mortgages on unin-
numbered and improved real estate, which i'll 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 stocks created by or under the
laws of the United States of tins state, of the
corpoI atiOns of this State or city, or make any
loans pledge of any of the aforesaid securities.
bonds stocks, any collateral or bill of lading;
provided, this investment shall not interfere with
the prompt distribution of net earned preml ums
for the current year.
They shall have power to dispose of mortgages
obtained by way of security, of stocks pledged
for security, or of property conveyed to them i'll
satisfaction of debts previously Oniracted or pur
chased at public sale upon judgments or orders OF
seizure obtained by said company, or OF any
property movable or imnovable which may have
been pledged or abandoned to said company for or
concerning the operation, of its business but
nothing her, ia contained shall be construed as
to authorize the said company to Discount negotia-
bic paper, or do any banking business, nor, either
directly or indirectly, deal or trade in buying or
selling movable immOvable property, goods,
wares or merchandise; provided, aso that the
company shall have the right to purchase proper
t. or building, for the purpose of establishing an
office therein
They shall fix the compensation of the officers.
clerks and employees elected or employed by them
in the service of the company, and shall also have
power TO III any vacancies which may occur IN
their number or in the presidency.
They shall have power 10 adopt such rules, regu-
lations and bylaws as to them shall seem best for
the transaction of the business of the company
provided the same shall not conflict with the true
intent and meaning OF this act
ARTICLE III.
SECTION !. All the corporate powers of the COM
pany shall be exercised by the board of thirty-One
directors, to be elected from among the stock
holders provided that after the election of di-
rectors for organization, no stakeholder shall be
his firm, at least twenty-five shares, which stock
shall have stood in his name, or that of his firm,
Oh the books of the company for at least three
months prior TO the election.
No shall be eligible for the position of di-
rector CT this company who is a director OF any
other fire, marine or river insurance company.
Nine directors present at any meeting shall con-
stitute quorum for business.
ARTICLE ".
SECTION l. The capital stock of this company is
hereby liked at five hundred thousand dollars. di-
vide. into five thousand shares of one hundred
dollars each. subject ts be increased to one million
of dollars under article twelve of this charter
and 1t is hereby authorized to commence business
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 shall |
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 shall
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 |
their subscription, but dividend shall attach to
such payments unless paid during the first three |
months of the current fiscal
SEC. g. Upon the failure OF any stO ckhOder to pay
the amount due on such call, so made. the stock |
owned by him, with dividends or increase, shall be
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 ponsible for the contracts faults of said
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 4. All transfers OF stock TO be valid, shall be
made the books of the company. No stock. |
holder shall have the right to transfer his stock |
until his matured obligations TO the company are |
fully paid. Should any stakeholder desire to trans
fer his stock previous to the full payment of the |
same having been made he shall be permitted to
do by substitute of the obligations of the party
purchasing, provided the substituted obligations
are satisfactory to the Board of Directors.
ARTICLE v.
SECTION l. The election for directors shall be held
on the first Monday ofMay ofeach year 1T the office
OF the company Notices of such elections shall be
dlatey preceding the election in at least two OF the
city papers.
SEC. O. The board shall appoint three stockhold-
ers inspectors to preside at such elections, and if
any of said inspectors decline fail to attend the
president shall appoint others to act in their stead
ARTICLE vi.
The first Board of Directors shall consist of the
following stockholders, to wit:
Hugh McCloskey, John T. Moore, Jr.,
John Henderson, II. NJ. OBrien,
Patrick Irwin, Thomas Fitzwilliam,
Thomas Gilmore, Michael McQuaid
Robert Carev, Edward Burke,
Thomas G. Walsh David Jackson,
Edward COnery, James ID. Martin,
John Mccartney Thomas Dunno,
John T. Gibbons, John Henderson Jr.,
John Farrell, Edward Sweeney,
William Conway, 4. Briggs
Thomas McKenna, William Hart,
Thomas Marley Patrick Dwyer
Nicholas Burke, John NJ. LOckhart,
Thomas King, John G. Ryan,
Michael Duffy.
SEC. 2. They shall continue in office until the