New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-04
CHARTER.
QUARTER
STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS.

"
STATE OF LOUISIANA PARISH OF ORLEANS,
CITY OF NEW ORLEANS.
Before me, Antoine Doriooourt, a notary public,
duly commissioned and sworn in and for the par
sh of Orleans and city of New Orleans, State Of
Louisiana, aforesaid and i'll presence OF the wit
nesses hereinafter named and undersigned. came
and appeared Robert NJ: Davis, A. Socola 8
Cambon Befwin +. Jaufroid, r. Dumestre,
Bertrand Saloy, J. B; solan H: Manuel n a.
Lambias, Joseph David (repre by J. NASSAU,
J. X. Gourdain, Charles Kerr N. DraskOvich G. L.
Fevre, V. Battaora James J. Reiss, Ernest Pragst,
Francisco Sancho. F. Schumacher A. Haber P. n.
Monsseaux, Joseph Mizzi, Jacob Neuhauser, and
others undersigned, who declared that, awaiting
themselves of the laws of the State of Louisiana
relating to the organization of corporations in this
State, have covenanted and agreed and 40 by
these presents covenant and agree and bind the m
Cha ed with them. to form q body corporate to
main and be governed by the following stipulations
and conditions which they adopt as the charter Of
said corporation
ARTICLEI.
This corporation shall be known by the name of
the PEOPLES INSURANCE COMPANY on NEW
ORLEANS. and the dOInicile of the shall be
established i'll the Second District of the city of New
Orleans.
ARTICLE II.
This corporation is formed for period of twenty
five years from the date of this act OF Incorporation
ARTICLE If.
The object of this company is to transact gen
eral insurance business, and particularly
!. To make insurance upon dwelling houses,
stores, and other buildings. household furniture,
merchandise, and other effects and property,
against loss or damage by fire.
2. To make assurances upon ships and other sea-
going vessels, steamboats, and other vessels,
freights, goods, bills of exchange and other evil
dences of debt commissions, profits, bullion
money. and against all maritime inland trans
portatiOn risks, bottomry and Tespondentia inter
ests in other words, to effect fire, marine and river
insurance of any kind whatsoever. with privilege
OF exercising all or either of said purposes
8. The company may cause itself to be reinsured
against any risk upon which it shall have made in
surance and all citation notices, and other legal
pgoct wherein the company may I've interes ted,
shall be served on the president, in his absence
Oh the vice president or secretary.
ARTICLE "
The capital stock of this company shall be fixed
at five hundred Thousand dollars, with the privi-
lege of increasing it at any time to one million
dollars, divided into shares of one hundred dollars
each, to be paid in follows: Five per cent at the
time of subscribing five per cent upon the
mencement of business; five per cent at sixty days
after the commencement of business; five per cent
at ninety days after the commencement of bust
ness; the remaining eighty per cent IN the prOmls-
sorry notes of the subscribers and of persons who
may hereafter subscribe to the capital stock pay
able at one and two years after the commencement
of business; said notes of the subscribers to CON
tain q prOviso to the effect that the Board of
Trustees may postpone the payment of the same
indefinitely, or from year to year, unless. in their
belief, the necessities of the com pany should at
any time require the payment of the notes previous
to maturity, in which event any portion of them
shall be due aud payable at the office of the com
pany in such sums and at such times as the Board
may CONSIDER proper, thirty DAYS after
nOtlhcation OF the same shall have been adver
tlsed; provided that no payment account OF said
notes shall be made prior to said notification with
out the consent of the trustees, and that no call
SHAH be made at any time, for more than twenty
dollars on each share.
In the event of nonpayment of any installment
or notes, as provided Tor in the foregoing the
stock, together with any accommodations, interests
benefits pertaining; 10 the same shall be for
fitted to the company Never heess the t.ustees
may extend the term of payment, should they
deem it proper.
limits far inst n11 ante s,3 -I,oI
given to the subscribers, but said receipts shah
not be transferable unless with the consent of the
trustees
Receipts also for the amount Of the dividends
credited upon the notes shall be given, but all of
the said receipts shall lie returned the company
upon the Issue of the certificates.
No certificate OF stock shall be issued until the
same is paid in full.
Any dividend unclaimed for the term of three
years from the date declared shall be forfeited TO
the company and carried to the credit OF the CON
tingent fund, after the publication of the same
once week Tor four weeks consecutively.
ARTICLE "
All transfers of stock shall be made on the
books of the company upon the surrender of the
certificates and the transfers shall be signed bv
the stockholders or their legal representatives.
ARTICLE VI
In all the month of July of each wear state.
ment of the affairs of the company made ont in
detail shall be submitted to the stockholders and
the assured and published. Out of the net earn
lngs OF the company, after deducting the unearned
=
shall first be credited upon the notes of the stock
holders, and the remainder of the said earnings, nm
to ten per cent upon the amount of premiums
earned, shall be paid in cash to the assured Any
surplus of said earnings to be divided in ca sb he
tween the assured aud the stockholders; TO the
stockholders in proportion to the capital paid in
and to the assured in proportion to the amount ri
the premiums: provided the dividends do not in
any one year, exceed twenty five per cent: any ex
cess OF that rate to be added to contip cent fnnd
70 be held as guarantee against any lOss or rluc.
ton of the capital, and should said contin.
OF the capital paid up III cash, any surplus of
tne same snail be divided among the assured and
stockhoioers III proportion to their interests re-
spectiveIy OF premiums and capital
In The event 1t should become necessary to use
any portion OF the capital in the settlement of
losses, no dividend or bonuses of interest shall he
declared or paid until said capital shall have been
of tba co VA amount out OF the earnings or profits
:. II Is provided further that DO dividend of less
5ilan hEe dollars shall be declared nor shall any
dividend declared contain any fractional MARI of
hVe dollars and that all such fractional suns shall
oe carried to the credit of the contingent fund.
ARTICLE VII.
ne device and seal of this corporation shall re-
present the statue in Jackson Square, with the in
e9hiP'oh Oh the name OF this company.
ARTICLE VIII.
The Board of Trustees shall have power to invest
the money and capital of this company in good and
suiheient mortgages on improved and unincum.
pert real estate, also in bonds stocks created
under the laws of the United States aud of this
state; and they may loan money on pledge of any
., sne aioreentioned securities, upon other APP
proved cohaterals; they may take possession at
the option OF the trustees, of any property mov.
abe or lmmoyable which may have been pledged
or abahdoned to said company for concerning its
business operations; they may buv sell hold NOR
gage or surrogate real estate pledge and trapsf.r
stocks, bonds movable or immovable propeTtv
ano generally to do and perform any act which
may be necessary for the government and snnnort
OF the company not inconsistent with the laws Of
the United States and of this State
ARTICLE TX
The company HaaF commence business IL soo, ~
been subscribed. ' small Lave
subscriptions to the capital stock of the com.
subsequent TO its organization shall be upon
the same terms as the original ~ ~ "P0i
Sntli me whole capital stock is taken IN the
subscription list shall remain open for new sinh.
scrlpers but it shall be closed to Subscribers rin
the three months preceding the DAYS which ter
inmate the fiscal year. The stockholders shan NOT