New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-20
CHARTER.
QUARTER


Before me- Antoine Doriocourt, a notary public
duly commissioned and sworn, in and for the par
ish of Orleans and city of New Orleans, State of
louisiana aforesaid, and in presence of the wit
nesses hereinafter named and undersigned came
and appeared Robert N; Davis, 4. Socola, S.
Cambon, NJ Berwin, F. Jaufroid, 4. Dumestre
Bertrand Saloy, J. B: Solari, H. Manuel, N. A.
Llambias Joseph David Represented by j. Nasal
J. K Gourdan Charles Kerr. NJ. praskOvich, g. L.
Fevre v Battalora, James J. Ress Ernest Pragst
Francisco Sancho F. Schumacher, A. Haber, P. r.
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 thu M
selves together with others who may become assO-
ca ed with them. to form a body corporate to re-
main and be governed by the following stipulatOns
and conditions which they adopt as the charter of
said corporation.
This corporation shall be known by the name of
the PEOPLES INSURANCE COMPANY OF NEW
established the Second District of the city of New
Orleans.
This corporation is formed for period of twenty
five years from the date OF this act OF Incorporation
ARTICLE III.
The OBJECT of this company is to transact gen
eral insurance business, and particularly
l. To make insurance upon dwelling houses,
stores, and other buildings. household furniture,
merchandise, and other effects and property,
against loss or damage by f1re.
2. To make assurances upon ships and other sea
going vessels, steamboats, and other vessels,
freights, goods bills Of exchange and other evl-
dences of debt, commissions, profits, bullion or
money and against all maritime inland trans
portation risks, bottomry and respOndentia 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
3. The company may cause itself to be relnsured
against any risk upon which it shall have made in.
surance; and all citation notices, and other legal
proct IS wherein the company may be interested,
shall be served on the president, or in his absence
Oh the vice president or secretary.
ARTICLE ".
The. capital stock of this company shall be xed
at five hundred theusard 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 as follows: Five per cent at the
time of subscribing; five per cent upon the COM
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 pr0mls-
sorry notes of the subscribers and of persons who
NAV hereafter subscribe to the capital stock, pay
able at one and two years after the commencement
business; said notes of the subscribers to cOu-
tain a provisO to the effect that the Board OF
Trustees may postpone the payment of the same
Indefinitely, from year to year, unless. in their
belief, the necessities of the company should at
any time require the payment otthe notes previous
| to maturity, i'll which event any portion of them
shall be due and payable at the office of the com
Oany in such sums and at such times as the Board
Trustees may consider proper, thirty days after
notification of the same shall have been adver,
tised; provided that no payment on account OF said
out the consent of the trustees, and that no call
| shall be made, at any time, for more than twenty
| dollars on each share.
In the event of nonpayment of any lnstallment
! or notes, as provided for in the foregoing, the
| stock together with any Accommodations, interests
or benefits pertaining to the same, shali De lot
| feited to the company Nevertheless the trustees
may extend the term of payment, should they
| deem it proper.
given to the subscribers, but said receipts shall
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 be returned to 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 a week for four weeks consecutvey.
ARTICLE v
| 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 by
| the stockholders or their legal representatives.
ARTICLE VI.
| In all the month of July of each year state
mcnt of the affairs of the company. made out in
detail shall be submitted TO the stockholders and
| the assured and published. Out OF the net earn
| ings of the company after deducting the uneaTned
| premiums, ten per cent upon the capital paid in
shall first be credited upon the notes of the stock
| holders and the remainder of the said earnings up
| 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 i'll cash be-
| tween the assured and the stockholders; to the
stockholders in proportion to the capital paid in,
and to the assured in proportion to the amount OF
| the premiums: provided tie dividends do not in
| any one wear exceed twenty-five per cent any eX-
cess of that rate to be added to contingent fund
to be held guarantee against any loss or reduc-
| ton of the capital, and should SAID cOntn
| gent fund at any time exceed the amount
of the capital paid mp IN cash any surplus OF
! the same shall be divided among the assured and
| stockholders in proportion to their interests re
| spectively of premiums and capital
| In the event it should become necessary to use
| any portion of the capital in the settlement o
losses, dividend or bonuses of interest shall bt
declared paid until said capital shall have beer
restored in amount out of tbs earnings or profits
! OF the company.
| than five dollars shall be declared, nor shall any
| dividend declared contain any fractional part o.
five dollars and that all such fractional sums shall
| be carried to the credit OF the contingent fund.
ARTICLE VII
The device and seal of this corporation shall re-
present the statue in Jackson Square, with the III
| scrlptlon OF the name of this company.
| ARTICLE VIII.
The Board of Trustees shall have power to invest
the money and capital of this COMPANY IN Soou anu
sufficient mortgages on improved anu si.1 tl IA
bertd real estate also in bonds OF stochs cLeateu
under the laws of the United States and OF this
State and they may loan money on pledge OF any
| of the aforementioned securities, upon otner ap
proved collatersIs: they may take possession, al
fbe ontion of tba trustees OF any property NOV
able or immoyable, which may have been pledged
abandoned said COMPANY for or e9n fd 1T
gaga or snbroqate real estate pledge and transfer
Stocks, bonds, movable or immovable property
and generally to do and perform any act which
NAV he necessary for the government and support
| If The company not inconsistent with the laws o
| the United States and of this State.
ARTICLE TX.
The company may commence business as soon a
| two hundred and nifty thousand dollars shall have
| been subscribed.
| subscriptions TO the capital stock of the com
pany, subsequent to its organization, shall be upoi
| the same terms as the original
Until the whole capital stock is taken up, TIT
subscription list shall remain open for new sub
scribers but 1t shall be closed to subscribers durn
the three months preceding the days which ter
inmate the fiscal year. The stockholders shall no