New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-18

| As amended by act of December /, 1870, and made
part thereof by reference.
| UNITED Stairs OF AMERICA }
State of Louisiana,
Parish of Orleans City of New Orleans.
Be it known, that on 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 the 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 witnesses
hereinafter named and undersigned, personally
and undersigned, who severally declare that they
do, by these presents form among themselves and
such others as may become associated with them
by subscription, purchase transfer succession,
corporation, under the general laws of this State,
providing for the organization of corporations, and
have agreed, upon the following stipulations, to
govern the same as the charter of the said corpora
ton:
l. The dOmcile of this corporation is hereby estab-
shed in the said city of New Orleans Pad it shall
be designated and known under the name of the
NEW ORLEANS INSURANCE ASSOCIATION"
2. Ii shall commence business on or about the
fifteenth of September, 1869, and shall exist for
twenty-five years from the date of this charter,
Unless its affairs should be sooner liqudated and
settled up by order of twothirds of the stock
holders.
g. The President or in mis- absence the Secretary
shall be the proper officer upon whom to serve cta-
tons III all suits against the association.
ARTICLE II.
The objects and purposes of this association are
declared to be:
/: To make insurance on dwelling houses stores
and other buildings, household furniture,
chandise and other property against loss or dam
age by fire.
2. To make marine and river insurance upon yes
sells, freights, steamboats,, goods, wares, mer-
chandise, specie, bullions, bills of exchange
missions, Protts bank notes and other evidence of
debt bOttOmry and respondents interests, and to
make all and every insurance appertaining to or
connected with marine or inland transportation
risks.
3. To cause Themselves to be reimbursed against
any risk upon which they have made or shall make
insurance.
l. The capital stock of this association is hereby
fixed at five hundred thousand dollars, with the
privilege of increasing it to million of dollars,
divided into shares of hundred dollars each, to
be paid for at the time and in the manner herein-
after provided for in article four of this charter
z. The association may commence business
soon as three hundred thousand dollars shall have
been subscribed but each fiscal year shall end
December 81, the first fiscal ear to end the
thirty first of December 1870.
g. 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 may here
after subscribe to the capital stock of this assoca
ton, shall furnish their note for the amount
T. 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-
miums that shall have been paid during that time
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.
4. The non-payment of the balance due on the
said notes, as above provided for, shall forfeit the
entire stock to the association, together with all
accumulation thereon and all interest or benefits
thereunto belonging; provided that the Board OF
Directors may extend said payments for such time
as they deem proper; provided also the stock SO
forfeited may be transferred with the consent of
the board of directors.
S. No stockholder 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 subscrip
ton to the capital stock, and his her their in.
debtedness to the association
ARTICLE V.
/. All 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 at the beginning of it's opera
tiOns and when the association shall not have
sufficient funds to cover the same, shall be paid
pro rata by the stockholders.
3. All parties wishing to insure with the assoea-
ton shall subscribe to the capital stock thereof,
and become stakeholder of the association; pro-
vided however. that by and with the advice and
consent of a special committee appointed for that
purpose by the Board of Directors, upon the
COMMUNICATION 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 statement
of the net profits Of the association and shah
cause the same to be published in at least two of
the city papers for one month, together with
statement of the assets of the association, dis
tinguishing the portion of same which is cash and
nature thereof. This publication shall be made
under oath of the president and secretary, and
shall be conclusive and binding upon all persons
interested.
2. The annual statement, to be made in January,
1871 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 hrer1yer 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
year the stockholders shall pay no premiums on
the assurances effected by them.
q But in 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 treof that
shall have been paid, and the amount thus formed
shall be paid pro rata by the parties nsuring on
the earned premiums of the sums insured.
3. The statement to be made within the months
of April, July, October and January, above pro-
vided for, shall be made to the thirty-trst of
March, thirteth of June, thirtieth of September
and thirty-frst of December preceding, inclusive,
and shall be published as above provided for in
section of Article six for the annual statements
to be made in January, 1871 and 1872.
ARTICLE VIII
l. All the powers of the association shall be ex-
b-o ri +oo oy+
persons five of whom shall form quorum for
the transaction of business.
2. The first election of directors of the associa-
tiOn shall be ED on the fourth Monday of Decem-
Der, 1870, and thereafter on 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 cause at least fifteen days pre-
vious notice to be given in two of the public
newspapers printed in said city. The Board of Di-
rectOrs shall appoint three of the stockholders of
the association inspectors to preside at such cleo
tions; and if any of the said inspectors decline
fail to attend, the president may appoint others
g. 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 elected in their stead
4. Those persons receiving plurality of votes
shall be considered duly elected In the event of
no election taking place 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.
S. The Board of Directors shall annually, at their
hT5t meeting, elect president VINO snail, on his
election, be eX-offcio member of the Board of Di-
rectOrs and who shall hold his office until his sue
cessor 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 association generally under the supervision of
the Board of Directors
6. In the absence of the president, the Board of
Directors shall elect one of their members to
act in the place and stead of said president during
his absence. The Board of Directors shall also APP
point all the other officers and clerks of the
citation,