New Orleans Republican., 1871-05-19

CHARTER.

New Orleans April II, 1871. apo dOt
QUARTER. ER.......................C CHARTER.
| STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS.
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 NJ: Davis, A. Socola, s..
| CambOn, Berwin, F. Jaufroid, R. Dumestre,
Bertrand Saloyy J. B; Solar, ii; Manuel, n A.
Llambias, Joseph David Geprr sented by j. Massa),
J. K. Gourdain, Charles Kerr. NJ. Draskovich, &. L.
Fevre, V. Battalora, James j. Ress, Ernest Pragst
Francisco Sancho F. Schumacher, A. Haber, p. d.
Monsseaux, Joseph Mizzi, Jacob Neuhauser, and
others undersigned who declared that availing
themselves of the laws of the State of Louisiana
relating to the organization of corporations in this
State, have cOvenanted and agreed, and by
these presents covenant and agree, and bind tn.
selves together with others who may become
cia 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
ORLEANS. and the dOmicile of the shall be
established in the Second District of the city of New
Orleans.
This corporation is formed for a 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 IRE.
,. To make assurances upon ships and other sea-
going vessels, steamboats, and other vessels
freights, goods, bills of exchange and other evi
uences of debt, commissions, profits, bullion or
money. and against all maritime or inland trans
pOrtation risks, bottomry and respondentla inter
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 reinsured
against any risk upon which it shall have made in
suTance; and all citation notices, and other legal
process wherein the company may be interested,
shall be served on the president i'll his absence
on the vice president or secretary.
ARTICLE ".
The capital stock of this company shall be fl xed
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 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 busi-
ness the remaining eighty per cent i'll the promis-
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
tain a 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 company should at
any time require the payment OF the notes previous
to maturity i'll which event any portion of them
shall be due and payable at the office of the
pany i'll such sums and at such times the Board
OF Trustees may consider proper thirty days after
a notification of the same shall have been adver-
tised; provided that no payment account of said
notes shall be made prior to sad notification with
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 installment
or notes, as provided for in the foregoing, the
stock, together with any accumulatiOns, interests
benefits pertaining to the same, shall be for
feited to the company. Nevertheless the trustees
may extend the term OF payment, should they
deem it proper.
Receipts for installments and notes shall be
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 decaI ed shall be forfeited to
the company and carried to the credit of the
tingent fund, after the publication of the same
once week for four weeks consecutively.
ARTICLE v.
All transfers of stock shall he 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
ment 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 unearned
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 in cash be-
tween the assured aud The stockholders; to the
stockholders in proportion to the capital paid i'll,
and to the assured IN proportion to the amount of
the premiums: provided the dividends do not in
any one year, exceed twenty-five per cent; any ex-
cess OF that rate 10 he added to contingent fund
TO be held as guarantee against any loss reduc-
ton of the capital, and should said contin-
gent fund ut any time exceed the amount
OF the capital paid up IN cash, any surplus OF
the same shall be divided among the assured and
stockholders in proportion to their interests re-
sptctiNelY OF premiums and capital
In the event it should become necessary to use
any portion of the capital in the settlement of
losses, no dividend or bonuses of interest shall be
declared or paid until said capital shall have been
restored in amount out of tha earnings profits
of the company.
1t is provided further that no dividend of less
than five dollars shall be declared, shall any
dividend declared contain any fractional part OF
hye 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 in
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 good and
sufficient mortgages on improved and unincum-
bertd real estate also in bonds or stocks created
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 other APP
proved collaterals they may take possession, at
the option of the trustees, of any property, NOV
able or inmOvable, which may have been pledged
or abandoned to said company for concerning its
business operations; they may buy, sell hold mort
gage or surrogate real estate, pledge and transfer
Stocks, bonds, movable or immOvabe property,
and generally to do and perform any act which
may be necessary Tor the government and support
of the company not inconsistent with the laws of
the United States and of this State.
ARTICLE TX.
The company may commence business soon as
two hundred and fifty Thousand dollars shall have
been subscribed.
Subscriptions to the capital stock OF the com.
pany, subsequent to its organization, shall be upon
the same terms as the original.
Until the whole capital stock is taken up, the
subscription list shall remain open for new sub
scrbers but it shal be closed to subscribers during
the three months preceding the days which ter.
inmate the fiscal year The stockholders shall not