New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-28

......CHARTER
CHARTER
STATE Of LOUISIANA, PARISH OF E
CITY OF NEW ORLEANS

STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS.
Be it known that on this eighth day of June,
in the year of our Lord one thousand eight
hundred and seventy;-one, and OF the lndepsn,
ninety.ifth, before me, William Joseph Casteh, a
notary public in and for the parish of Orleans,
State Of Louisiana, duly commissioned and quail
fed, and in the presence OF the witnesses hereln,
after named and undersigned, personally came ana
appeared the parties whose names are hereuhto
subscribed, 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 blnd themselves
and those whom they represent, to form ana estao-
lish, aud do hereby establish a corporation or body
corporate, TOR the objects and purposes, anu under
the title, obligations, stipulations and regulations
following, to wit:
IBERNIA INSURANCE COMPANY OF NEW OR
LEANS, and its domicile 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. on or
ganization. 1t shall have a corporate seal having
for a device an Irish harp encircled by a shamrock
and the name of this company and the date of this
act.
SECTION l. The objects and purposes of the COM
pany are hereby declared to be
SEC1IoN /. To make assurances upon dwelling
houses, stores, cotton presses and every other de
scription of buildings, household furniture, goods,
wares, merchandise, machinery, and other property
against loss or damage by fire.
SEC. 2. To make insurance upon shirs and sea
going vessels, steamboats,, and all other vessels
freights, goods, bills of exchange and other evl-
dences of debt, commissions, profits, bullion or
money, and against all maritime and inland trans
portation risks, tOttomry and respondentla inter.
ests; in other words, to effect fire, marine, river and
inland insurance OF any kind whatsoever, with pilVl-
lege of exercising all or either of said purposes.
Tho anpnapK rOav apnSp itself IN he reinSnreu
against any risk upon which it shall have made H.
surances.
SIC. ?. The company shall sue and be sued in its
corporate name, and all citations and other legal
process shall be served Oh the president of the
company.
to invest from time to time the money and capital
of the company in bonds and mortgages on unln-
case, shall be deemed worth at least double the
amount Loaned thereon.
They may also invest the profits of the company
in any bonds or stocks created by or under the
laws of the United States. or of this State, or OF the
corporations of this State or city, or make any
loans on pledge of any OF the aforesaid securities
bonds or stocks, or any collateral or bill of ladinT;
provided, this investment shall not interfere with
the prompt distribution of net earned premiums
for the current year.
They shall have power to dispose of mortgages
obtained by way of security, or of stocks pledged
for security, or or property conveyed 10 then IN
chased at public sale upon judgments or orders OF
seizure obtained by said company, or OF any
properly HONdDAt q L illuiON dult. AlIth uldS nave
been pledged or abandoned to said company for or
concerning the operation of its business; but
nothing herein contained shall be so construed as
to authorize the said company to discount nesotla-
BILE paper, or do any banking business, nor, either
directly or indirectly, deal or trade in buying or
selling movable or immovable property, goods,
wares or merchandise provided, also, that the
company shall have the right to purchase a proper
tv 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 nave
power to fill any vacancies which may occur III
their number or in the presidency.
They shall have power to adopt such rules, regu'
latiOns and bylaws as to them shall seem best for
the transaction of the business of the company:
the same shall not conflict with the true
mt ent and meaning of this act.
ARTICLE III.
SECTION /. AL the corporate powers of the COM
pany shall be exercised by the board of thirty-one
to be elected from among the stock
holders: provided that after the election. of di-
rectOrs for organization, no stakeholder shall be
eligible who does not hold in his name, or that of
firm, at least twenty-five shares, which stock
shall have stood in his name, or that of his firm,
on the books of the company for at least three
prior to the election.
No one shall be eligible for the position of d.
rector of this company who is a director of any
other fire, marine or river insurance company.
Nine directors present at any meeting shall con-
stitute a quorum FOR business.
ARTICLE ".
CFtIItN 4. It tdpildl slUCh VI lIlo ulB luHN Is |
hereby fixed at five hundred thousand dollars, di.
into Eve thousand shares of one hundred
dollars each, subject to be increased to one million
Of dollars under article twelve of this charter, |
and it is hereby authorized to commenc business
as soon as the capital shall be subscribed. The
stock to be paid as fellows: Ten per cent of the
stock shall be paid in cash: for the re.
nainder 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 it. In such cases calls shall be payable
within ten days after thirty days notice, published
n two of the city newspapers. Subscribers may
1t any time pay in cash up to the full amount of
heir subscription, but no dividend shall attach to
such payments unless paid during the first three
months of the current fiscal year.
SEC. 2. Upon the failure OF any stockholder to pay
,he amount due on such call, so made, the stock
liable to forfeiture to the company by a vote Of the
directors, or the company may enforce the pay
nent of the stock, at its option.
SEC. 3. No stakeholder shall ever be held liable
IT responsible for the contracts or faults of said
in any further sum than the unpaid bal
nee due to the company on the shares owned by
lin, and his indebtedness to the company.
SEC. 4. All transfers of stock, to be valid, shall be
made on the books of the company. No stock.
Iolder shall have the right to transfer his stock
lntil his matured obligations to the company are
ully paid. Should any stakeholder desire to trans
er his stock previous to the full payment of the
anne having been made, he shall be permitted to
% so by a substitute of the obligations of the party
purchasing, provided the substituted obligations
re satisfactory to the Board of Directors.
ARTICLE V.
SECTION I. The election for directors shall be held
n the first Monday OfMay ofeach year ut the office
f the company. Notices of such elections shall be
iven for at least ten consecutive days, imme-
lately preceding the election, i'll at least two ofthe
ity papers.
SEC. 2 The board shall appoint three stockhold-
rs inspectors to preside at such elections, and if
ny of said inspectors decline or fail to attend, the
resident shall appoint others to act in their stead.
ARTICLE VI.
The first Board of Directors shall consist of the
stockholders, to wit:
Hugh McClOskey, John T. Moore, Jr.,
John Henderson, R. VI. OBrien,
Patrick Irwin, Thomas Fitzwilliam,
Thomas Gilmore, Michael McQuaid,
Robert Carey, Edward Burke,
Thomas C. Walsh, David Jackson,
Edward Conery, James d. Martin,
John Mccartney, Thomas Dunno,
JObn I. GihhOns- John Henderson, Ii