New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-04-23

He
shousand eight hundred and and ~ of the tSs
before me- anstsvs L. aas S,os 5 J
o notary public. ouly commissioned and sworn, In
and Tor the pa1isk and city aforesad, therein
hereiDsfter named and undersigned, personally
came and appeared the persons hereinafter named
do, by these PRESENTS torn among themselves and
such others as may become associated with them
by subscription, purchase, transfer Or succession
providing for the organization Of corporations and
| have agreed, upon the following stipuatiOns TO
govern the same as the chartered the said corpora
l. The domicile oEths corporation is hereby estab
shed in the said city Of New Orleans, and it shall
be designated aud known under the name Of the
NEW ORLEANS INSURANCE. ASSOCIATION"
.. It shall commence business en- or about the
twenty five years from the date Of this charter
unless it's affairs should be sooner lquidated aud
settled up BY order Of twothirds Of the stock.
g. The President, or in his absence the Secretary,
shall BIZ the proper officer upon HON to serve cita.
tons IN all suits against the association
ARTICLE H.
The objects and purposes Of this association are
l. To make insurance on dwelling houses stores
and other buildings household furniture, mer.
chandise and other property against loss or dam
2 TO make marine and river INSURANCE. upon YES
sells, fseixhts stsa , sg goods, wares. mer-
ssi0ns, profile, bank notes and other evidence of
debt. bottosnry and respondents interests and to
make all and every insurance appertaining to or
connected with marine OF inland transportation
risks.
3. TO cause themselves to be reimbursed against
any risk upon which they have made or shall make
insurance. .
ARTICLE III.
l. The capital stock of this association il hereby
fixed ut five hundred thousand dollars, with the
divided into shares of one hundred dollars each to
be paid Tor at the time and in the manner herein.
after provided for in article four OF this charter
soon as three hundred thousand dollars shan have
been subscribed, but each fiscal year shall end on
Dec. meer 81, the first fiscal year to end on the
}. Transfers Of stocks shall be made on the books
Of the assocaton'at it's office, in the city of New
Orleans only, but not while any indebtedness to
the association exists ON the part Of the holder;
provided sah transfers have been approved by the
Board Of Directors.
ARTICLE ".
!. All persons who have subscribed, or may here
after subscribe to the capital stock Of this associa
ton, shall furnishnfheir note for the amount Of
their shares. pay abe On the thirty first Of Decem.
2. The notes furnished as above provided for,
shall be reduced BY credit thereon Of the net
profits made by the association in the first and
second year, pro rata to the amount OF earned pre-
mums that shall have been paid during that time
by each stockhOlder.
i. DTOtlt0
Of the association for the first and second year have
not extnsuished the said notes, the stockholders
shall pay the balance due thereon.
4. The nOn.paymeht Of the balance duo on the
said notes, as above provided for shall forfeit the
entire stock to the association together with all
prSvSsd t1at the Boa1 q
Directors may extend said payments for such time
as they deem proper; provided also the stock 20
the board Of directors.
:. 5. No stakeholder shall, in any event, be made
than the amount Of his, her OF their sabscrip-
tiba to the capital stock, and his, her their in
debtedness to the association.
ARTICLE v.
!. All premiums shall be due and payable cash ct
the end of each month.
b. Any losses or balance due on losses sustained
by the association at the beginning Of its opera
tions, and when the association shall not have
pro rata by the stockholders
g. All parties wishing to insure with the ass0cia-
ton shall subscribe to the capital stock thereof
vided. however that by and with the advice and
consent Of special COMMITTEES appointed for that
purpose by the Board Of Directors or upon the re-
commentator of two more of the stOck hOlders,
risks may be taken from others than the stockhold
ers and such parties insuring will heceme entitled
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 shall
cause the same to be published in at Least twOOf
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
the portion thereof invested in securities and the
nature thereof This publication shall be made
under oath Of the president and secretary, and
interested.
.. The annual statement, to be made in January,
1871 and 1872 above provided for, shall be made
lowing manner, to Wit /. Showing the amount Of
premiums receved on fire, river and marine risks,
not terminated. 2. Showing the amount Of losses
paid OF fire river and marine risks. EACH and rein
surance, return premiums. 3. Showing the inter
est on the portion of the capital invested.
AITICLEVII.
l. From and after the beginning of the third
year, the stockholders shall pay no premiums on
the ipsu'ances effected BY them:
year following, within the months Of April, July,
october and January the President shalt Gauss to
be made statement IF the Losses and expenses of
the association. to which shall be added two and
half per cent profits paid to tha Stockholders ON
their stock paid in full or on such part tn. reof that
shall have b. en- paid and the amount Thus formed
shall be paid pro rata by the parties insuring ON
the earned premiums of the sums insured.
3. The statement to he made within the months
vided for, shall be made to the thirty first Of
March, thrtieth Of June, thirtjeth of september
and thiEty>rst Of pecember preceding, inclusive,
section Of Article six for the annual statements
to be made in January, 1871 and 1872.
ARTICLE VIII.
!. All the powers of the association shall be ex-
ercsed by Board of Directors to consist Of twelve
PERSONS five OF whom shall form quorum for
the transaction Of business. 4.
2. The first election of directors Of the associa
ton shall be ED on the fourth Monday OF Decem-
Der. 1870, and thereafter ON the said day in each
year, ut such place in the city of New Orlean. Us
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 tn preside at such cleo
lions; and ii any Of the said inspectors decline or
fail to attend, the president may appoint others
to fill such vacancies.
3. 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 THEM stead.
4. Those pei SONS. receiving plurality of votes
shall be considered duly elected. In the event of
election liking place on 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 one more of
the public newspapers published in this city.
The Board of Director shall annually, at their
election, be ex-0fhciO member Of the Board Of Di.
rectOrs and who shall hold his Office until his sue
cessOr IL elected and qualified The President
shall preside at all meetings of the. Board. of d.
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.
.. In the absence Of the president, the Board Of
Directors shall elect one Of their members to
int and afnol1 nf