New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-13
CORPORATIONS.


+ CHARTER
3 NEW ORLEANS INSURANCE ASSOCIATION,
As amended by act Of December /, 1870 and made
part thereof by reference.
UNITED Stairs OF AMERlcA. +,
State Of Louisiana,
Parish of Orleans, City of New Orleans
| Be 1T known, that on this seventh day of the
mouth of August in the year of our Lerd 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
hereinafter named and undersigned, personally
came and appeared the persons hereinafter named
and undersigned who severally declare that they
10, oy THESE presents, form among themselves and
! such others AS may become associated with them
by subscription purchase, transfer succession a
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
ARTICLE
The domicile of this corporation is hereby estab-
shed IN the said city OF New Orleans e..d it shall
new ORLEANS INSURANCE AssdGATiON."
| q 1t shall commence business on Or about the
| fifteenth of September, 1862 and shall exist for
1 twenty-five years from the date of this charter
.nlcss its affairs should be sooner hauidated and
| settled up by order of two thirds of the stack
| holders.
| 3. The President in mis- absence the Secretary,
shail De the proper officer upon HON to cita-
uons IN all suits against the association
ARTICLE H.
The objects and purposes of this association are
| declared to be:
| /: To make insurance dwelling houses stores
| and other bui dings, household furniture, mer-
chandise and other property against loss dam
| age by fire.
2. To make marine and river insurance upon YES.
sels, nelghts steamboats,, goods, wares, mer-
ehandise specie, bullions, bills of exchange com
mssions, profits 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
g. To cause themselves to be reimbursed apainst
any risk upon which they have made shall make
insurance
ARTICLE Ill
l. The capital stock of this association ia hereby
hxed at five hundred thousand dollars with the
privilege of increasing it one million of dollars
divided into shares of one hundred dollars each to
be paid for at the time and in the manner herein
after provided for in article four of this charter
D. The association may commence business as
soon as three hundred thousand dollars shall have
been subscribed, but each fiscal year shall end on
December 81, the first fiscal ear to end on the
thirty of December, 1870.
s. Transfers of stocks shall be made on the hooks
OF the association at its office in the city of New
Orleans only, but not while any Indebtedness to
the association exists the part of the holder.
provided said transfers have been approved by the
Board OF Directors.
ARTICLE ".
/. AL persons who have subscribed or NAV bere-
after subscribe to the capital stock of this
tion, shall furnish their note for the amount OF |
Their shares payable on the thirty first of Deeem-
Der, 1871.
2. The notes furnished, as above provided for |
snail 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-
by each stakeholder.
3. AT the maturity of said notes. if the net profits
OF the association for the first and second year have
not extnguished the said notes, the stockholders
shall pay the balance due thereon.
!. 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 |
thereulIto 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 stakeholder shall, in any event, be made
liable for the losses of the association in any larger
sums than the amount of his, her their subserip-
tion 10 the capital stock and his her or their in.
debtedness to the association
ARTICLE "
!. 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 1T the beginning of its opera
tons, and when the association shall not have
sufncient funds to cover the same, shall be paid
pro rata by the stockholders.
3. All parties wishing to insure with the associa-
tlon snail subscribe to the capital stock thereof |
and become stakeholder of the association: pro, |
vlded, however, that by and with the advice and |
consent OF q special committee appointed for that |
purpose by the Board of Directors or upon the re-
of two more of the stoc kholiers |
risks may be taken from others than the stockhold
FRS, ana sneh parties lnsulng 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 |
he president shall cause TO be made statement
cause the same to be published in at least two of
he city papers for one month, together with a | (
statement of the assets of the association dis ,
ngulsh1ng the portion Of same which is cash and ;
he portion thereof invested in securities and the
nature thereof This publication shall be made
lnder oath of the president and secretary and
hall be conclusive and binding upon all persons
Interested.
.. The annual statement, to be made in January
81 and 1872 as above provided for, shall be made
Up to December 81 preceding, inclusive in the fol-
owing manner, to wit: l. Showing the amount of t
received on fire, river and marine risks
aeh, dedueting therefrom the amount of same
Tot terminated. 2. Showing the amount of losses !,
urance, return premiums. 3. Showing the inter 9
st on the portion OF the capital invested /
ARTICLE VII. !
]. From and after the beginning of the third | =
ear, the Stockholders shall pay premiums Oh :
he assurances effected by them.
2. But in the year 1a72, and in each and every :
ear following, within the months of April, July,
october and January the President shall cause to
e made statement of the losses and expenses OF |
he association to which shall be added two and a
alf per cent profits paid to the stockholders, on +
S'oSh pdiu III iu oI Oh sucn part the reOf that
hall nave been paid and the amount thus formed | K
ball be paid pro rata by the parties insuring on
he earned premiums of the sums insured. r
8. The statement TO be made within the months
April, July, October and January, as above pro-
lded for, shall be made to the thirty-irst of
Iarch, thrtieth of June thrtieth of September -
nd thirty first of December preceding, inclusive q
nd shall be published as above provided for in Il
sction of Article six for the annual statements
} De made IN January, 1871 and 1872. a
ARTICLE VIII. b
|
j. All the powers of the association shall be ex-
'cised by Board of Directors TO consist twelve
ersens, five of whom shall form quorum for |
le transaction of business. ~
2. The first election of directors of the associa VI
on shall be held on the fourth Monday of Decen- ~
En- 1870, and thereafter the said day in each IA
ear, at such place in the city of New Orleans ~
ne Board of Directors shall designate of which | L
lie president shall cause at least fifteen days pre-
ous notice to be given in two of the public
ewspapers printed in said city The Board of Di-
ctors shall appoint three of the stockholders of
lie association inspectors to preside at such elee
ons; and ii any of the said inspectors decline or
il TO attend, the president may appoint others
fill such vacancies. Il,
B. The Board of Directors thus elected are TO | ~
Ike their seats the first Monday in January | nj
ter the election and to hold the same one year | fl
lere from until others elected in their stead in
A. Those persons receiving plurality of votes | az
ial be considered duly elected. In the event of M
election taking place on the day aforesaid the | OF
resident shall cause another. election to take
ace within ten days thereafter, and give notice
the same by advertisement in one or more of
lie public newspapers published in this CITY, No
D The Board OF Directors shall annually, at their iii
st meeting, elect president who shall on his he
ecton, be ex- ofcio member of the Board of Di- al