New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-04-30

Is CHA
INV ORLRAxs ASSURANCES ASSOCIATIONS,
= snsadea By Get q Dsesnser !. ls7ss and made
pant thsreof By rsserense.
UNITED esArns o. AxssscA, !,
| stats q Louisiana,
| Pariah of Orleans. Cry cf Few OfleanA }
Be It Known, that on this seventh day Of the
thousand eight hundred and sixty mine. and Of the
independence Of the United States q 1merics the
ninety-f0urth, before me- 0ustave Il Gaxdeur. IT,
. notary public. Gully commissioned and sworn, in
and for the parish and city aSoreeoad, therein
hereinafter named and aSds.signe d. personsis,
came and appeared the persons hereinafter named
s ana hi Who SOW, Sscs.s that they
such others as may become associated with them
by subscription, purchase, transfer succession
providing for the organisation u corporations, and
have agreed, upon the following stipulati0ns, to
govern the sans the charter Of the said corpora
cf ARTICLE
l. The domicile of this corporation 10 hereby estab
shed in the said city Of New Orleans, and 1t shall
SH sassl os %e
:. 1t shall commence business on or about the
the date ase Of hs .al
unless its affairs should be sooner hqnidated snd
settled up by order Of two-thirds Of the stock
g. The President, or in his absence the Secretary,
shall be the proper officer upon whom to serve eta.
ARTICLE II.
The objects and purposes Of this association are
l. To make insurance on dwelling houses. stores
and other buildings, household furniture, mer-
chan I'd, and Other property against loss OF dam
=. To make marine and river insurance upon YES
cSandiss spsce Sailions Bins Of escSsnse co es
m'ssiens, profits bank notes and other evidence of
debt. bottomry and respondents interests. and to
connected with marine or inland transportation
risks.
any risk upon which they have made or shall make
! Insurance.
ARTICLE III.
l. The capital stock Of this association ia hereby
fixed at i've 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.
2. The association may commence business a.
soon az three hundred thousand dollars shall have
been subscribed. but each fiscal year shall end on
thirty first Of December, 1870
3. Transfers Of stocks shall be made on the books
Orleans only, but not while any Indebtedness to
the association exists the part of the holder;
provided said transfers have been approved by the
ARTICLE w.
]. All persons who have subscribed, or may here
after subscribe to the capital stock Of this assOcia
ti0n, shall furnish their note for the amount Of
their shares, payable on the thirty first Of Decem
z The notes furnished, Is 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-
minms that sfau have been paid during that time
At the maturity of said notes. If the net profits
OF the for the first and second have
not extingushed the said notes. the stockholders
shall pay the balance due thereon.
4. The nonpayment Of the balance due ON the
said notes. 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
forfeited may be transferred with the consent Of
the board of directors.
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 or their in
debtedness to the association.
ARTICLE v.
l. All premiums shall be due and payable cash at
2. Any losses or balance due on losses sustained
by the association at the beginning Of its opera
satiicient funds to cover the same. shall be paid
pro rata by the stockholders
3. All parties wishing to insure with the assoeia-
and become stockholder Of the association; pro.
vided, however. that by and with the advice and
purpose BY the Board Of Directors, OF upon the re-
cOmmendati0n of two more Of the Stockholders,
risks may be taken from others than the stOckhold
to such rebate a. may be established from time to
time by the Board OF Directors
ARTICLE W.
l. Within the month Of January, 1871 and 1877,
the president shall cause to be made q statement
Of the net profits Of the sssociatiol, and shall
statement Of the assets Of the association, dis
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,
up to December 81 preceding, inclusive, in the fol-
lowing manner, to wit: l. Showing the amount Of
premiums received on t,Is river yer and marine risks
not terminated. 2. Showing the amount Of losses
paid on fire, river and marine risks, each, and rein
surance, return premiums. g. Showing the inter.
est ON the portion Of the capital invested.
ARTICLE VII.
. I. From and after the beginning Of the third
year, the stockholders shall pay NO premiums on
! But in the year Isl. and in each and every
october and January, tho President shalt cause to
be made . statement Of the losses aud expensesof
G0e 880OCl8tlOu, " WHICH o0Uu NC 0O0cO Two 8OO y
half per cent profits paid ~ the stockholders ON
their stock paid in fun or on such part the reof that
shall have been paid, and the amount thus formed
shall be paid pro rata BY the parties insuring on
the earned premiums Of the sums insured
9. The statement to be made within the months
Of April, July. October and January, % above pro-
vided for, shall be made to the thirty first of
March, thirtieth Of June, thirtieth Of september
and thiItyfrst Of 1ecember preceding, inclusive.
section Of Article six for the annual statements
to be made in January, 1871 and 1871.
ARTICLE VIII.
]. All the powers Of the association shall be ex-
ercsed by Board Of Directors to consist of twelve
persons, five of whom shah form . quorum for
the transaction Of business.
2. The first election Of directors of the assOcia-
ton shall be held 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 Orleans IS
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 stockholder. Of
the association inspectors to preside at such cleo.
TONS and ii any Of the said Inspectors decline or