New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-20
CORPORATIONS.
Cu.pTER CHARTER.
STATE OF LOUISIANA PARISH OF ORLEANS
CITY OF NEW ORLEANS
CHARTER.

! Be it known that on this eighth day OF June June,
| in the year of our Lord one THOUSAND eIsn nI
| hundred and seventy-one, and OF the inoep ~
ninety6f before me, William Joseph Castell,
notary public in and for the parlsh OF OrleanI?'
| State of Louisiana duly commissioned and qlaD-
fed and in the presence of the witnesses herein,
after named and undersigned personally Gale anu
appeared the parties whose names are nereu ia
subscribed who declared that awaiting themselves
of the provisions OF the laws of this State relative
to the organization of corporations i'll this state Ior
| works of public improvement and other purposes,
they have covenanted and agreed, and do by these
presents covenant and agree and Dnd themselves
and those whom they to torn anu ody
corporate Tor the objects and purposes, ana under
the title obligations, stpulations and regulations
| following, to wit: -
The name and title of the company shall be THE
| HIBBRNIA INSURANCE COMPANY OF NEW Or
| LEANS and its domicile is hereby estabilsned IN
the ciy of New Orleans 1t shall continue ana exist
for TWENTY-FIVE wears from the date of organization
| 1t shall commence operations Immediately on or
ganization. 1t shall have 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
SECrI0N l. The objects and purposes of the COM
| pany are hereby declared to be ,,,.
| SEC1Ios l. To make assurances upon dwelling
houses stores cotton presses ana oods
| wares merchandise, machinery, anu other property
| against loss damage by fire.
III. g.
| going vessels steamboats,, and all other vessels
| freights goods bills of exchange and other evi-
| dences of debt, commissions, prohts, oullon OF
| money and against all maritime and inland trans
portation risks, tOttomry and respondentia inter,
ests in other words, to effect nre marine river Gnu
inland insurance of any kind whatsoever, with pl1Sl
lege of exercising all or either OF said purposes.
The company NAV cause itself to be relnsureo
against any risk upon which 1t shall nave made III
SEC. 2. The company shall sue and be sued in its
corporate name, and all citations anu otneL IA
slta ha we'd
company.
| SEC 3. The Board of Directors shall have power
to invest from time to time the money ana capital
| of the company in bonds and mortgages on unln-
numbered and improved real estate, which III every
| case shall be deemed worth at least double the
They may also invest the profits of the company
| in any bonds or stocks created by or under me
laws of the United States OF this state or OF the
| corporations of this State city, or make any
loans on pledge of any OF the aforesaid securities
bonds stocks, any collateral or bill OF iadlnS
provided this investment shall not interfere with
| the prompt distribution OF net earned premiums
| for the current year.
| obtained by way of security, OF stocks pledged
| for security or of property conveyed 10 them III
satisfaction of debts previously contracted, or pur
chased at public sale upon judgments OF ORDERS Oh
| seizure obtained by said company, or Oh any
| property movable or immovable, which may have
| been pledged or abandoned to said company ior or
| concerning the operations of its business; put
nothing herein contained shall be so construed as
to authorize the said company to discount negotla-
| BILE paper, do any banking business, nor either
directly 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 proper
" or building, for the purpose OF estaDhshlnS 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 ill any vacancies which may occur in
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;
provided the shall not conflict with the true
| intent and meaning OF this act.
ARTICLE Ill
! SECTION l. All the corporate powers of the COM
pany shall be exercised by the board of thirty
| directors to be elected from among the stock
holders: provided that after the election Of d.
| rectors for organization, no stakeholder shall be
eligible who does not hold in his name or that OF
his firm, at least twenty-five shares, which stock
| shall have stood in his name or that OF his nrm
on the books of the company for at least three
| months prior to the election.
| No one shall be eligible for the position OF OIL
rector of this company who is director OF any
other fire, marine or river insurance company.
Nine directors present at any meeting shall con-
| stitute quorum FOR business
ARTICLE ".
SECTION l. The capital stock of this company is
hereby liked at five hundred Thousand dollars, di
| videa into FIVE 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 commence business
the capital shall be subscribed. The
| stock to be paid fellows: Ten per cent OF the
subscribed stock shall be paid in cash; tor the re-
mainder 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 il. In such cases calls shall be payable
within ten days after thirty days notice, published
in two of the city newspapers. Subscribers may
| at any time pay in cash up to the full amount of
| their 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 stakeholder topay
| the amount due on such call SO made, the stock
owned by him. with dividends or increase, shall be
liable to forfeiture to the company by vote of the
| directors, the company may enforce the pay
| ment of the stock. at its option.
SEC. 3. No stakeholder shall ever be held liable
or responsible for the contracts or faults of said
| company in any further sum than tie unpaid bal
| ance due TO the company on the shares owned by
| him, 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.
| holder shall have the right to transfer his stock
| until his matured obligations to the company are
fully paid. Should any stakeholder desire to trans
| fer his stock previous to the full payment of the
| same having been made he shall be permitted to
| purchasing provided the substituted obligations
| are satisfactory to the Board of Directors.
| ARTICLE V.
SECTION l. The election for directors shall be held
on the first Monday of May ofeach year at the office
| of the company. Notices of such elections shall he
| given for at least ten consecutive days, imme-
dately preceding the election in at least two of the
| city papers.
SEC q The board shall appoint three stockhold-
ers inspectors to preside at such elections and if
any of said inspectors decline fail to attend, the
ARTICLE VI