New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-27
CHARTER.
QUARTER.
QUARTER. ......................CH CHARTER,
" -t
STATE OF LOUISIANA, PARISH OF ORLEANS
CITY OF NEW ORLEANS.

Before me- Antoine DoriOcourt, notary public,
duly commissioned and sworn in and for the par
ish of Orleans and city of New Orleans, State OF
louisiana aforesaid, and in presence of the wit
nesses hereinafter named and undersigned, came
and appeared Robert NJ: Davis, A. Socola, s.
Bertrand Salsy, ]. B. SOar H. Manuel N. A.
Llambas, Joseph David represented by J. NASSAU,
j. K Gourdan Charles Kerr. NJ. Draskovich, G. L.
Fevre v. Battalora, James j. Reiss, Ernest Pragst,
Francisco SanchO F. Schumacher, A. Haber, p II.
Monsseaux Joseph Mizzi Jacob Neuhauser, and
others undersigned who declared that, availing
themselves of the laws of the State of Louisiana
relating to the organization of corporations in this
State, have covenanted and agreed and 40 by
these presents covenant and agree and bind tn NJ
selves together with others who may become ssso-
cha ed with them to form a body corporate to re-
main and be governed by the following stipulations
and conditions which they adopt as the charter of
said corporation ARrrc1EL
This corporation shall be known by the name of
the PEOPLES INSURANCE COMPANY OF NEW
ORLEANS. and the dOmicile of the same shall be
established the Second District of the city of New
Orleans
This corporation is formed for period of twenty
five from the date of this act of ncol PARTON.
ARTICLE III.
The OBJECT of this company is to transact gen
eral insurance business, and particularly
|. To make insurance upon dwelling houses
stores and other buildings. household furniture,
morcba,Jise and otbeT effects and preDerty'
against loss or damage by fire.
q To make assurances upon ships and other sea-
going vessels, steamboats, and other vessels,
freights, goods bills of exchange and other evil
dences of debt, commissions, profits bullion or
money and against all maritime or inland trans
portation risks, bottOmry and respondentia inter
ests; in other words, to effect fire. marine and river
insurance of any kind whatsoever, with privilege
of exercising all or either of said purposes.
g. The company may cause itself TO be reinsured
against any risk upon which 1t shall have made IN,
surance; and all citation notices, and other legal
proc. wherein the company may be interested,
shall be served on the president, or in his absence
on the vice president or secretary
ARTICLE ".
The capital stock of this company shall be fixed
at five hundred Thousand dollars, with the privi-
lege of increasing it at any time to one million
dollars, divided into shares of one hundred dollars
each to be paid in fellows: Five per cent at the
| time of subscribing; five per cent upon the COM
mencement of business five per cent at sixty days
after the commencement of business; five per cent
| at ninety days after the commencement OF busl-
ness; the remaining eighty per cent In the promls-
sorry notes of the subscribers and OF persons VINO
NAV hereafter subscribe to the capital stock pay
able at one and two years after the commencement
of business; said notes of the subscribers to con-
| tain proviso to the effect that the Board OF
| Trustees may postpone the payment OF the same
indefinitely from year to year, unless. in their
belief the necessities of the con pany should at
any time require the payment of the notes previous
| to maturity, in which event any portion OF them
| shall be due and payable at the office of the COM
pany in such sums and at such times as the Board
OF Trustees may consider proper, thirty days after
| a notification of the same shall have been adver
tised; provided that no payment on account OF said
notes shall be made prior to said notification with
| out the consent of the trustees, and that no call
shall be made, at any time, fOr more lnan twenty
In the event of nonpayment Of any nstallment
| or notes, provided for in the foregoing the
| stock, together with any accumuatons interests
or benefits pertaining to the same, shall be for
| feited to the company, Nevertheless the trustees
may extend the term OF payment should they
Receipts for installments and notes shall be
given to the subscribers, but SAID receipts shall
not be transferable unless with the consent of the
| trustees.
ID Tho hall civ
| the said receipts shall be returned to the company
upon the issue of the certificates.
| No certificate of stock shall be issued until the
same is paid in full.
| ANY dividend unclaimed for the term of three
years from the date declared shall be forfeited to
the company and carried to the credit of the con-
| tingent fund, after the publication of the same
| once a week for four weeks consecutively.
| ARTICLE v.
| All transfers of stock shall be made on the
books of the company upon the surrender Of the
certificates, and the transfers shall be signed oy
the stockholders or their legal representatives
| ARTICLE vi.
| In all the month of July of each year state
ment of the affairs of the company made ont in
| detail shall be submitted to the stockholders and
| the assured and published Out of the net earn
| ings of the company after deductng the unearned
| premiums, ten per cent upon the capital paid in
shall first be credited upon the notes of the stock
holders, and the remainder of the said earnings, up
| to ten per cent upon the amount of premiums
earned, shall be paid in cash to the assured Any
|
| tween the assured and The stockholders; to the
stockholders in proportion to the capital paid in
and to the assured IN proportion TO the amount OF
| any one year exceed twenty-five per cent; any eX-
cess of that rate to be added to contingent fund
| to be held guarantee against any loss or reduc
| ton of the capital and should said contln-
| gent fund at any time exceed the amount
| of the capital paid up IN cash, any surplus Of
| stockholders in proportion to their interests re-
spectvely of premiums and capital
In 1a ayvanf OH
| any portion of the capital i'll the settlement of
losses. dividend or bonuses of interest shall be
declared paid until said capital shall have been
restored in amount out OF tbs earnings or profits
| of the company
than Ave dollars shall be declared, nor shall any
| dividend declared contain any fractional part of
five dollars, and that all such fractional sums shall
| be carried to the credit of the contingent fund
ARTICLE VII
The device and seal of this corporation shall re-
present the statue in jackson Square with the in
scrptlon of the name of this company
ARTICLE VIII.
| The Board of Trustees shall have power to invest
the money and capital of this company IN good and
sufficient mortgages on improved and unlncum.
bertd real estate also in bonds or stocks created
under the laws of the United States and of this
State; and they may loan money on pledge of any
of the aforementioned securities, upon other ap
| proved collaterals; they may take possession, al
the option of the trustees, of any property, NOV
able or immovable, which may have been pledged
| OF abandoned 10 5alu company OF lti
business operations they may buy, sell hold, mort
gage or surrogate real estate, pledge and transfer
stocks, bonds movable immovabe property
) and generally to do and perform any act whcl
J may be necessary for the government and supper
, of the company not inconsistent with the laws o
the United States and of this State.
, ARTICLE TX.
The company may commence business soon a
two hundred and fifty thousand dollars shall hav
been subscribed.
z Subscriptions to the capital stock of the CON
pany subsequent TO its organization, shall be upo
r | the same terms as the original.
i Until the whole capital stock is taken up, tn
Q subscription list shall remain open for new sui
scriber but 1t shall be closed to subscribers dur1n