New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-01-07
ACT OF INCORPORATION OF THE
HOPE LIFE INSURANCE COMPANY
OF NEW ORLEANS
OiEice-No. lG CarOndcIct street. New
Orleans.

Be it known tia. Oh the thirtieth day of DeceIn
hundred and seventy. and tie ninesy-t:fth Of the
independence OF the United States Of America, be-
fore me, Joseph Cohn q notary, public for this
parish and city Of New Orleans duly commissioned
and sworn and in the presence Of the witnesses
hereinafter named and under 81 gned, personally
hereto subscribed, who declared that awaiting
themselves VI the prov isOns Of an act N the Lesis
lsture OF this State entitled IAN act for the Orean
zsticn Of corporal ions Tor works Of public improve
men: and utility" approved on che fourteenth Of
March, 1858, they do by these presents bind them
selves, and those whom they represent, as well as
those who may hereafter become members, TO
form body corporate. for the objects AID p'u
poses, and under the stipultions following:
ARTICLE I.
Til. OF this corporation shall be Tine Hope
Ixt. Insurance Company OF New Orleans ard it's
dolncile is hereby established III the city OF New
Orleans.
l.; shall Commence business as soon the OF
fifty thousand dollars has been subscribed for.
AMI shall exist for period Of twenty-five years
frcn, the date hereof and shall haze and use
ror:It- seal. having for n INSCRIPTION The NAME u
IRE corporation.
The ohj"e! and purposes Of this corporation are
lives Of cllarcn from date Of birth. guaranteeing
TO item Ut t. certain age ~! adequate amount Of
capital. rom $500 to t. CO., sach terms aud a:
sacl rates the Eoaad u Directors may from time
to :jms determine.
ARTICLE ILL.,
hio'A>'o
wherein this corporati may Re ,n.es,e;ed shall
be served the President, Nh" shall be appointed
in the manner hereinafter provided.
ARTICLE "
The capital stock OF the company shaN te one
hundred Thousand dollars g ,hiV) divided into
Thousand tlGool slar's OF one hundred dollars
each to be paid for o; the Nue and III the uL,snner
following, 10 wit:
The subscribers to the stock Of the company
.hau pay into The hands OF the Presidel,: OF the
company. upon the organization Of the company for
!, Nl IN
each and every share subscribed BY them, and five
dollars $50 thirty days thereafter. and each sub
scIib.r to stock shall furnish his note, payable on
demand, for ten uo) per centun Of the amount OF
his subscription. and Tor the TemAiuinE eighty
dollars 500 each share they slal! furnish their
notes to the order of the company psyapic It the
office vi the company 1T such time and in such
manner the Beard Of Directors may determine.
provided that the snail be mace payable Ivy
instalmeslts OF not more than twenty dollars 500
on each share Il: such periods as may be agreed
upon by the Boar! Of Directors. aud thirty 500
da,s notice shall be given IL the English. German
and Frencl, languages, i'll three daily newspapers
published Al this city. OF pay meat OF payments to
He luade.
AN.he corporate powers Of the company shall be
exercised in the Board Of Directors. composed OF
twelve stockholders, to be elected On the second
Msltlay OF January III each year. at the office VI
Notices Of such election shall be given ard CON
tinu.d. for ten days Immediately preceding said
election. in ,he English. German auG French
The Board Of Directors shall appoint three
stock holders inspectors 70 preside at such cleo
tiuns and il any Of said inspectors decline, fail
to attend, the President OF the company shall aP
point Others to act in their stead
The. board thus elected are to take tier seats on
the third Monday OF the s6id month o. January,
and to hold the same one year therefrOn. or until
their are elected and qualIntt; tut for
the present. and until the third Monday OF jan
nary, ght.e hundred aud seventy 1.-TWO lss2) the
following named stockholders ar. declared 10 be
thu, Board ct Directors Of the company. and they
Are dlIiy authorized to- hts aS such, Ia W.T.:
william Eusel. Aug. uessOU mes,
Veninick Crb.Hlo tastavr Moses.
Hugo RcdWi:lo Fred Ott".
J. VI. Wagner. Charles b;uiuir.
Alfred Shaw. William 5. Pike.
y Newman =. X &. Por1mar.
IL ali elections the votes shah De by ballot. and
those persons receiving the plurality of votes Of
the stockholders voting. shall b. considered duly
elected, and in the even: ~ 20 election taking
place the iiv aforesaid. the President shall
cause another election 10 be held zen tlt) days
thereafter and give n"ticc iLer"f as aforesad-
At ait meetings che stockholders 81 all Ne entitled
either in person or by proxy, to one vote for each
spective!y hold in their own naTae for. at .east.
sixty days previous 10 such election pro- ded that
10 stoc khodcr shall be permitted TO vote uiiit SIS
he Will have held his stock On the books of the
company AZ least sixty days previous 70 such
meeting.
a: the expiration Of the charter Of the company
or sooner il ordered by vote of the stockholders
as hereinafter pro'id for. the affairs OF the com
panv shai! be iiquidateG is debts paid under the
e irrer and slitrin1end.nce of three commits
sonrrs TO he appointed by the Beard Of Directors
and who shall remain IN office Nnth the npal SCI:
.!e:Ien. OF tac affairs ct TIE company.
ARTICLE VI
The Board OF Directors shall, at their trs: meet
ing IN every wear, elect from among Inense!vts
4 President and q Vice President, who shall hold
their office until their SUCCESSORS shall az e!tc~d
ARTICLE VII.
No person shall be capable OF being elected! f
director OF he company who does nor. at the time
If his election AID during his continuance il Office.
hold in his own name at least twenty shaIte Of ,he
stock OF the company.
ARTICLE VIZ.
The Board OF Directors shall have the power to
appoint sncli officers clerks and employees as shah
be necessary for the cond uct;n OF the business o.
said company. and 10 ordain such bylaws rules
and regulations they may deem necessary for
shall not conflict with the laws OF this State and
the provisions and meaning of this act
They shall fix the compensation OF salaries CT the
officers clerks and employees elected and employed
by them in the service Of the company and shall
also have power 70 Till AL vacancies which may
occur i'll their board OF i'll then presidency
ARTICLE TX.
The President and Secretary Of the company
shall sign all policies OF insurance issued by the
company. The former shall preside at all meetings
OF the Board OF Directors. and he shall conduct
and manage the business of the company generally
under the supervision Of the Board Of Directors.
Iu Of his absence, the Vice-fiesldent shall
preside at OIL meetings OF he Board OF directors
| one Of their number. whose acts as President pro
| TEN. shall be binding Oh the company.
ARTICLE v
The EoarI of Directors shall have power to i'll
| vest 1l.m time to time. the funds of the company
| in bonds and mortgages on unincumbered and I'M
proved real estate SITUATE in this city. which in
| every case. shall be worth at least double the
amount loaned thereon. They may also invest the
| profits OF the company. III any bonds or stock
created by or under the laws OF the United States
of this State OF the corporations Of this State
| or make loans pledge Gu any of the aforesaid
securities, bonds or stocks or mortgage notes but
10 mortgage loan shall he made mort gage note
| be purchased without tho title OF the same has
! been first approved by competent at
ra law wao is Dc sba so
power to dispose of mortgages obtaineC
| by WAY of security. or of stocks pledged tor Sc
| enr,ty OF property conveyed to the company IN
| chased at public sale upon Judgments or orders
| seizure obta;ued by the company. or OF any pro
| pcrty movable. or immOvable. which may haze
| been abandoned to the company for or concernin!
the operations OF its business. But nothing herel;
contained shall be construed rs to authorize the
! company to discount commercial paper Or per
! soua securities or to- do any other banking opera
| tious, either directly or indirectly TO dea! O
trade i'll buy in, or selling movable or lllnov.lb'
! property, goods mel ch:ndsc with the eXcep
ton of alipwn. the company to purchase propert.
su!.;ccnttor an office and conyeIliencts thereto.
| ARTICLE NJ.
| Yearly dividends shall be made Of so much Of TIL
| profits Of the company as shall be deemed advlsa
BILE by the Board of Directors. And in ease OF an,
loss or losses, whereby the capital stock o: SAT-
company shall BE- lcssened no subsequent DIVIDEND
! s,,a be made until such dmnutions shah hav
been covered and made up by the profits.
ARTlCLB MI.
! OF the yearly dividends to be declared afore
said the amount to he paid to the stockholders shall
| not exceed ten N0) per cent the amount paid il
| and the balance shall be paid to the credit Q
unpaid stock account, until the slme Is p'ld IN fll