New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-06
CORPORATIONS.
STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS.

STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS.
Be it known that on this eighth day Of June,
in the year of our Lord one thousand eight
hundred and seventy-one, and of the indepen-
dence of the United States of America the
ninety fifth before me, William Joseph Csstel', a
notary public in and foI the parish OF dreams leans
fed and in the presence of the witnesses herein
after named and undersigned, personally came and
Subscribed who declared that, awaiting themselves
of the provisions of the laws of this State relative
to the organization of corporations in this State for
works of public improvement and other purposes,
they have covenanted and agreed and do by these
presents covenant and agree, and bind themselves
and those whom they represent, TO form and estab-
lish and do hereby establish a corporation or body
corporate Tor the objects and purposes and under
the title, obligations, stipulations and regulations
following, TO wit:
The name and title of the company shall be THE
HIBERNIA INSURANCE COMPANY OF NEW OR
LEANS and its dOmieile is hereby established in
the citv of New Orleans 1t shall continue and exist
for twenty-five years from the date OF organization
1t shall commence operations Immediately on or
ganzation. 1t shall have a corporate seal having
for device an Irish harp encircled by shamrock
and the name of this company and the date OF this
act.
SECTtoN l. The objects and purposes of the com
pany are hereby declared to be
SEC1 ION l. To make assurances upon dwelling
scription of buildings, household furniture, goods,
wares, merchandise, machinery, and other property
against loss damage by fire.
SEC. 3 To make insurance upon ships and sea
going vessels, steamboats,, and all other vessels,
tfreights, goods. bills of exchange and other eyi-
ldences of debt commissions, profits, bull ION or
money, and against all maritime and inland trans
portation risks, ottomry and respondentia inter
asts; other words to effect fire. marine river and
inland insurance of any kind whatsoever with priri-
lege of exercising all or either OF said purposes.
The company NAV cause itselI y, De rellSuf s!
NAY isl- Nyhi
-Surances. ..
corporate name, and all citations and other legal
process shall be served On the president OF tho
company.
to invest from time to time the money and capital
of the company in bonds and mortgages on unln-
numbered and improved real est ,te which In every
case shall be deemed worth at least double tine
amount loaned thereon.
They NAV also invest the profits of the company
in any bonds stocks created by Or under the
laws the United States of thus state or OF the
cOrpoIations of this State city, or make any
loans on pledge of any OF the aforesaid secqrlties
bonds stocks, or any collateral or bill OF ladng;
provided, this investment shall not interfere with
the prompt distribution OF net earned premiums
for the current year.
They shall have power to dispose of mortgages
obtained by way of security, or of stocks pledged
for security or o. propey 10 "r
chased at public sale upon judgments or ordels o.
seizure obtained by said company, or OF any
property movable or immovabe, which may have
been pledged or abandoned to said company for oil
concerning the operation Of its business; but
nothing herein contained shall be construed a:
to authorize the said company to discount negotia
BILE paper do any banking business, nor, elthel
directly or indirectly, deal or trade in buying o.
selling movable or immOvable property, GOODS
wares or merchandise; provided, also, that 'ht
company shall have the right to purchase aproper
tvor building for the purpose OF establishing al
They snail nix the compensation of the officers
clerks and employees elected or employed by them
in the service of the company, and shall also have
power 10 NIL any vacancies which may occur III
their number or in the presidency.
They snail have power to adopt such rules regu
lations and laws to them shall seem best fol
the transaction OF the business Of the COMPANY PM
intent and meaning of this act.
ARTICLE I'LL
SECTION l. All the corporate powers of the com
pany shall be exercised by the board OF thirty ont
directors TO be elected from among the stock
holders: provided that after the ELECTION OF dl
rectors tor organization, no stakeholder shall be
eligible who does not hold in hi name, or that
his firm, at least twenty five shares, which stoch
shall have stood in his name, or that OF his nrm
on the books of the company for at least thret
months prior to the election. :.
No one shall be eligible for the position or dl
rector of this company who is dill ector OF any
other fire, marine or river insurance company.
stitute a quorum for business.
ARTICLE ".
SECTION |. The capital stock of this company i
hereby fixed at five hundred thousand dollars dl
videl into five thousand shares OF one hnn9ree
dollars each subject ts be increased to one million
of dollars under article twelve of thus charter
and it is hereby authorized to commence bushes;
as soon as the capital shall be subscribed. The
stock to be paid fellows: Ten per cent OF the
subscribed stock shall be paid in cash. for the re
maiuder OF ninety per cent the subscriber shal
furnish his note payable on demand. subject, how
ever calls whenever, in the opinion OF the boare
of Directors the necessities OF tine company shal
reOifire it, In such cases calls shall be payable
within days after thirty days notice, publtsheC
in two of the city newspapers Subscribers may
at any time pay in cash up to the full amount
their subscription but dividend shall attach Il
such payments unless paid during The nrst tnre'
months of the current fiscal year.
SEC q Upon the failure OF any sto kholder TO pay
the amount due such call, so made. the stocl
owned by him. with dividends or increase, shall b
liable 20 forfeiture to the company by vote o1 tn
directors, the company may enforce the pay
meut of the stock, at its option
SsC. 5. No stakeholder shall ever be held llaoie
responsible for the contracts or faults oi sal,
company in any further sum than the unpaid pal
ance due to the company on the shares owned D!
him, and his Indebtedness to the company -
SsC l. All transfers of stock, to be valid, shall D
made on the books of the company No stock
holder shall have the right to transfer his stool
until his matured obligations to the company ar
fully paid. Should any stakeholder desire to trans
fer his stock previous to the fuI payment oi vi
do so by substitute of the obligations OF the part
purchasing provided the substituted obligation
are atisfactory to the Board of Directors.
ARTICLE v.
SEcrIoy l. The election for directors shall be hel
on the first Monday ofMay ofeach year at the ottc
of the company. Notices of such elections shall
given for at least ten consecutive Gays, lInni'
diatey preceding the election, in at least tive OF tn
SEC D. The board shall appoint three stockhol'
ers inspectors to preside at such elections and
auy of said inspectors decline fail to attend, til
president shall appoint others to act in their stea'
Sr= ARTICLE vi.
The fro 56ard of Directors shall consist of ii
BNsollOwihg stockholders, to vii:
F Hugh McCloskey, John l. Moore Jr'
jain Henderson, R. VI. OBrien,
Pa+ricir irwin Thomas Fitzwilliam,
rhomas (iiImores Michael McQuaid,
~ Pobert Carey Edward Burke
Thomas G. Walsh Dav d Jackson,
Edward Co1f.rv, James D. Martin,
John Mccartney, Thomas Dunne, :,
John T. Gibbons, John Henderson 1E'
John Farrell, Edward sweeney,
William Conway. r. BriSSs
Thomas McKeifna, william Hart,
Thomas Marley, Pati1ck pwyer,
Nicholas Burke, JOhh u hockhdl''
Thomas King, John u RYAN,
Michael Duffy.