New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-09
CORPORATIONS,
CHARTER.
QUARTER
HARTER ......................CH CHATTER
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 seyentyone, ana q sne lnaep zen
ninety fifth before me. William Joseph Castell. a
notary public in and for the parish OF Orleans,
fed and in the presence of the witnesses herein
after named and undersigned, personally came and
appeared the parties whose names are hereunto
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
nresents covenant and agree, and bind themselves
and those whom they represent, to form and estab-
lish, and do hereby establish corporation 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 domicile is hereby established III
the city of New Orleans 1t shall continue and exist
for twenty-five years from the date of organization
1t shall commence operations immediately on or
ganizatOn. 1t shall have corporate seal having
for "a device Irish harp encrcled by shamrock
and the name of this company and the date OF this
act.
SECTION l. The objects and purposes of the CON-
pany are hereby declared to be-
SECTION l. To make assurances upon dwelling
houses stores, colt IN presses and every other de-
scription of buildings, household furniture goods,
wares, merchandise, machinery, ana other property
. against loss damage by fire.
SEC 2. To make insurance upon ships and sea
going vessels, steamboats,, and all other vessels
treights, goods, bills of exchange and other EVIL
dences of debt, commissions, profits, bul ion or
money, and against all maritime and inland trans
portation risks ottomry and respondentia inter
ests; in other words to effect fire. marine river and
inland insurance of any kind what soever with p1yi
lege of exercising all or either of SAID purposes.
The company NAV cause Itself to be reinsured
against any risk upon which it shall have made III
sufances.
corporate name and all citations and other legal
process shall be served on the president of the
SEC s. The Board of Directors shall have power
TO invest from time to time the money and capital
of the company in bonds and mortgages on unin-
numbered and improved real estate, which. i'll every
case, shall be deemed worth at least double the
amount loaned thereon.
They NAV also invest the profits of the company
in any bonds or stocks created by or under the
laws of the United States or of tins state or OF the
corporations OF Us State or city, or make any
loans pledge of any of the aforesaid securities
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, OF stocks pledged
for security, or of property conveyed TO them i'll
satisfaction of debts previously racted or pur
chased at public sale upon judgments or orders of
seizure obtained 10y said company. of any
property movable or immovabe, which may have
been pledged or abandoned to said company for or
concerning the operation OF Its business; but
nothing herein contained shall be so construed as
to authorize the said company to discount negotla
bic paper, or 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 II ht to purchase aproper
" or building, for the purpose OF establishing 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 have
power to ill any vacancies which may occur in
their number or in the presidency.
They shall have power TO adopt such rules regu-
a. fnnG N NV q : m l-m
the transaction OF the business of the company:
provided the same shall not conflict with the true
intent and meaning of this act.
ARTICLE III.
SECTION ]. All the corporate powers of the COM
pany shall be exercised by the board of thirty-one
directors to be elected from among the stock
holders: provided that after the election OF di-
rectors for organization, no stockholder shall be
eligbls who does net hold in his name, or that OF
his firm, at least twenty-five shares, which stock
shall have stood in his name, that of his firm,
on the books of the company for at least three
months prior to the election: ;,
No one shall be eligible for the position of di-
rector of this company who is director of any
other fire, marine or river insurance company.
Nine directors present at any meeting shall con-
stltute quorum for business.
ARTICLE ".
SECTION l. The capital stock of this company is
hereby fixed at five hundred thousand dollars di.
vides 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 il is hereby authorized TO commence business
stock TO be paid fellows: Ten per cent of the
subscribed stock shall be paid in cash. for the re-
mainder OF ninety per cent the subscriber shal
furnish his note payable on demand. SUBJECT now
ever to calls whenever, in the opinion of the Board
of Directors, the necessities of the company shall
require it. In such cases calls shall be payable
within days after thirty days notice, published
il two of the city newspapers. Subscribers may
at any time pay in cash up to the full amount of
their subscription, but dividend shall attach to
such payments unless paid during the first three
months of the current fiscal year.
q CnOn the failure of stO khOlder to pay
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. g. No stakeholder shall ever be held liable
or ponsble for the contracts or faults OF said
company in any further sum than the unpaid pal
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 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
do by substitute of the obligations OF the party
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 ofMay Ofeach year 1T the office
OF the company. Notices of such elections shall se
given for at least ten consecutive days, imme-
diatey preceding the election in at least tive OF the
City papers.
ers inspectors to preside at such elections, and II
any of said inspectors decline fail to attend the
president shall appoint others TO act in their stead
ARTICLE VI
The first Board of Directors shall consist OF the
following stockholders, to wit: