New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-07
CORPORATIONS,
CHARTER.
STATE OF LOUISIANA, PARISH or 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 thoasand eight
1 1 a1 tha rnitsd States of America the
ninety. fifth before me- William Joseph Castell, a
notary public in and for an9 ana leans
FED and in fine presence Of the witnesses herein
after named and UNDERSIGNED, personally came and
plbscribed who declared that, availing themselves
of the nroysous of the laws of this state relative
- ~ nrganization of operations in this State for
worEs Of nublic Improvement and other purposes
ther have covenanted and agreed and do by these
ny nas covenant and agree, and bind themselves
ppS those whom they represent, to form and estab-
i;sh and do hereby establish corporation or body
nornorate Tor the objects and purposes and under
fhe title, obligations, stipulations and regulations
following, 10 wit:
The name and title of the company shall be THE
LEANS, and it's domicile is hereby established in
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
ganiZatiOn. 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
ARTICLE II.
SECTION l. The objects and purposes of the COM
pany are hereby declared TO be- Ne HktF
SECTION l. To make assurances upon dwelling
houses, stores colt presses and every other de-
scripton of buildings, household furniture, goods
against loss damage by fire.
SEC. 2. To make insurance upon ships and
4 going vessels steamboats,, and all other vessels,
frsights goods, bills of exchange and other evil
dences of debt, commissions, profits bullion or
pOrtation risks, ottomry and respondentia inter.
in other words to effect fire. marine, river and
inland insurance of any kind whatsoeve withpiivi-
lege of exercising all or either of said purposes.
The company NAV itself to be reinsured
against any risk upon which it shall have made in
SEC 2. The company shall sue and he sued in its
corporate name, and all citations and other legal
process shall be served on the president OF the
SIC g. 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. in every
case, shall be deemed worth at least double the
amount loaned thereon
They may also invest the profits of the company
in any bonds or stocks created by or under the
corporations of this State city, make any
loans pledge of any of the aforesaid securities.
bonds stocks any collateral or bill of ladng;
provided this investment shalt not interfere with
the prompt distribution of net earned premiums
They shall have power to dispose Of mortgages
obtained by way of security, or of stocks pledged
for security, or of property conveyed to them in
satisfaction of debts previously cont racted pur-
chased at public sale upon judgments or orders of
seizure obtained by said company, or of any
property movable or immovable, which may have
been pledged abandoned to said company for or
concerning the operations of its business; but
nothing herein contained shall be construed as
to authorize the said company to discount negotia
bic paper or do any banking business, nor, either
directly or indirectly deal or trade in buying or
selling movable or immoyable property, goods,
wares or merchandise provided, also, that the
company shall have the light to purchase proper
" or building, for the purpose OF establishing an
Office therein. .s .Tts1-
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 I'LL any vacancies which may occur in
They shall have power to adopt such rules regu
IatiOns and bylaws as to them shall seem best for
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
pauy shall be exercised By the board of thrty-one
directors, to be elected from among the stock
holders: provided that after the election of di-
rectors for organization, no stockholder shall be
eligible who does not hold in his name, that Of
Lii firm at least twenty-five shares, which, stock
shall have stood in his name or 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 d.
rector of this company who is a director OF any
other fire marine or river insurance company.
= Nine directors present at any meeting shall con-
'stitute a quorum for business.
ARTICLE ".
SECTION l. The capital stock of this company is
hereby fixed at five hundred thousand dollars, di.
vdex into five thousand shares OF one hundred
dollars EACH subject to be increased to one million
and it is hereby authorized TO commence business
as soon as the capital shall be subscribed. The
subscribed stock shall be paid in cash; for the re.
mainder OF ninety per cent the subscriber shall
ever, to calls Whenever ia the opinion of the Board
of Directors the necessities of the company shall
require it. In such eases calls shall be payable
within ten 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 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 stoc khoder TO pay
the amount due such call. so made, the STOCK
owned by him. with dividends or increase, snail De
liable to forfeiture to the company by vote of the
directors or the company may enforce the pay
ment of the stock: at its option. ,,,.,,o
SEC. 3. No stakeholder shall ever be held liable
or responsible for the contracts 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 A. All transfers of stock, to be valid shall De
made on the books Of the company No stock.
until his matured obligations to the. company are
fully paid Should any stockholder desire to trans
fer big stock to the ss Pa os the To
do by substitute of the Obligations OF tne parry
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 OF each year Al the once
of the company Notices Of such elections snal BE
given for at least ten consecutive days, imme,
Sateiv preceding the election in at least TIVE of the
SIC J. The board shall appoint three stockhold
any of said inspectors decline or fail to attend the
president shall appoint others to act in their stead
--xRTICLE VI
tThe first Board of Directors shall consist Oh the
GNoMng stockholders, TO wit:
hh@gh McCloskey, John T. Moore, Jr'
PAW Henderson, r. NJ. OBrlen,
Tisck irwin Thomas Fitzwilliam,
xgmas Gilmore Michael McQuaid
gobert Carey Edward Burke,
Thomas G. Walsh, David yackson
Edward COnery, James u Martui'
~ John Mccartney, Thomas dunno,
John T. Gibbons, John Henderson Jr', -
Holm Farrell Edward Sweeney,
William Conway, 4. Briggs.
Thomas McKenna, William Hart
Thomas Markey, Patrick Dwyer,
Nicholas Burke, John NJ Loekhart,
Thomas King, John G. Ryan,
Michael Duffy.
SEC. 2. They shall continue in office until the
second Monday of May 1872, until their success
sors shall have been duly elected and quallhed;
and the directors elect shall take their seats on
the second Monday in May of each year, or IN the
event of failure to elect, on the first Monday
after due election. fH.s a.
ARTICLE VII. ,a.t
SECTION l. In all elections the vote shall be by
ballot and those stockholders receiving plurality
of the votes of the stock represented shall be con-
sidered duly elected and i'll the event of no cleo
zion taking place on the day aforesaid, the Presi-
dent shall order an election to take place within
ten days thereafter and venotice of the same as