New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-11
CORPORATIONS.
STATE OF LOUISIANA, PARISH OF ORLEANS,
- s.CITY OF NEW ORLEANS.

Be it known that on thus eighth day of June,
| in the year of our Lord thousand eight
hundred and seventy-one, and Of the lndepen-
ninety fifth before me, William Joseph CastelI, a
notary public i'll and for the parish OF Orleans,
State of Louisiana, duly commissioned and quail
| fed, and in the presence of the witnesses herein
after named and undersigned, personally came ana
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 Stare Tor
works of public improvement aud other purposes,
they have covenanted and agreed, and do by these
presents covenant ana agree, and bind themselves
and those whom they represent to form ana estab-
lish, and do hereby establish corporation or Dody
corporate, Tor the objects and purposes, and under
the title, obligations, sipuatons and regulations
following TO VIII; .Rr1ctE1
The name and title of the company shall be THE
HIBERNIA INSURANCE COMPANY OF NEW OR
LEANS, and its domcile is hereby established IN
the city of New Orleans 1t shall continue anu exist
for twenty-five years from the date of organization
1t shall commence operations immediately ON OF
ganization. 1t shall have corporate seal having
for device an Irish harp encircled by shamrock
and the name of this company and the date OF TINS
act.
ARTICLE IL
SECTION l. The objects and purposes of the com
pany are hereby declared to be-
SEG1 ION l. TO make assurances upon dwelling
houses, stores, colt presses and every other de-
scription OF buildings, household furniture, goods
wares, merchandise, machinery, and other properly
against loss damage by hre.
SEC. q TO make insurance upon shins and sea-
going vessels, steamboats,, and all other vessels,
freights, goods, bills of exchange and other evil
dences of debt commissions, profits, bullion or
money, and against all maritime and inland trans
portaton risks fottomry and respondentia inter
ests in other words to effect fire. marine river and
inland insurance any kind whatsoever with plivi
lege of exercising all or either of said purposes
The company NAV cause itself to be reinsured
against any risk upon which II snail nave made H.
surances.
SEC 2. The company shall and he sued in it's
corporate name and all citations and other legal
process shall be served on the president OF tho
company.
SEC 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 stocks created by or under the
laws of the United States or OF thus state or OF the
corpOI ations of this State or city, or make any
loans on pledge of any OF the aforesaid securities
bonds or stocks any collateral or bill of ading;
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 of property conveyed to them i'll
satisfac of debts previously contracted or pur
chased at public sale upon Judgments or orders of
seizure obtained by said company, or OF any
been pledged or abandoned to SAID company for or
concerning the operation Of its business; but
nothing herein contained shall be so construed
to authorize the said company to discount negOtia
BILE paper do any banking business, nor, either
directly or indirectly, deal or trade in buying or
selling movable or immovable property, goods,
merchandise; provided, also, that the
company shall have the ri ht to purchase proper
tv or building, for the purpose OF establishing an
office therein.
They shall fix the compensation of the officers.
clerks and employees elected OF employed by them
in the service of the company, and shall also have
power to nil any vacancies which may occur in
their number or in the presidency.
They shall have power 10 adopt such rules, regu-
lati0ns rs them
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 Oy the board of thrty-One
directors, to be elected from among the stock
holders: provided that after the election of d.
rectOrs for organization, no stakeholder shall be
eligible 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, 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 director OF any
other lire marine or river insurance company
Nine directors present at any meeting shall con-
stitute a quorum for business.
ARgICLE ".
SECTION /. The capital stock of this company is
hereby fixed at live hundred thousand dollars. di-
videa into five thousand shares OF one hundred
dollars each subject to be increased to million
of dollars under article twelve OF this charter,
and it is hereby authorized to commence business
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-
malnder OF ninety per cent the subscriber shal
furnish his note payable on demand, subject how
ever to calls whenever in 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
i'll 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. z Upon the failure OF any stOckh0lder to pay
the amount due on such call, made, the stock
owned by him. with dividends increase, shall be
directors, or the company may enforce the pay
ment of the stock, at its option.
SEC. B. No stakeholder shall ever be held liable
or res ponsibe for the contracts faults of said
company i'll any further sum than the unpaid bal
ance due TO the company on the shares owned by
him, and his indebtedness to the company.
SEC All transfers of stock, to be valid, shall he
made on 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
same having been made, he shall be permitted to
do by substitute of the obligations the party
purchasing provided the substituted obi cations
are satisfactory to the Board of Directors.
ARTICLE V.
SECTION The election for directors shall be held
on the first Monday OfMay Ofeach year at the office
of the company. Notices of such elections shall be
given for at least ten consecutive days imme
dlatey preceding the election in at least two Of the
city papers
SEC Q. The board shall appoint three stockhold-
ers inspectors to preside at such elections, and if
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
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