New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-16
CORPORATIONS.
A NHARTEh.. .Sh1AhIEhs
STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS.

STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS.
Be If known that on this eighth day of June,
in the wear of our Lord one Thousand eight
hundred and seventy-on and OF the lndepen-
depce of the United States of America the
ninety.fifth before me, William Joseph Castell, a
notary public in 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 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 ofpuolic improvement ana otne s purposes,
presents covenant and agree, and bind themselves
and those whom they represent, to form and estab-
lisb and do hereby establish corporation or body
corporate, tor the objects and purposes and under
the title obligations, stpulatlons and regulations
following, 10 wit:
The name and title of the company shall be THE
HIBERNIA INSURANCE COMPANY OF NEW Or
LEANS and its domicile is hereby established in
the city of New Orleans 1t shall continue and exist
for twenty-five from the date of organization.
II shall commence operations Immediately on or
pauization. 1t shall have corporate seal having
for device an Irish harp encircled by shamrock
and the name OF THIS company anu Ine udUe OF TINS
act.
SECTION l. The objects and purposes of the com.
pany are hereby declared to be
SEC1IO !. To make assurances upon dwelling
houses stores, cotton presses and every other de-
scripiOn OF buildings, household furniture goods,
wares, merchandise, machinery and other property
against loss damage by fire.
SEC. q To make insurance upon ships 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
portatiOn risks, fottomry and respondentla inter,
inland insurance of any kind whatsoever with pT1vl
lege of exercising all or either of said purposes
The company NAV cause itself to be relnsured
against any risk upon which II snail nave made IN
suTances.
SEC. q The company shall and be sued in it's
corporate name, and ali citations and other legal
process shall be served on the president OF the
SEC. g. The Board of Directors shall have power
to invest from time 10 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 OF this State orOf the
corporations OF this State or city, or make any
loans pledge OF any Of the aforesaid securities.
bonds or stocks or any collateral bill of lading;
provided this investment shall not interfere with
the prompt distribution of net earned premiums
for the current year.
obtained by way of security, or OF stocks pledged
for security, of property conveyed to them in
satisfaction of debts previously Contracted or 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 or abandoned TO said company for or
concerning the operations OF It's business; but
nothing herein contained shall he so construed as
to authorize the said company TO discount negotia-
bic paper, do any banking business, nor, either
directly or indirectly, deal or trade III buying or
selling movable immovable property, goods,
company shall have the right to purchase proper
~ or building, for the purpose OF establishing an
office therein.
They shall fix the compensation of the officers,
clerks and emplOyeS elected emplOYed DIV them
in the service of the company, and shall also have
power 10 NIL any vacancies which may occur In
their number OF in the presidency.
They shall have power 10 adopt such rules, regu-
latioEs 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 !. AL 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
eligible who does net hold in his name, or that Of
his firm, at least twenty-five shares, which stock
shall have stoed in his name, or that OF his firm,
Oh 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 hTe, marine or rlyer insurance company.
Nine directors present at any meeting shall con-
stitute a quorum for business.
ARTICLE w
hereby fixed at five hundred thousand dollars, di
vde9 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 ii is hereby authorized to commence business
as the capital shall be subscribed. The
stock TO be paid as fellows: Ten per cent of the
subscribed stock shall be paid in cash; tor the
mainder OF ninety per cent the subscriber shall
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. IL such cases calls shall be payable
within ten days after thirty days notice published
IN two OF the city newspapers. Subscribers may
at any time pay in cash up 70 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 ?. Upon the failure OF any ckhOlder to pay
the amount due on such call, so made, the stock
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. 3. No tockhOlder shall ever be held liable
OF ponsible for the contracts faults of said
company in 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 be
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
fer his stock previous to the full payment of the
same having been made, he shall be permitted to
90 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
the first Monday ofMay each year ut the office
of the company Notices OF such elections shall BE
given for at least ten consecutive days, imme-
dately preceding the election in at least tive of the
city papers.
SEC. 3 The board shall appoint three stockhold.
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
following stockholders, TO wiz:
Hugh McClOskey, John T. Moore, Jr.,
John Henderson, r. VI 0Brien,
Patrick Irwin Thomas Fitzwiam,
Thomas Gilmore, Michael McQuaid,
Robert Carey, Edward Burke,
Thomas c. Walsh, David Jackson,
Edward COneTv, James u. Martin
John Mccartney, Thomas Dunno,
John T. Gibbons, John Henderson, Jr.,
John Farrell, Edward Sweeney,
William Conway E. Briggs
Thomas McKenna william Hart
Thomas Markey. Patrick DIVER