New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-10
....CHARTER.
QUARTER.
STATE OF LOUISIANA, PARISH OF ORLEANS
CITY OF NEW ORLEANS

STATE OF LOUISIANA PARISH OF ORLEANS
CITY OF NEW ORLEANS.
Before me, Antoine Dorioeourt, notary public
duly commissioned and sworn i'll and for the par.
! ish of Orleans and city of New Orleans, State OF
| louisiana aforesaid and in presence of the wit
| nesses hereinafter named and undersigned, came
! and appeared Robert nj. Davis, A. S0cola, s.
| Cambon, II Berwin, F. Jaufroid, R. Dumestre,
| Bertrand Saloy, J. B. Solari, H. Manuel N. A.
Llambias Joseph David (repre scented by J. Nasal,
| J. X. Gourdan Charles Kerr N. DraskOvch, G. L.
Fevre " Battal0ra, James j. Reiss, Ernest Pragst,
| Francisco Sancho, F. Schumacher. A. Haber, P. H.
| honsseaux, Joseph Mizzi, Jacob Neuhauser, and
| others undersigned, who declared that, awaiting
themselves of the laws of the State of Louisiana
relating TO the organization of corporations in this
State have covenanted and agreed, and by
these presents covenant and agree and bind tn, NJ
selves together with Others who may become asso-
cha ed with them. TO form body corporate 10 re-
main and be governed by the following stpuations
and conditions which they adopt the Charter CT
said corporation.
ARTICLEL
This corporation shall be known by the name of
the PEOPLES INSURANCE COMPANY OF NEW
established in the Second District of the city of New
Orleans.
ARTICLE H.
This corporation is formed for period Of twenty
five years from the date of this act of incoi PARTON
ARTICLE ILL.,
The object of this company is to transact gen
eral insurance business, and particularly
l. houses.
stores, and other buildings. household furniture
merchandise, and other effects and property
against loss or damage by fire.
2. To make insurance. upon ships and other
going vessels, STEAMBOATS, and other vessels
treights, goods, bills of exchange and other evil
dences Of debt commissions profits bullion or
money. and against all maritime or inland trans
portation risks, bottomry and respondentia inter
ests III other words, TO effect fire. marine and river
insurance of any kind whatsoever, with privilege
of exercising all or either of said purposes.
D. The company may cause itself to be reinsured
against any risk upon which it shall have made in
surance and all citation notices, and other legal
proce SIS wherein the company may be interested
shall be served on the president or in his absence
on the vice president or secretary.
ARTICLE w.
The capital stock of this company shall be ND
at i've hundred Thousand dollars, with the privi-
leSe Of increasing it at any time to one million
dollars, divided into shares of one hundred dollars
EACH to be paid in rs follows: Five per cent the
time OF subscribing; i've per cent upon the COM
mencement of business; five per cent at sixty DAYS
after the commencement of business; five per cent
at ninety days after the commencement of bust
hess; the remaining eighty per cent in the promis-
sorry notes of the subscribers and of persons who
NAV hereafter subscribe to the capital stock nav
able atone and two years after the commencement
OF business; said notes of the subscribers 10 con-
tain a proviso to the effect that the Board Of
trustees may postpone the payment of the same
indefinitely, or from year TO year unless in their
belief the necessities of the con pany should at
TO maturity, in which event any portion of them
shall be due and payable at the office of the COM
pany ID such sums and at such times as the Board
OF Trustees may consider proper, thirty days after
a notification of the same shall ha We been adver-
t1sed provided that no payment account of said
notes shall be made prior to SAID notification with
out the consent OF the trustees, and that no call
shan be made, at any time, for more than twenty
dollars on each share.
III the event of nonpayment of any ipstallmept
or notes, as provided for in the foregoing, the
stock, together with any accommodations, Interests
fitsd IN III pedIang 10 the same shall be for
may extend the term OF payment, should they
deem it proper.
Receipts for installments and notes shall be
gwen TO the subscribers, but said receipts shall
not be transferable unless with the consent of the
trustees.
Receipts also for the amount of the dividends
credited upon the notes shall be given but all of
the SAID receipts shall be returned the company
upon the issue of the certificates.
No certificate of stock shall be issued until the
same is paid in full.
ANY dividend unclaimed for the term of three
years from the date declared shall be forfeited to
the company and carried to the credit of the CON
hngent fund, after the publication of the same
once week Tor four weeks consecutively.
ARTICLEv
All transfers of stock shall be made ON the
books OF the company upon the surrender of the
certificates, and the transfers shall be signed by
the stockholders or their legal representatives
ARTICLE VI
In all the month of July of each wear a state
ment OF the affairs of the company, made out in
detail, shall be submitted to the stockholders and
lngs OF the company after deducting the unearued
premiums, ten per cent upon the capital maid in
sha5 hrst De credited upon the notes of the stock
holders, and the remainder of the said earnings nm
10 ten per cent upon the amount of premiums
earned, shall be paid in cash to the assured Any
surplus OF said earnings to be divided in cash he
tween the assured and the stockholders. to the
stockholders in proportion to the capital paid in
the ppemms IN proportion to the amount OF
any one year, exceed twenty -tve per cent: anv eY
cess OF that rate to be added to contingent fund
- ant
ton OF the capital, aud should said eontin-
gent fund at any time exceed the amount
the t same ee eba pa Psd up IN cash any surplus Of
stockhoiders IN proportion to their interests re-
sPeetlveiy OF premiums and capital
III the event 1T should become necessary TO use
any portion of the capital in the settIement of
losses. no dividend bonuses of interest shall he
declared or paid until said capital shall have been
OF the company. " fi'N''
Ill ~ is provided further, that no dividend of less
ti Iran I'VE collars shall be declared nor shall any
dividend declared contain any Fractional part Of
Nv uoilars and that all such fractional sums shall
oe carried to the credit of the contingent fund.
ARTICLE VII
The device and seal of this corporation shall re-
present the statue in Jackson Square, with the in
S0Atp'ion OF the name of this company.
ARTICLE VIII
The Board of Trustees shall have power to invest
lhe money and capital of this company in good and
sumclent mortgages improved and unipcun-
rear estate, also IN bonds or stocks created
under the laws of the United States and of this
state and they may loan money ON pledge of any
OF The aforementioned securities, upon other ap-
proved coilaterals; they may take possession, at
the option of the trustees, of any property NOV.
able or immovable which may have been pledged
or abandoned to said company for concerning its
business operations; they may buy SELL hold mort
gage or surrogate real estate pledge and transfer
stocks, bonds, movable or imm0vable property,
and generally to do and perform any act which
may be necessary for the government and support
OF me company not inconsistent with the laws Of
the United States and of this State.
ARTICLE TX
me company may commence business as soon as
TWO hundred and fifty thousand dollars shall have
been subscribed. low
Subscriptions to the capital stock of the COM
pany, subsequent to its organization shall he nar
the same terms as the original ~po-
9ntii the whole capital stock is taken up the
put It shall be- closed TO subscribers during
linz. H. L