New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-27
CORPORATIONS.
CHARTER

OF rHR
NEW ORLEANS INSURANCE ASSOCIATION,
As amended by act of December I, 1870, and made
part thereof by reference.
UNITED STATES OF AMERICA, }
t.e State of Louisiana,
Parish of Orleans, City Of New Orleans
Be it known, that on this seventh day of the
month of August, in the year of our I'd one
thousand eight hundred and sixty nine and Of the
Independence of tine United states of America the
ninety-fourth, before me, Gustave LIE Gardeur Jr,
a notary public, duly commissioned and sworn, in
and tor the parish and city aforesaid, therein
residing and in the presence of the witnesses
hereinafter named and undersigned, personally
came and appeared the persons hereinafter named
and undersigned who severally declare that they
do, by these presents. form among themselves and
by subscription, purchase transfer or succession
corporation, under the general laws of this State
providing for the organization Of corporations and
have agreed, upon the following stipulations to
govern the same as the charter of the said corpora
ton: -H t-
ARTICLE l.
l. The domicile of this corporation is hereby estab
lished in the said city of New Orleans ad it shall
be designated and known under the name of the
NEW ORLEANS INSURANCE. ASSOCIATION"
fifteenth of September, 1863 and shall exist for
twenty-five years from the date of this charter
,inless its affairs should be sooner liquidated and
settled up by order of two-thirds of the stock
holders. ... vi,
3. The President, or in his absence the Secretary
shall be the proper officer upon whom to cita-
tons IN all suits against the association.
ARTICLE II.
The objects and purposes of this association are
l. To make insurance on dwelling houses, stores
and other buildings household furniture, mer-
chandise and other property against loss or dam
age by fire.
2. To make marine and river insurance upon YES
sells, freights, steamboats, goods wares, mer-
chandise specie, bullions bills of exchange, COM
missions profits, bank notes and other evidence of
debt, bottOmry and respondents interests and to
make all and every insurance appertaining to or
connected with marine or inland transportation
risks.
8. To cause themselves to be reimbursed against
any risk upon which they have made or shall make
ARTICLE ILL.,
l. The capital stock of this association is hereby
fixed at five hundred Thousand dollars, with the
privilege of increasing it to one million of dollars,
divided into shares of one hundred dollars each, to
be paid for at the time and in the manner herein
after provided for in article four of this charter
Q. The association may commence business as
soon as three hundred thousand dollars shall have
been subscribed, but each fiscal year shall end on
December 81, the first fiscal year to end ON the
thirty first of December, 1870.
3. transfers of stocks shall be made on the books
of the association at its office, in the city of New
Orleans only, but not while any Indebtedness to
the association exists on the part of the holder
provided said transfers have been approved by the
Board of Directors.
ARTICLE Nv.
l. All persons who have subscribed or may here
tioR shall furnish their note for the amount OF
their shares payable on the thirty first of Decem-
Der, 1871.
D. The notes furnished as above provided for
shall be reduced by credit thereon of the net
profits made by the association in the first and
second year, rata to the amount OF earned pre-
miums that shall have been paid during that time
by each stakeholder
B. At the maturity of said notes, if the net profits
OF the association for the first and second year have
not extingushed the said notes, the stockholders
shall pay the balance due thereon.
4. The prepayment of the balance due on the
entire stock to the ASSOCIATION, together with all
accumulation thereon and all interest or benefits
thereunto belonging; provided that the Board OF
Directors may extend said payments for such time
as they deem proper; provided also the stock SO
forfeited may be transferred with the consent OF
the board of directors.
s. No stakeholder shall, in any event be made
liable for the losses of the association in any larger
sums than the amount of his her or their subserip-
ton to the capital stock and his her or their in
debtedness to the association.
ARTICLE v.
|. All premiums shall be due and payable cash at
the end of each month.
q ANY losses or balance due on losses sustained
by the association at the beginning of it's opera
tions and when the association shall not have
sufficient funds to cover the same, shall be paid
pro rata by the stockholders.
3. All parties wishing to insure with the assOeia-
ton shall subscribe to the capital stock thereof,
and become stakeholder of the association pro.
vided however. that by and with the advice and
consent of a special committee appointed for that
purpose by the Board of Directors, or upon the re-
commentator of two more of the stoc kholders
risks may be taken from others than the stockhold,
ers and such parties insurng will become entitled
to such rebate may be , Established from time to
time by the Board OF Directors.
ARTICLE VI.
l. Within the month of January, 1871 and 1872
the president shall cause to be made a statement
of the net profits Of the association, and shall
cause the same to be published i'll at least two OF
the city papers for one month, together with a
statement of the assets of the association dis
tingushing the portion of same which is cash and
the portion thereof invested in securities and the
nature thereof This publication shall be made
under oath of the president and secretary, and
shall be conclusive and binding upon all persons
interested.
q The annual statement, TO be made in January
1871 and 1872 above provided for, shall be made
up to December 81 preceding, inclusive III the fol
lowing manner to wit l. Showing the amount OF
premiums received on fire, river and marine risks
each, deducting therefrom the amount OF same
not terminated. 3 Showing the amount of losses
paid fire river and marine risks, each, and rein
surance return premiums. 3. Showing the inter
est OH the portion OF the capital invested
ARTICLE VII.
l. From and after the beginning of the third
year, the stockholders shall pay no premiums oil
the assurances effected by them.
Q. But in the year 1872, and in each and every
wear following within the months of April, July
october and january, tne RreSluenI Shall cause u
be made statement of the losses and expenses o.
the association to which shall be added two and
half per cent profits paid to the stockholders, or
their stock paid in full such part thereof thai
shall have been paid, and the amount thus formed
shall be paid pro rata by the parties insuring OF
the earned premiums of the sums insured -,
3. The statement to be made within the month";
of April, July, october and January, as above pro
vided for, shall be made to the thirtyfrst o.
March, thirtieth of June, thrtieth of September
and thirty-trst of December preceding, inclusive
and shall be published as above provided for IL
section of Article six for the annual statements
to be made in January, 1871 and 1872.
ARTICLE VIII
l. All the powers of the association shall be ex
ercsed by Board of Directors to consist of twelve
persons, five of whom shall form quorum fol
| the transaction OF business
| e. The first election of directors of the associa
ton shall be ED on the fourth Monday of Decem
| Der 1870, aud thereafter the said day in eact
year, at such place in the city of New Orleans q.
the Board of Directors shall designate, of which
the president shall cause at least fifteen days pre-
| viOus notice to be given in two OF the public
newspapers printed in said city. The Board of Di
rectors shall appoint three OF the stockholders o
the association inspectors to preside at such cleo
tions and if any of the said inspectors decline Of
| fail to attend, the president may appoint Others
| g. The Board of Directors thus elected are Il
take their seats on the first Monday in January
after the election, and to hold the same one veal
there from until others are elected in their stead
| d. Those per sons receiving plurality of votes
| shall be considered duly elected. In the event o
election taking place on the uay aforesaid, tue
| president shall cause another election to tax,
place within ten days thereafter, and give notice
| of the same by advertisement in one or more o
| the public newspapers published i'll this city.
| s. The Board of Directors shall annually, at thei
| first meeting, elect president who shall on hi
| election be exofficio member of the Board of Di
rectors and who shall hold his office until his sue
cessor is elected and qualified. The Presiden
shall preside at all meetings of the Board of Di
rectOrs and at the meetings of the stockholders o
| the association, and shall conduct the business o
| the association generally under the supervision o
| the Board of Directors
| g. In the absence of the president, the Board o
| Directors shall elect of their members t