New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-22
CORPORATIONS.
CHARTER, ~. x.......s..,.. CH IA s'f.
STATE OF LOUISIANA PARISH OF ORLEANS,
CITY OF NEW ORLEANS.
CHARTER,

| Be it known that on this eighth day OF June
| in the year of our Lord one thousand elsh'
hundred and seventy-one, and Of the indep.e;n
| dence of the United States of America INT
ninety fifth, before me, William Joseph Caster,
| notary public in and for the parish OF orleans
| State of Louisiana, duly commissioned and quap
| fed, and in the presence of the witnesses herein
| after named and undersigned, personally came an0
appeared the parties whose names are hereuntt
subscribed who declared that, awaiting themselves
OF the provisions of the laws of this State reatvt
to the organization of corporations in this State FOL
| works of public improvement and other purposes
| they have covenanted and agreed, and do by these
| presents covenant and agree and bind themselves
| and those whom they represent, to form and estab
fish, and do hereby establish a corporation or body
corporate, Tor the objects and purposes, and under
the title obligations, stipulations and regulations
| ARTICLE l.
The name and title of the company shall be THE
| HIBERNIA INSURANCE COMPANY OF NEW Or
| LEANS, and its donicile is hereby established IL
the city of New Orleans 1t shall continue and exist
for twenty ive years from the date of organization
IL snail commence operatlons lmmedlateiy On Vi
| ganization. 1t shall have corporate seal having
| for device an Irish harp encircled by snamrOeB
and the name OF this company and the date OF this
| act.
- ... ARTICLE H.
| SECTION l. The objects and purposes of the com
| pany are hereby declared to be-
| SECTION /. To make assurances upon dwelling
houses, stores, colt presses and every other de
scriptiOn of buildings, household furniture, goods
| wares, merchandise machinery, and other property
| against loss damage by fire.
| SEC. q TO make insurance upon shirs and sea
going vessels, steamboats,, and all other vessels
freights, goods, bills of exchange and other evil
| dences of debt commissions, prohts, 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 anu
inland insurance of any kind whatsoever with plivi
le2e of exercising all or either of said purposes.
| The company NAV cause itself to be reinsured
against any risk upon which 1t shall have made III
! suTances.
SEC. 2 The company shall sue and be sued in its
! corporate name and all citations and other legal
| served
4 company.
| 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
laws of the United States of tins State or OF the
| corporations of this State or city, or make any
loans pledge of any OF the aforesaid securities.
bonds or stocks or any collateral or bill OF ladlng;
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 IN
satisfaction OF debts previously cont racted, or pT-
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 its business but
| nothing herein contained shall be SO construed as
to authorize the said company to discount negotia-
| BILE paper, do any banking business, nor, either
directly indirectly, deal or trade i'll buying or
selling movable or immovable property, goods,
wares or merchandise; provided, Also that the
company snail have the right to purchase proper
tv or building for the purpose Of establishing an
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 NIL any vacancies which may occur in
| their number or in the presidency.
They shall have power TO adopt such rules, regu-
latiOns and bylaws as TO them shall seem best for
the transaction of the business of the company:
provided the shall not conflict with the true
intent and meaning OF this act.
ARTICLE Ill
SECTION l. All 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-
feet&Ls iof odganzatSnd no stocknolder sHadl De
his tirm at least twenty-five shares, which stock
shall have stood in his name or that of his firm,
OIL the books of the company for at least three
months prior to the election.
No one shall be eligible for the position of di-
rector of this company who is a director of any
other fire, marine river insurance company.
Nine directors present at any meeting shall con-
stltute quorum FOR business.
ARTICLE ".
SECTION /. The capital stock of this company is
hereby iXed at five hundred thousand dollars, di
videa into FIVE thousand shares of one hundred
dollars each, subject to he increased to million
OF dollars under article twelve of this charter
and it is hereby authorized to commence business
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
malnder 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 ii. In such cases calls shah 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 TO the full amount of
their subscription, but dividend shall attach to
such payments unless paid during the first three
months of the current fiscal wear.
SEC 2. Upon the failure OF any stakeholder to pay
owned by him, with dividends or increase shall be
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.
SEC 3. No stakeholder shall ever be held liable
or responsible for the contracts or faults of said
company in any further sum than the unpaid bal
ance due TO the company the shares owned by
him, and his indebtedness to the company.
SEC. t. All transfers of stock TO be valid shall be
made the books of the company. No stock.
holder shall have the right to transfer his stock
until his matured obligations to the company
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
do SO 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 of May ofeach year the office
OF the company. Notices of such elections shall be
given for at least ten consecutive days, mme-
dately preceding the election in at least tive 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 Director shall consist of +ba