New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-24
CHARTER.
CHARTER.
STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS


CITY OF NEW ORLEANS.
Before me, Antoine DorOcourt a notary public
duly commissioned and sworn, in 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 M. Davis, A. Socola, s.
CambOn Berwin, F. Jaufroid r. Dumestre,
Bertrand Saloy, J. B; SOLAR, II. Manuel, N. A.
Llambias, Joseph David (repre scented by j. NASSAU
J. X. Gourdain, Charles Kerr. NJ. Draskovich, G. L.
Fevre. v. Battalora, James j. Reiss Ernest Pragst,
Francisco SanchO F. Schumacher, A. Haber, P. h.
Monsseaux, Joseph Mizzi, Jacob Neuhauser and
others undersigned, who declared that availing
themselves of the laws of the State of Louisiana
relating to the organization of corporations in this
State, have covenanted and agreed, and 40 by
these presents covenant and agree and bind tn. M.
selves together with others who may become asso.
ella ed with them. to form a body corporate to re-
main and be governed by the following stipulations
and conditions which they adopt as the charter of
said corporation.
ARTICLEI
This corporation shall be known by the name of
the PEOPLES INSURANCE COMPANY OF NEW
ORLEANS. and the domicile of the same shall be
established in the Second District OF the city of New
Orleans.
ARTICLE II.
This co.. roration is formed for a period of twenty
five nom the date OF this act OF Incorporation
ARTICLE III.
The OBJECT of this company is to transact a gen
eral insurance business, and particularly
l. To make insurance upon dwelling houses
stores and other buildings. household furniture
merchandise, and other effects and property
against loss or damage by fire.
2. To make assurances upon ships and other sea-
going vessels, steamboats, and other vessels,
treights goods, bills of exchange and other evil
dences of debt, commissions, profits, bullion
money and against all maritime inland trans
portation risks, bottOmry and respondeRtia inter
ests; in other words to effect fire marine and river
insurance of any kind whatsoever with privilege
of exercising all or either of said purposes.
g. 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
wherein the infprpsfa1
shall be served on the president, in his absence
on the vice president or secretary.
ARTICLE ".
The capital stock of this company shall be fixed
at five hundred thousand dollars, with the privi-
lege of increasing it at any time to one million
dollars divided into shares of one hundred dollars
each, to be paid i'll follows: Five per cent at the
time OF subscribing; five 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
ness; the remaining eighty per cent in the prOms-
sorry notes OF the subscribers and of persons who
may hereafter subscribe to the capital stock pay
able at one and two years after the commencement
of business; said notes of the subscribers to 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 company should at
any time require the payment of the notes previous
to maturity in which event any portion of them
shall be due and payable at the Office OF the COM
pany in such sums and at such times as the Board
OF Trustees may consider proper thirty DAYS after
a notification of the same shall have been adver-
tised; provided that no payment account of said
notes shall be made prior to said notification with
out the consent OF the trustees, and that call
shall be made, at any time, for more than twenty
dollars on each share.
In the event of nonpayment of any installmeut
or notes, provided for in the foregoing the
stock, together with any accumulations interests
or benefits pertaining to the same, shall be for
feited to the company, Nevertheless the trustees
may extend the term of payment, should they
deem it proper
Receipts for installments and notes shall he
SIlDSrTlbpra ia hal
not be transferable unless with the consent of the
trustees.
credited upon the notes shall be given but all of
the said receipts shall be returned to 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 declaI ed shall be forfeited to
the company and carried to the credit of the con-
tngent fund, after the publication of the same
once week for four weeks consecutively.
ARTICLE v.
All transfers of stock shall he 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
the assured and published. Out of the net earn |
ngs of the company, after deducting the unearned |
premiums, ten per cent upon the capital paid in |
shall first be credited upon the notes of the stock
holders and the remainder of the said earnings nm |
TO 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 be-
,Wetn the ASSURED and The stockholders; to the |
stockholders i'll proportion to the capital paid in
md to the assured i'll proportion to the amount of
he premiums: provided the dividends do not, in
my one year exceed twenty-five per cent; any eX-
'ess of that rate TO be added a continge fund
o be held as guarantee against any loss reduc-
ion of the capital, and should said contin-
exceed
u the capital paid up III cash, any surplus of |
he same shall be divided among the assured and |
stockholders III proportion to their interests re-
peCtively of premiums and capital
In the event it should become necessary to use |
my portion of the capital in the settlement of |
osses. no dividend or bonuses of interest shall be
declared or paid until said capital shall have been
estored IN amount out of tbs earnings or profits
II the company.
1t is provided further, that no dividend of less
han five dollars shall be declared nor shall any
dividend declared contain any fractional mart of
i've dollars and that all such fractional sums shall
De 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
cHptlon OF the name of this company.
ARTICLE VIII
The Board of Trustees shall have power to invest
ne money and capital of this company IN good and
'ered real estate also in bonds or stocks created
lnder the laws of the United States and OF this
'Iate; and they may loan money ON pledge OF any
# the aforementioned securities upon other APP
proved cOllaterals they may take possession, at
he option of the trustees of any property, NOV
lbe or immovable which may have been pledged
II abandoned to said company for concerning its
business operations; they may buy, sell hold mort
rage OF subrogate real estate pledge and transfer
tocks bonds, movable or immOvable property
md generally to DO and perform any act which
nav be necessary for the government and support
# the company not Inconsistent with the laws of
he United States and of this State.
ARTICLE "
The company may commence business as soon as
wo hundred and nifty thousand dollars shall have
een subscribed
subscriptions to the capital stock of the com.
amy, subsequent to its organization shall be upon
he same terms as the original
Until the whole capital stock is taken I'D. the
list shall remain open for new sub
crioers but it shall be closed to subscribers during
be three months preceding the days which ter,
innate tho fiscal year. The stockholders shall not