New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-09

| sEBw ORLEANS INSURANCE ASSOCIATION,
As amended by oct Of December |, 1870 and made
part thereof by reference.
UsrTBD Stairs OF AMERICA }
4 State of Louisiana,
Parish OK Orleans, City of New Orleans. }
Be it known, that this seventh day of the
month of August, in the year of our L. I'd one
| independence of tine United States of America the
| ninety fourth, before me, Gustave LIE Gardeur, Jr
n notary ,n public duly commissioned and sw3rn IN
residing, and in tlxe presence of the witness &c
hereinafter named and undersigned, personally
came and appeared the persons hereinafter named
and undersigned who severally declare that they
| 90, by these presents. form among themselves and
| such others may become associated with them
oy subscription purchase, transfer succession a
corporation, under the general laws of this State,
providing for the organization of corporations and
| have agreed, upon the following stipulations, to
| ton:
| ARTICLE
l. The domicile of this corporation ia hereby estab-
shed in the said city of New Orleans Ed it shall
| be designated and known under the name of the
| NEW ORLEANS INSURANCE ASSOCIATIONS
| D. 1t shall commence business on or about the
| fifteenth of September, 1859 and shall exist for
twenty-five years from the date of this charter
Gnless its affairs should be sooner Inundated and
| settled up by order Of twothirds of the stock
| holders.
shall be the proper officer upon HON to serve eta
| tons IN all suits against the association.
| ARTICLE II.
The objects and purposes of this association are
| declared to be-
!: To make insurance on dwelling houses stores
| and other buildings, household furniture, ner-
chandise and other property against loss or dam
| age by fire.
| 2. To make marine and river insurance upon yes
seis, freights, steamboats,, goods, wares,
chandise specie, Lullions bills of exchange com.
m ssi0ns, profits, bank notes and other evidence of
debt, bottomry and respondents interests and to
make all and every insurance appertaining to
mr. in fr0n y+aTsr
risks
g. To themselves to be reimbursed against
any r1sk upon which they have made OF shah make
insurance.
ARTICLE Ill
]. 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
be paid for at the time and in the manner herein.
after provided for in article four of this charter.
2. The association may commence business ms
soon as three hundred Thousand dollars shall have
been subscribed, but each fiscal year shall end on
Dect mber 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 ".
l. All persons who have subscribed or NAV here
ater subscribe to the capital stock of this associ
ton, shall furnish their note for the amount OF
their shares payable on the thirty first of Deem
2. The notes furnished, as above provided for
shall be reduced by credit thereon of the net |
prohts made by the association in the first and |
second year. pro rata to the amount of earned pre-
miums that shall have been paid during that time
g. At the maturity of said notes. if the net profits
of the association for the first and second year have
not extinguished the said notes. the stoc kholders
shall pay the balance due thereon.
4. The non-payment of the balance due on the |
said notes. as above provided for, shall forfeit the
To flaa
accumulation thereon and all interest or benefits |
theTeunto 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.
5. No stakeholder shall in any event be made
liable for the losses of the association any larger
sums than the amount of his her OF their subscrip-
ton to the capital stock and his her or their in
debtedness to the association.
ARTICLE v
l. All premiums shall be due and PAYABLE cash at
the end of each month.
2. ANY losses balance duea on losses sustained
by the association at the beginning of its opera
TONS and when the association shall not have |
sufficient funds to cover the same shall be paid
pro rata by the stockholders.
8. 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 special committee appointed for that
purpose by the Board of Directors, or upon the re-
commentator OF two or more of the stockholders,
ers and such parties insuring 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 l.
the president shall cause to be made statement
of the net profits of the association, and shall
cause the same to be published in at least two of
the city papers for one MONTH together with
statement OF the assets of the association, dis
tinguishing the portion of same which is cash and
the portion thereof invested in securities and the
under oath of the president and secretary, and
shall be conclusive and binding upon all persons
2. The anlslal statement to be made in January,
1871 and 1872 as above provided for, shall be made
up to December 81 preceding, inclusive, the fol-
lowing manner, to wit: l. Showing the amount of
received on fire, river and marine risks
each, deductng therefrom the amount of same
not terminated. D. Showing the amount of losses
surance, return premiums. 3. Showing the inter
est on the portion OF the capital invested.
ARTICLE VII.
l. From and after the beginning of the third
year, the stockholders shall pay no premiums on
the assurances effected by them.
2. But in the year 1872, and in each and every
year following, within the months of April, July,
October and January, the President shall cause TO |
the association, to which shall be added two and q
half per cent profits paid to the stockholders, on
heir stock paid in full such part the reof that
shall have been paid, and the amount thus formed
shall be paid pro rata by the parties insuring on
|
g. The statement to be made within the months
Of April, July, October and January, as above pro-
rided for, shall be made to the thirty-frst of |
March. thirteth of June, thirteth of Srpte1nber |
md thirty-first of December preceding inclusive
and shall be published above provided for in |
section one of Article six for the annual statements
70 be made in January 1871 and 1872.
ARTICLE VIII
l. All the powers of the association shall be ex-
rcised by Board of Directors to consist of twelve
PERSONS five of whom shall form quorum for
he transaction of business.
2. The first election of directors of the associa-
ion shall be held on the fourth Monday of Decem-
Der, 1870, and thereafter on the said day in each
iear, at such place i'll the city of New Orleans as
he Board of Directors shall designate of which
he president shall cause at least fifteen days pre-
nous notice to be given in two of the public
newspapers printed in said city. The Board of Di-
ectors shall appoint three of the stockholders of
he association inspectors to preside at such cleo
ions; and If any of the said inspectors decline Or
all to attend, the president may appoint others
o fill such vacancies. !
3. The Board of Directors thus elected are TO
axe their seats on the first Monday in January !
liter the election, and to hold the same one wear
4. Those persons receiving a plurality of votes !
hall be considered duly elected. In the event ofT
10 election taking place ON the day aforesaid the
president shall cause another election to take !
'lace within ten days thereafter, and give notice :
Il the same by advertisement in one or more of :
he public newspapers published in this city I
>. Fhe Board of Directors shall annually at their
rst meeting, elect president who shall on his ,
lection be exofiicio member of the Board of Di- !