New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-25
CHARTER.
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STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS.

CITY OF NEW ORLEANS.
duly commissioned and sworn, i'll and for the par
ish of Orleans and city Of New Orleans, State OF
nesses hereinafter named and undersigned, came
and appeared Robert NJ. Davis, A. SOcola, 5.
Cambon, Berwin, F Jautrod 4. Dqmestre
Lambias, Joseph David (reprv sented by j. Massa),
J. X. Gourdain, Charles Kerr NJ. Draskovich, &. 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 NJ
selves together with others who may become asso-
cha ed with them. to form a body corporate 10 re-
main and be governed by the following stpuations
and conditions which they adopt as the charter Of
said corporation.
This corporation shall be known by the of
the PEOPLES INSURANCE COMPANY OF NEW
ORLEANS and the domicie of the shall he
established in the Second District of the city Of New
Orleans.
This corporation is formed for period Of twenty
five years from the date of this act OF Incorporation.
ARTICLE III.
The object of this company is to transact 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,
2. To make assurances upon ships and other sea
going vessels steamboats, and other vessels,
treights goods, bills of exchange and other evl-
dences of debt, commissions, profits, bullion or
money. and against all maritime or inland trans
portation risks bottomry and Respondents 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
3. The company may cause itself TO he relnsured
against any risk upon which ii shall have made in
surance and all citation notices. and other legal
| proc. IS wherein the company may be interested,
oil bss vn6 ont bp IpkJd
on the vice president or secretary.
ARTICLE ".
| The capital stock of this company shall be fixed
at five hundred thousai dollars with the prlvl-
dollars divided into shares of one hundred dollars
each to be paid in fellows: 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 promis
| sory notes of the subscribers and of persons who
| NAV 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 proviso to the effect that the Board of
Trustees may postpone the payment OF the same
indefinitely, 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 al the office OF the com
| pauy in such sums and at such times as the Board
OF Trustees may consider proper, thirty days after
| notification of the same shall have been adveT-
| tised; provided that payment on account of said
notes shall be made prior to said notification with;
| out the consent of the trustees and that no call
shall be made, at any time, for more than twenty
| dollars each share.
| In the event of nonpayment of any installment
| or notes as provided for in the foregoing, the
stock, together with any accumulations, interests
or benefits pertaining to the same, shall be tor,
fpited to the company, Nevert helesS the trustees
may extend the term of payment, should they
deem 1t proper. -
| given to the subscribers, but said receipts shall
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 ali 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 declared shall be forfeited tC
the company and carried to the credit OF the con
tingent fund, after the public alton of the saHt
once a week for four weeks consecutlve-y.
ARTICLEv v.
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 year 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
ings of the company after deducting the unearned
premiums, ten per cent upon the capital paid IL
shall first be credited upon the notes of the stock
holders and the remainder of the said earnings, up
to ten per cent upon the amount OF premiums
earned shall he paid in cash to the assured. Any
surplus of said earnings to be divided in cash be
tween the assured aud the stockholders; to the
stockholders in proportion to the capital paid IN
the premiums: provided the dividends do not, il
any one year exceed twenty five per cent; any eX
cess of that rate to be added to contingent fund
to be held guarantee against any loss or reduc
ton of the capital aud should SAID contln
gent fund at any time exceed the amount
of the capital paid up IN cash, any surplus o
the same shall be divided among the assured and
stockholders IN proportion to their interests re
| spectively of premiums and capital
| In the event it should become necessary TO us'
any portion of the capital in the settlement o
losses, dividend or bonuses OF interest shall b
declared paid until said capital shall have beer
restored in amount out of tbs earnings or profit
of the company.
than five dollars shall be declared. nor shall an!
| dividend declared contain any frac tional part o
| five dollars, and that all such fractional sums shall
be 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
scriptlon of the name OF this company.
ARTICLE VIII.
The Board of Trustees shall have power to inves
the money and capital of this company IN good ant
sufficient mortgages on improved ana unlncum
bered real estate, also in bonds stocks create
under the laws of the United States and of thi
State; and they may loan money on pledge of an
OF the aforementioned securities, upon other az
proved collateras they may take possession, a
, the option of the trustees, of any property,
! able or immovable. which may have been pledge
2 abandoned to said company for concerning ii
| business operations they may buy, sell hold NOR
gage surrogate real estate, pledge and transit
y | stocks, bonds movable mmovabe propert,
and generally to do and perform any act While
may be necessary for the government and supper
y of the company not inconsistent with the laws
the United States and of this State.
0 ARTICLE k
The company NAV commence business as soon
two hundred and fifty thousand dollars shall la,
been subscribed
e Subscriptions TO the capital stock of the col
ii pany subsequent to its organization shall be upt
If the same terms the original.
,. Until the whole capital stock is taken up, d
o subscription list shall remain open for new gu
scribers; but il shall be closed subscribers dur
d the three mouths preceding the days which t,
u inmate the fiscal year. The stockholders shall u