New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-04


shall be the proper officer upon hom TO cita
tons IN all suits against the associa ion.
ARTICLE II.
= The objects and purposes of this association are
4eclareG to be:
| /. To make insurance on dwelling houses stores
| and other buildings household furniture, mer-
chandise and other property against loss or dam
| age by fire.
q To make MAJ inc and river insurance upon YES
| sells, freights steamboats,, goods, wares, mer-
chaudse specie hullions bills of exchange com
missions, profits, bank notes aud 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.
s. To cause themselves to be reimbursed against
any risk upon which they have made or shall make
ARTICLE III.
l. The capital stock of this association is hereby
| fixed at five hundred thousand dollars, with the
privilege of increasing 1t to 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
| 2 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 ear to end on the
thirty-frst OfDecember, 1870
| g. Transfers of stocks shall be made the books
of the association at its office, in the city of New
| Orleans only, but not while any Indebtedness to
| the association exists the part of the holder
provided said transfers have been approved by the
ARTICLE ".
after subscribe to the capital stock of this associ
| ton, shall furnish then note for the amount OF
their shares payable on the thirty first of Deem
| Der, 1871.
?. The notes furnished, as above provided for
| shall be reduced by "A credit thereon of the net
profits 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
3. 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 stockholders
shall balance due thereon.
4. The nonpavment of the balance due the
said notes, as above provided for shall forfeit the
entire stock to the association, together with all
| accumulation thereon and all interest or benefits
| thereunto belonging; provided that the Board or
| Directors may extend said payments for such time
| AS they deem proper; provided also the stock
| 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 in larger
sums than the amount of his her or their sabscrip
too to the capital stock, and his her or their in.
debtedness 70 the association
ARTICLE "
]. AL premiums shall be due and PAYABLE cash at
the end of each month
2. Any losses balance due 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.
3. All parties wishing to insure with the assoeia-
ton shall subscribe TO the capital stock thereof
and become. stakeholder of the association; pro-
yided, however. that by and with the advice and
consent of a special committee appointed for that
purpose by the Board of Directors upon the re-
COMMUNICATION of two OF more of the stockholders
risks may be taken from others than the stockhold
ers, and such parties insuling will become entitled
TO such rebateeas may be established from time to
TINE by the Board OF Directors.
ARTICLE VI.
!. 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
the same to be published in at least two OF
the city papers for one month"; together with a
| "a g. EGFTE nj IlfT
tinguishing the portion of 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, aud
shall be conclusive and binding upon all persons
interested
2. The annual statement TO be made in January
1871 and 1872 above provided for, shall be made
mp to December 81 preceding, inclusive, i'll the fol-
lowing manner, TO wit: /. Showing the amount of
premiums received on fire, river and marine, risks,
each, deducting therefrom the amount of same
not terminated. 2. Showing the amount of losses
paid fire river and marine risks each and rein
suTance, 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 premiums
the assurances effected by them.
2. But III the year 1872, and in each and every
year following, within the months of April July,
october and January, the President shall cause to
be made a statement of the losses and expenses OF
the association, to which shall be added two and
half per cent profits paid to the stockholders on
their stock paid in fun such part the reof that
shall have been paid, and the amount thus formed
shall be paid pro rata by the parties insuring
the earned premiums of the sums insured.
3. The statement to be made within the months
of April July, October and January, as above pro
March, thirtieth of June, thirtieth of September
and thirty-trst of December preceding inclusive
and shall be published as above provided for in
section of Article six for the annual statements
to be made i'll January, ISL and 1872.
p ARTICLE VIII.
Az.
ercisod by Board of Directors to consist twelve
persons, five of whom shall form a quorum for
the transaction of business.
3 The first election of directors of the associa-
ton shall be led on the fourth Monday of Decem-
ber 1870, and thereafter on the said day in each
year at such place i'll the city of New Orleans as
the Board of Directors shall designate of which
the president shall cause at least fifteen days pre-
vous 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 OF
the association inspectors to preside at such cleo
tiOns; and il any OF the said inspectors decline or
fail to attend, the president may appoint others
to ill such vacancies
3. The Board of Directors thus elected are TO
take their seats on the first Monday in January
after the election, and to hold thes same one wear
there from until others elected in their stead
4. Those persons receiving a plurality of votes
shall be considered duly elected. In the event of
no election taxing place on the day aforesaid, the
president shall cause another election to take
place within ten days thereafter, and give notice
of the same by advertisement in or more of
the public newspapers published in this city
s. The Board of Directors shall annually at their
first meeting, elect president no shall on his
election be eX-Offico member of the Board of BIZ
rectors, and who shall hold his Office until his sue
cessor is elected and qualified. The President
shall preside at all meetings of the Board of Di-
rectOrSand at the meetings of the stoc kholders of
the association and shall conduct the business of
the association generally under the supervision of
the Board of Directors.
g. In the absence of the president, the Board of
Directors shall elect of their members to
act In the place and stead of said president during
his absence The Board of Directors shall also an,
n and p1a be of fh1
citation
T. The Board of Directors shall fix the compen-
satlon of all officers and clerks employed elected
by said association.
g. They shall invest the profits of the association
as hereinafter provided for. They shall have
power to adopt such bylaws as they may deem
necessary and convenient for the government and
regulation of the association not contrary to the
charter or the acts of the Legislature of this State
providing for the organization and regulations of
corporations.
9. Each and every stakeholder shall be entitled
at elections, either in person by proxy 80 one
vote ON each and every share of the capital stock
which he, she or they may respectively hold but
not to vote any stock to him, her or them trans
ferred within three months prior to said election
ARTICLE TX
l. It shall be lawful for the Board of Directors to
invest the capital stock and other moneys of the
association III bonds and mortgages on real estate
In the parishes of Orleans and Jefferson. They NAV
also invest the capital stock and other cash funds
of the association any bonds or stocks created nv
or under the laws of the United States of this
state or OF corporations of this State or loan its
funds on pledge of any of the aforesaid securities
bonds stocks
q 1t shall be lawful for the Board of Directors to
purchase any property which may be mortgaged TO
the association at any forced sale of the same.
ARTICLE
The following named persons shall constitute the
first Board of Directors to hold their office urti
IL