New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-16
QUARTER.
.......CHARTER.
STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS.

| STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS.
Before me, Antoine Dorioeourt, 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 NJ Davis, A. Socoa, s.
CambOn Berwin, F. Jaufroid, R. Dumestre,
Bertrand SalOy, J. B. Solari, II. Manuel, N. A.
Llambias, Joseph David (repr, scented by j. NASSAU,
J. X. Gourdafn, Charles Kerr. N. Draskoveh, g. L.
Fevre, V. Battaora James J. Reiss, Ernest Pragst,
Francisco Sancho, F. Schumacher A. Haber, p d.
Monsseaux, Joseph Mizzi, Jacob Neuhauser, and
others undersigned, who declared that, awaiting
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.
selves together with others who may become
cia ed with them. to form "a body corporate to
main and be governed by the following stipulations
and conditions which they adopt as the charter of
said corporation.
This corporation shall be known by the name of
the PEOPLES INSURANCE COMPANY OF NEW
ORLEANS. and the dOmicie of the same shall be
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 ILL.,
The OBJECT of this company is to transact gen
eral insurance business and particularly
J. To make Insurance. upon dwelling houses.
stores and other buildings. household furniture,
merchandise, and other effects and property,
against loss or damage by fire.
q To make assurances upon ships and other sea-
going vessels, steamboats, and other vessels,
freights, goods, bills of exchange and other evil
dences of debt, commissions profits, bullion
money and against all maritime or inland trans
portation risks, bottomry and respondentia 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.
against any risk upon which it shall have made in
surance; and all citation notices, and other legal
proc. wherein the company may be interested,
shall be served on the PRESIDENT or in his absence
on the vice president or secretary.
ARTICLE w.
The capital stock of this company shall be fixed
at five hundred theusard dollars, with the privi-
lege OF increasing it at any time to one million
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-
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 com pany should at
any time require the payment of the notes previous
| 10 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
notification of the same shall have been adVer-
tised; provided that no 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 on each share.
| In the event of nOnpayment of any installment
| OF notes. as provided for in the foregoing. the
| stock, together with any Accommodations interests
or benefits pertaining to the same shall be for
ftited to the company. Nevertheless the trustees
| may extend the term of payment should they
| deem it proper.
Receipts for installments and notes shall he
given to the subscribers, but said receipts shall
not 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 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
wears from the date declare shall be forfeited TO
the company and carried to the credit of the con
tiugent fund, after the public alton of the same
once week for four weeks consecutively
ARTICLE "
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 ont in
detail shall be submitted to the stockholders and
the assured and published. Out OF the let earn,
ings of the company, after deducting the unearned
premiums ten per cent upon the capital paid III
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 be paid in cash to the assured Any
surplus of said earnings to be divided i'll cash be
tween the assured and The stockholders; to the
stockholders in proportion to the capital paid in,
and to the assured III proportion to the amount OF
the premiums provided the dividends do not, in
any year, exceed twenty per cent; any ex-
cess of that rate to be added to contingent fund
to be held as guarantee against any loss or reduc
ton of the capital, and should said contin-
gent fund at any time exceed the amount
OF The capital paid up IN cash, any surplus of
the same shall be divided among the assured and
stockholders in proportion to their interests re-
spectively of premiums and capital.
In the event i should become necessary to use
! any portion of the capital in the settlement of
| LOSSES no dividend or bonuses of interest shall be
declared or paid until said capital shall have been
| restored in amount out of tbs earnings profits
| of he company.
1t is provided further that no dividend of less
| dividend declared contain any fractional part of
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
| scllption OF the name of this company
| ARTICLE Will
The Board of Trustees shall have power to invest
| the money and capital of this company in good ana
| sufficient mortgages on improved and hnncuH,
bert real estate, also in bonds or stocks created
| under the laws of the United States and of this
| State; and they may loan money on pledge OF any
| OF the aforementioned securities, upon otner APP
proved collaterals; they may take possession, at
the option of the trustees of any property, NOV.
able or immovable which may have been pledged
abandoned to said company for or concerning us
business operations; they may buy, sell, hold, mort
gage or surrogate real estate pledge and transfer
| stocks bonds, movable or immOvable property
and generally to do and perform any act which
NAV be necessary tor the government and support
| of The company not Inconsistent with the laws OF
the United States and of this State.
ARTICLE TX.
The company may commence business as soon as
two hundred and fifty thousand dollars shall have
been subscribed
Subscriptions to the capital stock of the com
pany subsequent to its organization shall be upon
| the same terms as the original. ~,
Until the whole capital stock ia taken up, me
subscription list shall remain open for new sue
scribers; but shall be closed to subscribers during
the three months preceding the days when yer.
| inmate the fiscal year The stockholders shaL nov