New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-11
CHARTER.
QUARTER:

|
| { QUARTER. -...................C CHARTER
STATE OF LOUISIANA PARISH OF ORLEANS
CITY OF NEW ORLEANS
| Before me, Antoine Dorioeourt, 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
Cambo9nL, Berwin, F. Jaufroid, R. Dunes umestre
Bertrand Saloy, J. B. Solari, H. Manuel N. A.
Llambias, Joseph David lrepre scented by J. NASSAU
Fevre, V. Battalora, James J. Reiss Ernest Pragst
Francisco Sancho F. Schumacher, A. Haber p. Ii.
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 coyenanted and agreed, and 40 by
these presents covenant and agree, and bind tn
selves together with others who NAV become asso-
cia 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
ARTlCLEL
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 IL
This corporation is formed for period of twenty
five years from the date of this act of PARTON.
ARTICLE III.
The OBJECT of this company is to transact gen
eral insurance business, and particularly
/. 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,
freights, goods, bills of exchange and other evil
dences of debt commissions profits, bullion or
money. and against all maritime inland trans
portation risks bottomry and respondefitia inter
IN frar adpfxn
insurance of any kind whatsoever, with privilege
of exercising ali or either of said purposes.
g. The company may cause itself to be reinsured
against any risk upon which it shall have made in
surancc; and all citation notices, and other legal
proc. IS wherein the company may be interested
shall be served on the president, III his absence
on the wee president or secretary.
ARTICLE ".
The capital stock of this company shall be xed
at five hundred thousand dollars, with the privi-
lege of increasing it at any time to one million
dollars, divided into shares of hundred dollars
EACH TO be paid in as fellows: Five per cent 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 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 CON pany should at
any time require the ment 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 the Board
OF trustees may consider proper, thirty days after
tised; provided tn payment on account of said
notes shall be made prior to sain 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 instaIIment
or notes, as provided for in the foregoing the
stock, together with any accumulatious interests
rted o TIT 70 te Ia fhal be for
may may extend x the term of payment should they
Receipts for installments and notes shall be
gwen to the subscribers, but seid receipts shall
not be transferable unless with the 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 the company
upon the issue of the CO 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 decla ed shall be forfeited to
the company and carried to the credit of the con-
tingent fund, after the publication OF the same
once week for four weeks consecutively.
ARTICLEv.
All transfers of stock shall be made on the
books of the company upon the surrender of the
certlhcateS and the transfers shall be signed by
the stockholders or their legal representatives.
ARTICLE VI.
In all the month of July of each wear n state
ment of the affairs of the company made ont in
detail, shall be submitted to the stock holders and
the assured and published. Out of the let earn
lngs OF the company after deducting the unearued
premiums zen 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
70 ten per cent upon the amount of premiums
earned. shall be paid in cash to the assured Anv
surplus OF said earnings to be divided in cash be-
tween the assured and the stockholders; TO the
stockholders in proportion to the capital maid in
and to the assured in proportion to the amount OF
the premiums: provided tie dividends do NOT II,
any one year, exceed twenty-five per cent. any a.
cess of that rate to be added to a contingen find
to be held as guarantee against any loss or reduc,
gent fund at any time exceed the amount
OF the capital paid up in cash. any surplus of
.he same shall be divided among the assured and
stockholders in proportion to their interests re-
spectlveiy of premiums and capital
In the event 1t should become necessary to use
any portion of the capital in the settlement of
losses, no dividend bonuses of interest shall he
declared or paid until said caeta shall have been
restored IN amount out of the earnings or profits
1t is provided further, that no dividend of less
IMAM hve dollars shall be declared nor shall any
1Vidend declared contain any fractional part of
hve dollars, and that all such fractional sums shall
NC carried 10 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
scrip'ioh OF the name of this company.
ARTICLE VIII.
, Inc Board of Trustees shall have power TO invest
thS money and capital of this company in good and
sulncient mortgages on improved and unincum-
Ders real estate, also in bonds 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 other APP
proved eollaterals; they may take possession, at
the option of the trustees, of any property, NOV
able or immovable, which may have been pledged
or abandoned to said company for or concerning its
business operations; they may buy SELL hold, mort
mr. hrny ia rpn1a GfnfA iad and
stocks, bonds, movable immovable property
and generally to do and perform any act which
may be necessary for 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 no
two hundred and fifty thousand dollars shall have
been subscriN ed. ''o
Subscriptions to the capital stock of the com.
pany, subsequent to its organization shall he nnon
the same terms the original p'
Until the whole capital stock il taken nm tho
subscription list shall remain open for new sinh nh
serbers but it shall be closed to subscribers 5nrin
the three months preceding the DAYS which ter'