New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-18
CHARTER.
STATE OF LOUISIANA PARISH OF ORLEANS
CITY OF NEW ORLEANS


| CITY OF NEW ORLEANS.
| Before me- Antoine Doriocourt, 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
pesses hereinafter named and undersigned came
| and appeared Robert NJ. Davis, A. SOcola S.
| Cambon, NJ Berwin, F, Jaufroid, r. Dumestre,
Bertrand Saloy, J. B. SOLAR H. Manuel \. A.
J. K Gourdain, Charles Kerr. NJ. DraskOvch, G. L.
Fevre, " Battalora James J. Reiss, Ernest Pragst,
Monsseaux, Joseph Mzzi, 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 by
these presents covenant and agree, and bind the M
| selves together with others who may become asso
cia ed with them. to form body corporate to re-
main and be governed by the following stipuations
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 domicile 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 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,
against loss OF damage by fire.
3 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 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
g. The company may cause itself to be reinsured
against any sk %en saa p nave ob made IN
proce So wherein the company may be interest ted
shall be served on the president, or in his absence
on the vice president or secretary.
ARTICLE ".
The capital stock of this company shall be fixed
at five hundred Thousand dollars, with the privi
lege of increasing it at any time to one million
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
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 provso to the effect that the Board OF
Trustees may postpone the payment of the
indefinitely, 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
to maturity, in which event any portion of them
shall be due and payable at the Office OF the
pany in such sums and at such times as the Board
OF Trustees may consider proper thirty days after
notification of the same shal have been adver-
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
Ia the event of nonpayment of any installment
OF notes, as provided for in the foregoing, the
stock together with any accumulations, interests
benefits pertaining to the same, shall be for
feited to the company, Nevertheless the trustees
may extend the term of payment, should they
deem it proper.
Receipts for installments and notes shall be
given to the subscribers, but said receipts shall
not be IL miserable 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
years from the date declared shall be forfeited to
the company and carried to the credit of the CON
tingent fund, after the pubhcatio of the same
once week for four weeks consecutlvely.
ARTICLEv
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 i'll
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 in cash be-
tween the assured and the stockholders; to the
stockholders in proportion to the capital paid in,
and to the assured i'll proportion to the amount of
the premiums: provided TIE dividends do not, in
any one year exceed twenty five per cent; any
cess of that rate to be added to contingent fund,
to be held guarantee against any loss 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-
spectivey of premiums and capital
In the event it should become necessary to use
any portion of the capital in the settlement of
losses, dividend bonuses of interest shall lie
declared paid until said capital shall have been
restored in amount out OF tbs earnings or profits
1t is provided further, that no dividend of less
than five dollars shall be declared, nor shall any
dividend declared contain any fractional part OF
hve 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
scription of the name OF this company
ARTICLE VIII.
The Board of Trustees shall have power to invest
! sufficient mortgages on improved and unincum-
bert real estate, also in bonds or STOCKS created
under the laws of the United States and of this
| State; and they NAV loan money on pledge of any
| of the aforementioned securities, upon other APP
proved collaterals; they may take possession, AT
the option of the trustees, of any property, NOV
| able or immovabe, which may have been pledged
or abandoned to said company for or concerning it's
business operations they may buy, sell hold, mort
gage or surrogate real estate, pledge and transfer
| Stocks bonds movable or mmovabe property,
| and generally to do and perform any act which
| NAV 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 as
| two hundred and fifty thousand dollars shall have
| been subscribed.
| subscriptions to the capital stock of the Gem
pany, subsequent to its organization, shall be upon
| the same terms as the original
| Until the whole capital stock is taken up, the
| subscription list shall remain open for new sub
scrbers but it -hall be closed to subscribers during
| the three months preceding the days which ter
/ Ininate the fiscal The stock lnIera shan lot