New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-29
.sGOR,PORATIONS,.
CHARTER
...............CHARTER.
STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS. ~

STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW, ORLEANS ~
Be it known that on this eighth day of June,
in the year of Lord one thousand eight
hundred and seventy-one, and OF the lndepen-
dence of the United States OF America the
ninety fifth before me- William Joseph Casteli, a
notary public in and for the parish OF Orleans,
State of Louisiana, duly commissioned and quail
after named and undersigned, personally came ana
appeared the parties whose names are hereunto
subscribed who declared that, awaiting themselves
of the provisions of the laws of this State relative
to the organization of corporations in this State for
works of public improvement and other purposes,
they have covenanted and agreed, and do by these
presents covenant and agree, and bind themselves
and those whom they represent, to form and estaD-
fish. and do hereby establish corporation or body
corporate Tor the objects and purposes, and under
the title obligations, stipulations and regulations
following, to wit:
The name and title of the company shall be THE
HIBERNIA INSURANCE COMPANY OF NEW OR
LEANS, and its domice is hereby established IN
the city of New Orleans 1t shall continue and exist
for twenty-five years from the date of organization
It shall commence operations Immediately on or
ganization. 1t shall have corporate seal having
for a device an Irish harp encircled by shamrock
and the name of this company and the date OF this
act.
Section l. The objects and purposes of the COM
pany are hereby declared to be
SECTION l. To make assurances upon dWeEnS
scription of buildings household furniture, goods,
wares, merchandise, machinery, and other property
against loss damage by IRE.
SEC. 2. TO make insurance upon shirs and sea-
going vessels steamboats,, and all other vessels,
freights, goods, bills of exchange and other evil
dences of debt, commissions, prohtS, bullion or
money, and against all maritime and inland trans
pOrtatiOn risks, fOttomry and respOndentla inter
ests; in other words to effect fire, marine river and
inland insurance of any kind whatsoever with plivi
lege of exercising all or either of SAID purposes.
The company NAV cause itself To be relnsured
against any risk upon which 1t shall have made III
SEC p The company shall sue and be sued in its
corporate name, and ali citations and other legal
process shall be served on the president OF tho
company.
SEC g. The Board of Directors shall have power
to invest from time to time the money and capital
of the company in bonds and mortgages on unln-
numbered and improved real estate, which. in every
case shall be deemed worth at least double the
amount loaned thereon.
They NAV also invest the profits of the company
in any bonds or stocks created by or under the
laws Of the United States OF tins State or OF the
corporations Of this State or city, or make any
loans pledge of any of the aforesaid securities,
bonds stocks or any collateral or bill OF Iadlng;
provided, this investment shall not interfere with
the prompt distribution OF net earned premiums
for the current year.
They shall have power to dispose of mortgages
obtained by way of security, OF of stocks pledged
for security, or of property conveyed to them i'll
satisfaction OF debts previously contracted or pur
chased at public sale upon judgments or orders OF
seizure obtained by said company, or of any
property movable or immOyable, which may have
been pledged or abandoned TO said company for
concerning the Operations of its business; but
nothing herein contained shall be so construed
to authorize the said company to discount neSotla-
BILE paper or do any banking business nor, either
directly indirectly, deal or trade in buying or
selling movable or immOvabe property, goods,
wares merchandise; provided, also, that the
company shall have the right to purchase proper
tv or building for the purpose OF establishing an
Office therein.
They shall fix the compensation of the officers
clerks and employees elected or employed by them
10
power to fill any vacancies which may occur in
their number or in the presidency.
They shall have power to adopt such rules regu-
lations and bylaws to them shall seem best for
the transact ton of the business of the company:
provided the same shall not conflict with the true
mt ent and meaning of this act.
ARTICLE Ill
SECTION /. AL the corporate powers of the COM
pany shall be exercised by the board of thirtyOne
directors, to be elected from among the stock
holders: provided that after the election of di-
rectors for organization, no stakeholder shall be
eligible who does not hold in his name, that of
his firm, at least twenty-five shares which stock
shall have stood in his name OF that of his firm,
on the books of the company for at least three
months prior to the election.
No one shall be eligible for the position of di-
rector of this company who is director OF any
other fire marine river insurance company.
Nine directors present at any meeting shall con-
stitute quorum Tor business.
ARTICLE ".
SECTION |. The capital stock of this company is
hereby fixed at five hundred thousand dollars di.
videa into Eve thousand shares of one hundred
dollars each, subject to be increased to million
of dollars under article twelve of this charter,
and it is hereby authorized TO commence business
as soon as the capital shall be subscribed. The
stock shall be paid in cash; for the re.
mander OF ninety per cent the subscriber shall
furnish his note payable on demand, subject how
ever to calls whenever, in the opinion of the Board
of Directors, the necessities of the company shall
require it, In such cases calls shall be payable
daN Gl.ad
in two of the city newspapers. Subscribers may
at any time pay in cash up to the full amount of
their subscription but no dividend shall attach to
such payments unless paid during the first three
months of the current fiscal year.
SEC. 2. Upon the failure of any stakeholder to pay
the amount due such call, made the stock
owned by him, with dividends or increase, shall be
liable to forfeiture to the company by vote of the
directors, or the company may enforce the pay
ment of the stock. at its option.
SEC. 3. No stakeholder shall ever be held liable
or responsible for the contracts faults of said
company in any further sum than the unpaid bal
ance due to the company on the shares owned by
him, and his indebtedness to the company.
SEC 4. All transfers OF stock to be valid shall be
made the books of the company. No stock
holder shall have the right to transfer his stock
until his matured obligations to the company are
fully paid. Should any stakeholder desire to trans
Ter his stock previous to the full payment of the
same having been made, he shall be permitted to
10 so by substitute of the obligations OF the party
provided the substituted obligations
Ire satisfactory TO the Board of Direc tors
ARTICLE V.
SECTION l. The election for directors shall be held
IN the first Monday ofMay ofeach year st the office
If the company. Notices of such elections shall e
,iven for at least ten consecutive days, imme-
lately preceding the election at least two of the
city papers.
SEC. q The board shall appoint three stoekhOld-
RS inspectors TO preside at such elections, and if
my of said inspectors decline fail TO attend the
president shall appoint Others to act in their stead
ARTICLE VI.
The first Board of Directors shall consist of the
ollowing stockholders to wit: