New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-26

CHARTER
STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS. f.

Before me, Antoine Doriocourt. 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
Cambon, M Berwin, F. Jaufroid, R. Dumestre,
Bertrand Saley, ]. B. Solar, H. Manuel, N. A.
J. K. Gourdain, Charles Kerr. NJ. Draskovich, G. L.
Fevre, " Battalora, James ]. Reiss, Ernest Pragst,
Francisco Sancho,. F. Schumacher, A. Haber, P. n.
Monsseaux, Joseph Mizzi, 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 40 by
these presents covenant and agree, and bind tn. M
selves together with others who may become 1850
ella 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
SAID corporation ARrIc1E
This corporation shall be known by the name of
the PEOPLES INSURANCE. COMPANY OF NEW
| ORLEANS. and the domicile of the anne shall be
established in the Second District of the city of New
Orleans.
ARTICLE II.
This corporation is formed for a period Of twenty
five years from the date of this act of Incorporation.
ARTICLE III.
The OBJECT of this company is to transact a 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.
z. To make assurances upon ships and other sea-
going vessels, steamboats, and other vessels,
treight3, 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.
3. The company may cause itself to be reinsured
against any risk upon which it shall have made in
surance; and all citation notices, and other legal
proct IS wherein the company may be interested,
shall be served on the president, or i'll 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 as fellows: Five per cent at the
time of subscribing; five per cent upon the COM
mencement OF business; i've per cent at sixty days
after the commencement of business; five per cent
at ninety days after the commencement of bust
pess; 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 atone 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
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 as the Board
OF Trustees may consider proper, thirty days after
tised; provided that no payment on account of said
notes shall be made prior to said notification with
OUT ut CONSENT O1 the trustees, ana tnat no call
shall be made, at any time, for more than twenty
dollars on each share. ....f 80. go.
In the event of n~onpayment of any installment
or notes, as provided for in the foregoing, the
stock, together with any accommodations, interests
or benefits pertaining to the same, shall be for
feited to the company, Nevertheless the Trustees
may extend the term OF payment, should they
Receipts for installments and notes shall be
given to the subscribers, but said receipts shall
not be transferable unless with the consent of the.
trustees.
D.-:z. H. e A. - Al. II -
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. H .''.t- "I-. =
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 publication of the same
once a week for four weeks eonsecutiyely.
ARTICLE V.
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 bN
the stockholders or their legal representatives.
ARTICLE VI.
In all the month of July of each year a 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 net earn
ings of the company, after deducting the unearned
premiums, ten 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, 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 he
tween the assured and the Stockholders; to the
in proportion to the capital paid in,
and to the assured in proportion to the amount of
the premiums: provided TIE dividends do not, in
any one year, exceed twenty-five per cent; any ex-
cess of that rate to be added to a contingent fund, |
TO be held as guarantee against any loss or reduc-
ton OF the capital, aud should said contin-
gent fund at any time exceed the amount
OF the capita, paid up III cash, any surplus of
the same shall be divided among the assured and
STOCKHOLDERS IN proportion 10 their interests re- |
Spectlyely of premiums and capital.
In the event it 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
of the company. Il
1t is provided further, that no dividend of less
than five dollars shall be declared, nor shall apy
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
OF the name of this company.
ARTICLE VIII.
The Board of Trustees shall have power to invest
the money and capital of this company in good and
mortgages on improved and unincum-
bertd 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 other ap-
proved collaterals; they may take possession, ct
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 it's
business operations; they may buy, sell, hold, mort
gage or surrogate real estate, pledge and transfer
stocks, bonds, movable or immoyable 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 az
two hundred and fifty thousand dollars shall have
been subscribed.
SUBSCRIPTIONS to the capital stock of the com
PahyI 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
scribers; but 1t shall be closed to subscribers during !
the three mOntha preceding fha days which tor.