New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-30
CORPORATIONS.
CHARTER. CHARTER.
STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS.
VV~~O~N~V~'
CHARTER

Be it known that on this eighth day of june
in the wear of our Lord one thousand eight
hundred and seventy-one and of the indepen-
dence of the United States of America the
ninety.f fifth before me, William Joseph Castell,
notary public in and for the parish of Orleans,
State of louisiana duly commissioned and quail
fed and in the presence OF the witnesses mere EN-
appeared the parties whose names are hereunto
subscribed, who declared that availing 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 ana estan-
lish and do hereby establish corporation or body
corporate for 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 domicile is hereby established in
the city of New Orleans 1t shall continue and exist
for twenty-five years from the date OF organization
1t shall commence operations Immediately on Or
ganiZation. 1t shall have corporate seal having
for 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 dwelling
houses stores Gotten presses and every other de-
scrption of buildings household furniture, goods,
wares, merchandise, machinery, and other property
going vessels steamboats, and all other vessels,
freiGhts goods, bills of exchange and other evil
dences of debt, commissions, profits bullion or
money, and against all maritime and inland trans
portation risks, ottomry and respondentla inter;
ests in other words to effect fire, marine, river and
inland insurance of any kind whatsoever with pIivi-
lege of exercising all or either of said purposes
The company may cause itself to be reinsured
against any risk upon which it shall have made IN
surances -.
III oil ratfn nj laOl
process shall be served on the president OF the
company.
to invest from time to time the money and capital
of the company in bonds and mortgages on unin-
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 this State or OF the
corporations of this State or city, or make any
leans on pledge of any of the aforesaid securities
bonds or stocks any collateral or bill of ladlni
provided this investment shall not interfere with
the prompt distribution of net earned premiums
for the current year
obtained by way of security, or of stocks pledged
fol- security or of property conveyed to them III
satisfaction of debts previously contracted, or pur
chased at public sale upon jud gments orders OF
| seizure obtained by said company, or OF any
| property movable or immovable which may have
| been pledged abandoned to said company Tor OF
| concerning the operations OF its business; out
| nothing herein contained shall be construed as
10 authorize the said company to discount negOtla
BILE paper do any banking business, nor, either
directly indirectly, deal or trade in buying OF
| selling movable or immovabe property, goods
| wares merchandise provided, also, that the
company shall have the ri ht to purchase sproper
ty 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
in the service of the company, and shall also have
| power to I'LL any vacancies which may occur IN
| their number or in the presidency
They shall have power TO adopt such rules regu
lations and bylaws as to them shall seem best 1OI
the transac ton OF the business OF the company:
provided the shall not conflict with the true
| Mt ent and meaning or this act.
ARTICLE III.
SECTION l. All the corporate powers of the com
pany shall be exercised by the board of thlrty-one
| directors, to be elected from among the stock
| holders: provided that after the election OF di'
rectors for organization, no stockhoder snail oe
eligible who does not hold in h, name, OF that o.
his firm at least twenty-five shares, which stock
shall have stood in his name, or that of his firm
| Oh 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 or river insurance company
Nine directors present at any meeting shall con-
| stitute quorum for business.
ARTICLE ".
| SECTION l. The capital stock of this company is
hereby fixed at five hundred thousand dollars, dl.
videa into FIVE Thousand shares of one hundred
dollars each subject to be increased to one million
of dollars under article twelve of this charter,
and il is hereby authorized to commence business
| as soon as the capital shall be subscribed. The
stock to be paid as fellows: Ten per cent OF the
subscribed stock shall be paid in cash. for the
| mainder OF ninety per cent the subscriber shall
furnish his note payable on demand. subject, how:
ever calls whenever in the opinion Of the Board
of Directors the necessities of the company shan
! require it. In such cases calls shall be payable
within ten days after thirty days notice published
| in two of the city newspapers. Subscribers may
at any time pay in cash up 10 the full amount OF
their subscription but no dividend shall attach to
such payments unless paid during the hrst three
| months of the current fiscal year.
SEC. D. Upon the failure of any sto ckholder to pay
| the amount due on such call, so made, the stock
owned by him. with dividends or increase, shall be
liable to forfeiture to the company by vote of the
directors, the company may enforce the pay
ment of the stock. at its option.
SEC. 3. No stakeholder shall ever be held liable
or res ponsibe for the contracts OF faults OF said
| company in any further sum than the unpaid bal
ance due to the company on the shares owned oy
| him, and his Indebtedness to the company.
SEC L. All transfers of stock to be valid shall be
| made on 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
fer his stock previous to the full payment OF the
| same having been made, he shall be permitted tC
do SO by substitute of the obligations of the party
| purchasing, provided the substituted obligations
| are satisfactory to the Board of Directors.
ARTICLE V.
SECTION l. The election for directors shall be held
on the first Monday of May ofeach year at the ofet
of the company. Notices of such elections shall bt
| given for at least ten consecutive days lmme
diatey preceding the election III at least two of the
| city papers.
ers inspectors to preside at such elections, and i
any 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