New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-04
CORPORATIONS.
CHARTER.
CHARTER.
STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS.

CHARTER"......!.".."......cHARTkR'
STATE OF LOUISIANA, PARISH OF ORLEANS
CITY OF NEW ORLEANS
Be il known that on this eighth day of June,
in the year of our LORD os tnV tn a e,sn'
hundred and seventy-one, and OF the inoepen-
dence of the United states OF america the
ninety NTH before me- william la ,ss OF orean
state of Louisiana, duly commissioned and quail
fed and in the presence of the witnesses herein,
AFTER named and undersigned, personally came and
apneared the parties whose names are hereunto
Subscribed who declared that, awaiting themselves
of the provisions of the laws of this State relative
To tb organization of corporations in this State for
works of public improvement and other purposes
tbey have covenanted and agreed, aud do by these
presents covenant anu agree, and bind themselves
and those whom they represent, to form and estab'
lish, aud do hereby corporation or BODY
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 ana 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
SForI0y l. TO make assurances upon dwelling
houses, stores. colt presses and every other de-
scription OF buildings household furniture, goods,
wares, merchandise, machinery, and other property
against loss or damage by hre
! SEC. :. TO make insurance upon shins ana sea
- going vessels, steamboats, and all other vessels,
freights. goods. bills of exchange and other eNi-
dences OF debt, commissions, profits, bul ION or
money, and against all maritime and inland trans
portaton risks ottomry and respondentia inter
ests; i'll other words to effect fire, marine river anu
inland insurance any kind whatsoever, with piivl
Iege OF exercising all or either of sand purposes.
The company NAV cause itself to be reinsured
against any risk upon which 1t shall nave maze III
SEC o The company shall sue and be sued in its
corporate name and all citations and other legal
process shall be served on the president OF The
SEC 3. 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 unn
numbered and improved real estate, winch III every
case. shall be deemed worth at least double the
amount loaned thereon.
TLey may also invest the profits of the company
in any bonds or stocks created by or under me
laws o the United States CT this state OF OF the
corpoI atoms of thus State or city, or make any
loans or pledge of any of the aforesaid securities
bonds or stocks, any collateral or bill OF ladlng
provided this investment shall not interfere with
the prompt distribution of net earned premiums
They shall have power to dispose of mortgages
obtained by way of security, or OF stocks pledged
for security or OF proptrS or
chased at public sale upon Judgments or orders OF
seizure obtained by said company or OF any
property movable or mmovable, which may nave
been pledged or abandoned to said company fof OF
concerning the OPERATORS OF its business put
nothing herein contained shall be so construed as
TO authorize the said company to discount negotla
BILE paper, or do any banking business nor either
directly or indirectly, deal trade i'll buying OF
selling movable or immovable property, goods
wares or merchandise; provided, also, that Inc
company shall have the right to purcha Sc proper
t. or building, for the purpose OF establishing al
office therein
They snail fix the compensation of the officers,
. clerks and employees elected OF employed by them
in tha service of the company, and shall also have
power to nil any vacancies which may occur IN
their number or in the presidency
They snail have power to adopt such rules, regu
lations and bylaws to them shall seem best Iof
the transaction OF the business OF te , PM any
intent aud meaning OF this act.
ARTICLE Ill .........
SECTION l. All the corporate powers of the com
panv shall he exercised by the board OF thirty One
directors to be elected from among the stock
holders: provided that after the election OF di
rectors tor organization, no stockholder shall De
eTGi5I, who does not hold in his name or that OF
bis7trn AZ least twenty-five shares, which stock
shall have stood in his name, OF That OF MS nrm
on the books of the company for at least three
months uriOr TO the election.
No one shall be eligible for the position of d
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 a quorum for business
ARTICLE ".
SECTION l. The capital stock of this company is
hereby ixed at five hundred thousand dollars, Ill
vide1 into five thousand shares OF one hundred
dollars each, subject to be increased to one million
and II is hereby authorized TO commence business
as soon as the capital shall be subscribed. Inc
sT%scribed stock shall be paid in cash. for the
maRder OF ninety per cent the subscriber Slal
furnish his note payable on demand subject, now
ever to calls whenever, in the opinion OF the Boar
of Directors the necessities of the company shall
reGutre it. In such eases calls shall be payable
within ten days after thirty days notice, published
in two of the citv newspapers. Subscribers may
at any time pay in cash mp to the fnll amount u
their subscription, but dividend shall attach &c
oil D.4Ts 1nlP
months of the current fiscal year. .
SEC ?. Upon the failure OF any sto ckholder to pay
the amount due on such call, so made. the st0cE
owned by him. with dividends or increase, shall ot
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 liaoie
or responsbe for the contracts or iaus al @
company in any further sum than the unpaid pa al
ance due to the company on the shares owned OA
him, and his Indebtedness to the company.
SHC t. All transfers of stock, to be valid shall "
made on the books of the company. No stock
holder shall have the right to tran er MS stocl
until his matured obligations to the company an
fully paid Should any stakeholder desire to trans
fer his stock previous to the full payment OF III
same having been made, he shall be permitted Y
do so by substitute of the obligations of the part
purchasing, provided the substituted obligation
are satisfactory to the Board OF Directors
ARTICLE V.
SECTION l. The election for directors shall be he'll
on the first Monday of May ofeach year at the oflc
of the company. Notices of such elections shall
given for az least ten consecutive days, immt
datelY preceding but AZ WV " "a
city papers. -, .,,,,,
ers inspectors to preside at such elections and
any of said Inspectors decline or fall TO attehu, IN
appoint others to act in their steat
ARTICLE VI
Tie first Board of Directors shall consist OF til
FOL owing stOc khOldeTs to vii:
Hugb McCIoskev, John T. Moore Jr.,
IoTn Henderson, r. NJ. Brien,
II patrick irwin Thomas Fitzwilliam
= rrbomas Gilmore Michael McQuaid,
Robert Carey Edward Burke
Tbomas G. Walsh Dav Jackson,
Ldward Conery James ID. Martin,
Iohn McCaffre Thomas Dunno,
Ionn T Gibbons John Henderson, Jr.,
Iohn FARRELL Edward Sweeney,
William Conway, IS Briggs.
rLnmas McKenna William Hart,
Thomas Marley, Patr1ck pwyer,
Eichoias Burke John NJ. Lockhart,
Thomas King. John u. Ryan,
Michael Duffy.
Soc They shall continue in Office until tn
second Monday OF May, 1872, or until their succe
sors shall have been duly elected and quanne'
and tEe directors elect shall take tkeir seats o
the second Monday in May of each year. or IN =
event IF failure to elect on the first Monda
after due election.
ARTICLE VII.
SECTION l. In all elections the vete shall be y
ballot and those stOck hOlders receiving piurant
of the votes of the stock represented shall De col
sidered duly elected; and in the event OF no ele
tion taking place the day afOre said, the fres
dent shall order an election to take place Wltnl