New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-14
CORPORATIONS.
STATE OF LOUISIANA, PARISH OF ORLEANS,
81 f+ CITY OF NEW ORLEANS. - e

81 s ClTYloF NEW ORLEANS. ~ :
Be il known that on this eighth day OF June
in the year of our Lord one Thousand elgn'
hundred and seventy-0ne, and Of the indepen
denee Of the United w states dse Ae Case
notary public in and for the parish OF Orleans
State of. Louisiana, duly commissioned and qua,ll
fed and in the presence of the witnesses herein
after named and undersigned, personally came anf
appeared the parties whose names are hereuntt
subscribed, who declared that, awaiting themselves
of the provisions OF the laws of this State relative
to the organization of corporations in this State FOL
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 estaD
lsh and do hereby establish corporation or bod,
corporate, Tor the objects and purposes, and nnde
the title obligations stipulations and regulation!
following, TO wit:
The name and title of the company shall be TIL
HIBERNIA INSURANCE COMPANY OF NBW OK
LEANS. and its domicie is hereby established IL
the city of New Orleans. 1t shall continue and exls
for twenty-five years from the date of organization
ganizatOn. 1t shall have corporate seal hay1n.
for device an Irish harp encircled by shamroci
and the name OF this company and the date OF thl
act.
ARTICLE II.
SECTION l. The objects and purposes of the com
pany are hereby declared to be-
SECTION |. To make assurances upon dwelling
scriptiOn OF buildings household furniture, goods
wares, merchandise, machinery, and other property
against loss or damage by fire.
SIC z. TO make insurance upon shtps and sea
going vessels, steamboats,, and all other vessels
freghts, goods bills of exchange and other evl
dences of debt, commissions, profits, bullion OF
money and against all maritime and inland trans
pOrtation risks, fOtt0mry and respOndentia inter
ests; i'll other words to effect fire, marine river End
inland insurance OF any kind whatsoever, with plv
lege of exercising all or either OF said purposes.
The company cause itself To be relnsured
against any risk upon which it shall have made Ill
surances
SEC 2. The company shall and be sued in its
corporate name, and all citations and other legal
process shall be served on the president OF the
company.
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 unln-
numbered and improved real est ate, which in every
case, shall be deemed worth at least double the
amount loaned thereon.
They may also invest the profits OF the company
in any bonds or stocks created by or undtr the
laws of the United States tins State of the
loans on pledge OF any of the aforesaid securities
bonds stocks, or any collateral or bill of ladng
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, or of stocks pledged
for security, or of property conveyed to them III
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 inmOvabe, which may have
been pledged or abandoned to said company for OF
concerning the operation of its business; but
nothing herein contained shall be SO construed as
to authorize the said company to discount negOta
BILE paper, do any banking business, nor, either
directly or indirectly, deal or trade in buying on
selling movable immOvable property goods
wares merchandise; provided, also, that the
company shall have the ri ht to purchase aprOper
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
i'll the service of the company and shall also have
their number or III the presidency.
They shall have power 10 adopt such rules, regu
lations and bylaws TO them shall seem best for
the transaction OF the business of the company:
provided the same shall not conflict with the true
intent and meaning of this act
ARTICLE III.
SECTION I. All the corporate powers of the com
paEy shall be exercised by The boar of thirty
directors, to be elected from among the stock
holders: provided that after the election OF di-
reetors for organization, no stockholder shall be
eligible who does net hold in his NAME that of
his firm, at least twenty-five shares, which stock
shall have stood in his name, or 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 a director OF any
other fire, marine or river insurance company.
Nine directors present at any meeting snail con-
stltute a quorum for business.
ARTICLE ".
SECTION l. The capital stock of this company is
hereby fixed at five hundred thousand dollars, di.
dollars EACH subject te be increased to one million
of dollars under article twelve of this charter,
and it is hereby authorized to commence business
as the capital shall be subscribed. The
stock to he 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, 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
within ten days after thirty days notice published
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 sto ckhOder TO pay
the amount due on such call so made. the stock
owned by him, with dividends 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 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 to
do by substitute of the obligations of the party
satisfactory to the Board of Directors.
ARTICLE ".
SECTION l. The election for directors shall be held
on the first Monday May Ofeach year 1t the Office
of the company Notices of such elections shall be
given for at least ten consecutive days, imme-
datey preceding the election in at least two of the
city papers.
SEC. 2. The board shall appoint three stockhold-
ers inspectors to preside at such elections and if
any of said inspectors decline fail to attend the
president shall appoint others to act in their stead.
ARTICLE VI