New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-09
...............CHARTER.
STATE OF LOUISIANA, PARISH OF ORLEANS
CITY OF NEW ORLEANS

CITY OF NEW ORLEANS.
|. Before me- Antoine Dorioeourt. a notary public.
/ duly commissioned and sworn, in and for the par
| ish of Orleans and city of New Orleans, State of
nesses hereinafter named and undersigned, came
and appeared Robert NJ. Davis, A. Socola, s.
Bertrand Saloy, J. B. solariaH Manuel, N. a.
Llambias Joseph David represented by J. Nasal
j. n Gourdain, Charles Kerr. NJ Draskovich, G. L.
| Pevre " Battalora, James j. Reiss, Ernest Pragst
| Francisco Sancho F. Schumacher, A. Haber, p. II.
honsseaux, 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 90 by
these presents covenant and agree and bind tn. M
selves together with others who may become asso-
cia ed with them. to form q body corporate to re.
main and be governed by the following stipulations
and conditions which they adopt as the charter OF
said corporation.
ARTICLEL
This corporation shall be known by the name of
the PEOPLES INSURANCE COMPANY OF NEW
ORLEANS. and the domicile of the same shall be
in the Second District of the city of New
Orleans
ARTICLE IL
This corporation is formed for 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.
2. To make assurances upon ships and other sea-
going vessels, steamboats, and other vessels,
freights, goods, bills of exchange and other evil
dences of debt, commissions, profits bullion
money. and against all maritime or inland trans
portatlon risks, bottcmry 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
hp ted
shall be served on the president in 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 priv
lege of increasing it at any time to one million
dollars, divided into shares of one hundred dollars
EACH to be paid in fellows: Five per cent at the
time of subscribing; five per cent upon the com
meucement of business five per cent at sixty DAYS
after the commencement of business five per cent
at ninety days after the commencement of bust
ness; the remaining eighty per cent in the proms-
sorry notes of the subscribers and of persons who
may hereafter subscribe to the capital stock pay
able at one 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, from year to year. unless in their
belief the necessities of the company should at
TO maturity, in which event any portion of them
shall be due and payable at the Office of the COM
pany m such sums and at such times the Board
OF Trustees may consider proper thirty days after
a notification of the same shall have been adver-
tsed; provided that no payment account of said
notes shall be made prior TO said notification with
out the consent of the trustees and that no call
snail De made, at any time, for more than twenty
dollars on each share.
In the event of nonpayment of any iustallmeut
or notes, as provided for in the foregoing, the |
stock, together with any accunulations interests
or benefits pertaining to the same, shall be for
feited to the company, Nevertheless the t,ustees
may extend the term of payment, should they
deem 1t proper. .
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.
Receipts also sor the amount of the dividends |
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.
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 week for four weeks consecutively
ARTICLEv.
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 by |
the stockholders or their legal representatives.
ARTICLE VI.
In all the month of July of each wear a state
ment of the affairs of the company. made out in !
detail. shall be submitted to the stockholders and
the assured and published. Out of the net earn |
inss 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 stack
holders and the remainder of the said earnings up
to ten per cent upon the amount of preminms |
earned shall be paid in cash to the assured. anv |
surplus of said earnings to be divided in cash he.
tween the assured and the stockholders; TO the |
stockholders 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-
of that rate to be added to contingent fund
to be held as guarantee against any loss or reuc,
ton of the capital and should said contin- |
gent fund at any time exceed the amount |
of the capital paid up i'll cash, any surplus of |
the same shall be divided among the assured and |
stockholders in proportion to their interests re-
spectively of premiums and capital.
In the event it should become necessary 10 use |
any portion of the capital in the settlement of |
losses dividend or bonuses of Interest Shall he
declared or paid until said capital shall have been
restored III amount out of the earnings or profits |
1t is provided further, that no dividend of less
than five dollars shall be declared nor shall any
hive dollars and that all such fractional sums shall
pe carried 10 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
scfiption OF the name of this company.
ARTICLE VIII
The Board of Trustees shall have power to invest
tne money and capital of this company in good and
suflclent mortgages improved and uninennn
bered real estate also in bonds or stocks created
state; and they may loan money on pledge of any
OF the aforementioned securities, upon other a1
proved coiiateras they may take possession, at
the option OF the trustees, of any property. NOV
able or immovable, which may have been 1ledgaa |
or abandoned to said company for or concerpng ~
business operations; they may buy SELL hold. mort.
gage or surrogate real estate, pledge and transfer
stocks bonds, movable or immovable pronartv
and generally to do and perform any act wbicSh, |
may De necessary for the government and snnno,t |
81 me company not inconsistent with the Laws ~
the United States and of this State. "
ARTICLE TX.
ahe company may commence business as soon as |
Two Two hundred and fifty thousand dollars shall have
@ pllons 10 the capital stock of the com,
pany, subsequent to its Organization sbu ne ooi-
inc same terms as the original ~ 10 uPoh
sb asri tne whole capital stock is taken I'M the
csSap Ist shall remain open for new s,Ib
but it shall be closed to subscribers duS;
nt S snree months preceding the DAYS which teTs
-Ia.o slo nsca year. The stOckho!ders sbaIl no. |