New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-07
CORPORATIONS.
CHARTER

|
NEW ORLEANS INSURANCE ASSOCIATION,
AS amended by act Of December l, 1870 and made
part thereof by reference.
UNITED S7ATRs OF AMERICA J
| State of Louisiana,
| Parish of Orleans, City Of New Orleans.
Be it known that on this seventh day of the
ebousan d erh Hundred and nine and of the
independence of the United States of America the
ninety fourth. before me, GustaVe LIE Gardeur, Jr,
d notary public, duly commissioned and sworn, in
and for the parish and city aforesaid, therein
residing, and in the presence of the witness es
hereinafter named and undersigned, personally
came and appeared the persons hereinafter named
| and undersigned who severally declare that they
| do by these presents, form among themselves and
such others as may become associated with them
by subscription purchase, transfer succession a
corporation, under the general laws of this State
providing for the organization of eorporstious and
| have agreed, upon the following stipulations to
govern the same as the charter of the said corpora
| ton:
l. The domicile of this corporation is hereby estab
lshed in the said city of New Orleans and it shall
be designated and known under the name of the
| NEW ORLEANS INSURANCE ASSOCIATION
| 2 1t shall commence business or about the
| hfteenth OF September, 1862 and shall exist for
| twenty-five years from the date of this charter
Inless it's affairs should be sooner liduidated and
settled ap by order Of twothirds of the stock
| holders.
| 3. The President or in his absence the Secretary
shall be the proper officer upon whom to serve eta.
| tons III all salts against the association.
ARTICLE II.
The objects and purposes of this association are
]. To make insurance dwelling houses stores
! and other buildings household furniture Mer-
chandlse and other property against loss or dam
age by fire.
=. To make marine and river insurance upon YES
sells, freights steamboats,, goods, wares, mer-
chandise specie, bulli0ns, bills of exchange com
III ssions, profits bank notes and other evidence of
debt. bottomry and respondents interests. and to
make all and every insurance appertaining to or
connected with marine or inland transportation
risks.
3. To cause themselves to be reimbursed against
any risk upon whieht they have made or shall make
insurance
ARTICLE ILL.,
l. The capital stock of this association is hereby
fixed at five hundred thousand dollars, with the
privilege of increasing ii to million of dollars
divided into sharts of one hundred dollars each
be paid tor at the time and in the manner herein
after provided for in article four of this charter.
2. The association may commence business as
soon as three hundred thousand dollars shall have
been subscribed but each fiscal year shall end on
Dece mbcr 81 the first fiscal year to end on the
thirty first of December 1870.
3. Transfers of stocks shall be made on the books
of the association at its office, in the city of New
Orleans only, but not while any Indebtedness to
the association exists the part of the holder;
provided said transfers have been approved by the
ARTICLE ".
l. AL persons who nave subscribed, or may here
after subscribe to the capital stock of this associa-
ton, shall furnish their note for the amount OF
their shares, payable on the thirty first of Decem-
Der, 1911
D. The notes furnished, as above provided for,
shall he reduced by a credit thereon of the net
profits made by the association in the first and
second year. pro rata to the amount of earned pre-
miums that shall have been paid during that time
s. at the maturity of said notes if the net profits
OF the association for the first and second year have
not extinguished the said notes, the stockholders
shall pay the balance due thereon.
4. The hon-payment Of the balance due on the
said notes, above provided for, shall forfeit the
entire stock to the association together with all
accumulation thereon and all interest benefits
thereunto belonging; provided that the Board OF
Directors may extend said payments for such time
they deem proper; provided also the stock so
forfeited may be transferred with the consent OF
the board of directors.
5. No stakeholder shall, in any event be made
liable for the losses of the association III any larger
sums than the amount OF his her or their slbscrp
tion to the capital stock and his, her their in
debtedness To the association.
ARTICLE v
l. AL premiums shall be due and payable cash at
the end Of each month.
2. Any losses or balance due on losses sustained
by the association Mt the beginning of its opera
tons, and when the association shall not have
sufficient funds TO cover the same shall be paid |
pro rata by the stockholders
3. All parties wishing to insure with the assoea-
ton shall subscribe to the capital stock thereof
and become stakeholder of the association; pro- |
vided, however. that by and with the advice and |
consent of special committee appointed for that
purpose by the Board of Directors upon the re-
commentator of two or more of the stockholders |
rlsks way be taken from others than the stockhod
eTs, and such parties nsuring will become entitled |
to such rebate as may be established from time to |
time by the Board OF Directors.
ARTICLE VI
!. Within the month of January, 1871 and 1872.
the president shall cause to DE made statement |
of the net profits of the association, and shall |
cause the same to be published i'll at least two of |
the city papers for one month, together with
statement OF the assets of the association, dis
tIngushlng the portion of same which is cash and |
the portion thereof invested in securities and the
nature thereof This publication shall be made
under oath of the president and secretary and
shall be conclusive and binding upon all persons
interested.
p The annual statement, to be made in January
1871 and 1872, above provided for, shall be made
up to December 81 preceding inclusive, in the fol-
lowing manner, to wit l. Showing the amount of
premiums received on fire. river and marine risks,
each, deducting therefrom the amount of same
not terminated. 2 Showing the amount of losses
paid on treriver and marine risks each, and rein
surance, return premiums 3. Showing the inter |
est on the portion of the capital invested.
ARTICLE VII
/. Prom and after the beginning of the third
year the stockholders shall pay no premiums on
the assurances effected by them.
2 But Ill the year 1872 and in each and every
year following, within the months OF April, July,
October and January, the President shall cause TO
be made statement of the losses and expenses OF
the association, to which shall be added two and a
half per cent profits paid to the stockholders, on
their stock paid in full such part the reof that
shall have been paid, and the amount thus formed
shall be paid pro rata by the parties insJIrng on
the earned premiums of the sums insured.
3. The statement to be made within the months |
of April, July, October and January as above pro-
vided for, shall be made to the thirtv-tirst of
March thirtieth of June, thirteth of September
and thirty first of December preceding inclusive
and shall be published above provided for in
section one OF Article six for the annual statements
to be made in January, 1871 and 1872.
ARTICLE VIII
]. AL the powers of the association shall be ex-
ercseG by Board of Directors to consist of twelve
persons, five of whom shall form quorum for
the transaction of business
2. The first election of directors of the associa-
ton shall be held on the fourth Monday of Deem
Der, 1870 and thereafter on the said day in each
year at such place in the city of New Orleans as
the Board of Directors shall designate, of which
vious notice to be given in two of the public
newspapers printed in said city. The Board of Di-
recors shall appoint three of the stockholders of
the association inspectors to preside at such cleo
tons; and il any eff the said inspectors decline or
fail to attend, the president may appoint others
to I'LL such vacancies
3. The Board of Directors thus elected are TO
take their seats on the first Monday in January
after the election, and to hold the same one year
theref from until others elected in their stead.
4. Those persons receiving a plurality of votes
shall be considered duly elected. In the event of
no election taking place the day aforesaid, the
president shall cause another election to take
place within ten days thereafter and give notice
Of the same by advertisement in one or more of
the public newspapers published in this city.
s. The Board of DiTectorsehall annually, at their
irst meeting, elect president who shall, his
election, be ex ofiicio member of the Board of Di