New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-20
CORPORATIONS.
CHARTER


NEW ORLEANS INSURANCE ASSOCIATION,
As amended by act of December l. 1870, and made
part thereof by reference.
UNITED STATES OF AMERICA,
State Of Louisiana, :
Parish of Orleans, City of New Orleans
Be it known, that this seventh day of the
month of August, in the year of our L. I'd one
independence of the United states of America the
ninety-fourth, before me, Gustave LIE Gardeur Jr,
a notary public, duly commissioned and sworn, in
and for the parish and city aforesaid, therein
residing, and in the presence of the witnesses
hereinafter named and undersigned personally
came and appeared the persons hereinafter named
and undersigned, who severauy declare that they
do, by these presents, form among themselves and
such others as may become associated with them
by subscription, purchase, transfer or succession
corporation under the general laws of this State,
providing for the organization OF corporations and
have agreed, upon the following stipulatiOns, to
ton:
ARTICLE l.
/. The domiee of this corporation is hereby estab
lished i'll the said city of New Orleans ad it shall
be designated and known under the name of the
NEW ORLEANS INSURANCE. ASSOCIATION"
2. 1t shall commence business on or about the
fifteenth of September, 1869, and shall exist for
twenty-five years from the date of this charter,
Unless its affairs should be sooner iquidated and
settled up by order OF two-thirds of the stock
holders.
3. The President IN MS absence the secretary,
shall be the proper officer upon whom TO serve cita
tons III all suits against the association.
ARTICLE II.
The objects and purposes OF this association are
declared to be-
l. To make insurance on dwelling houses stores
and other buildings, household furniture, mer-
chandise and other property against loss or dam
age by fire.
D. To make marine and river insurance upon
sells, freights, steamboats,, goods, wares, mer-
chandise, specie Lullions bills of exchange, COM
m ssOns 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 which they have made or shall make
insurance.
l. The capital stock of this association is hereby
fixed at five hundred thousand dollars, with the
privilege of increasing it to million of dollars,
divided into shares of hundred dollars each, to
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
three hundred thousand dollars shall have
been subscribed but each fiscal year shall end on
December 81 the first fiscal year to epd on the
thirty-trst 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 on the part of the holder
provided said transfers have been approved by the
Board of Directors
ARTICLE ".
l. All persons who have subscribed or may here
after subscribe to the capital stock of this associa
ton shall furnish their note for the amount
their shares, payable on the thirty first of Decem-
Der 1911.
q The notes furnished, as above provided for
shall be reduced by credit thereon OF the net
profits made by the association in the first and
second year. pro rata to the amount of earned pre-
mums that shall have been paid during that time
8 At the maturity of said notes. if the net profits
OF the association for the first and second have
eI,.1f has tha att hnl
shall pay the balance due thereon.
4. The non 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 or benefits
thereunto belonging; provided that the Board OF
Directors MAY extend said payments for such time
as they deem proper provided also the stock SO
forfeited may be transferred with the consent OF
the board OF directors.
5. No stOe khOlder shall, in any event, be made
liable for the losses of the association in any larger
than the amount OF his her or their subscrip-
ton to the capital stock and his her or their in
debtedness to the association.
ARTICLE V.
/. All premiums shall be due and payable cash at
the end of each month.
2. ANY losses balance due on losses sustained
by the association at the beginning of its opera
tiOns, 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 associa-
ton shall subscribe to the capital stock thereof,
and become stakeholder of the associations pro-
vided, however, that by and with the advice and
consent of a special committee appointed for that
purpose by the Board of Directors or upon the re-
commendation of two or more of the stockholders,
risks may be taken from others than the stockhpld-
ers and such parties insuring will become entitled
to such rebate 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 be made statement
of the net profits of the association, and shan
he published
the city papers for one month, together with a
statement of the assets of the association dis
tingushing the portion of same which is cash and
the portion thereof invested Ill securities and the
nature thereof. This publication shall be made
under oath of the president and secretary, aud
shall be conclusive and binding upon all persons
interested
1871 and 1872, as above provided for, shall be made
up to December 81 preceding, inclusive i'll the fol-
lowing manner, to wit: l. Showing the amount of
premiums received on fire, river and marine risks,
each deductng therefrom the amount of same
not terminated. 2. Showing the amount of losses
maid on fire river and marine risks each and rein
surance, return premiums. g. Showing the inter
est the portion of the capital invested
ARTICLE VII
I. From and after the beginning of the third
wear, the stockholders shall pay premiums on
the assurances effected by them.
2. But in the year 1872 and in each and every
war following within the months of April july
October and January the President shall cause to
be made statement of the losses aud expenses OF
| half per cent profits paid to the stockholders on
their stock paid in full such part thu reOf that
| shall have been paid and the amount thus formed
| shall be paid pro rata by the parties lsur1ng on
| the earned premiums Of the sums insured.
8. The statement to be made within the months
of April, July, october and January, as above pro
| vided for shall be made TO the thirty first of
March, thirteth of June, thirtieth of September
and thirty-trst of December preceding, inclusive,
| and shall be published above provided for in
section of Article six for the annual statements
| to be made in January, 1871 and 1872.
ARTICLE VIII.
| !. All the powers of the association shall be ex-
ercsed by Board of Direc tors to consist of twelve
| persons, five of whom shah form quorum for
| the transaction of business
q The first election of directors of the assOcia-
| ton shall be ED on the fourth Monday of Decem-
Der, 1870, aud thereafter the said day in each
year, at such place in the city of New Orleans as
| the Board of Directors shall designate, of which
the president shall cause at least fifteen days pre-
| viOus notice to be given in two of the public
newspapers printed in said city. The Board of Di-
reCtOrs shall appoint three of the stockholders of
the association inspectors to preside at such cleo
TONS and il any of the said inspectors decline or
| fail to attend, the president may appoint others
| to fill such vacancies.
| g. The Board of Directors thus elected are TO
| take their seats the first Monday in January
after the election, and to hold the same one year
| there from until others elected in their stead.
| T. Those per sons receiving plurality OF votes
shall be considered duly elected. In the event OF
no election t. king 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 Directors shall annually, at their
| first meeting, elect a president who shall on his
election, be otlico mem Der of the Board OF Dl-
rectors and who shal! hold his office until his sue
cessor is elected and qualified. The President
shall preside at all meetings of the Board of Di-