New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-18
CORPORATIONS
CHARTER !...........yC CHARTER.
STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS.
CHARTER.

Be it known that on this eighth day of June
in the year of Lord one thousand eight
hundred and seventy-one, and OF the indepen
| dence of the United States OF America tht
| ninety fifth before me- William Joseph Casteli, g
notary public in and for the parish of Orleans
| State of Louisiana, duly commissioned and guam
fed and in the presence of the witnesses herein
after named and undersigned, personally came anO
appeared the parties whose names are hereuntC
subscribed, who declared that, availing themselves
of the provisions OF the laws of this State relative
to the organization of corporations IN this state oi
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 and estab
fish, and do hereby establish corporation or body
| corporate, the objects and purposes, and under
the title, obligations, stpulations and regulations
ARTICLE l.
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 and exist
for twenty-five years from the date of organization.
| 1t shall commence operations Immediately on or
| ganiZatiOn. 1t shall have corporate seal having
| for device an Irish harp encircled by shamrock
and the name Of this company and the date OF this
| act.
ARTICLE II.
SECTION l. The objects and purposes of the com.
| pany are hereby declared to be
| SECTION l. To make assurances upon dwelling
houses stores, cotton presses and every other de-
seription of buildings, household furniture goods,
wares, merchandise, machinery, and other property
| against loss damage by fire.
| SIC. 2 10 make insurance upon shirs and sea-
| going vessels, steamboats,, and all other vessels,
freights, goods, bills of exchange and other evil
.dences of debt, commissions, profits bullion or
money, and against all maritime and inland trans
pOrtatfOn risks, f0ttOmry and respOndentia inter
ests i'll other words, to effect tire, marine, river snd
inland insurance of any kind whatsoever, with prvi
lege of exercising all either of said purposes.
The company itself To be reinsured
against any risk upon which it shall have made ill.,
| surances.
| SEC. 2. 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
company.
| SIC. 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 unin-
numbered and improved real estate 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 under the
laws of the United States, OF thus State or of the
corpol atiOns of this State city, make any
loans pledge of any of the aforesaid securities.
bonds stocks, any collateral or bill OF lading;
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, of stocks pledged
for security, or of property conveyed to them in
satisfaction of debts previously contracted, pur
chased at public sale upon judgments or orders of
seizure obtained by said company, of any
property movable or immOvable, which may have
been pledged or abandoned to said company for or
concerning the operations OF its business; but
nothing herein contained shall be construed
to authorize the said company to discount negOtia-
Il, q
directly or indirectly deal or trade in buying or
selling movable or immovable property, goods,
wares or merchandise; provided, also, that the
company shall have the right to purchase proper
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
in the service OF the company, and shall also have
power to NIL any vacancies which may occur IN
their number or in the presidency.
They shall have power TO adopt such rules, regu-
lations and bylaws as 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 Ill
SECTION l. All the corporate powers of the COM
pany shall be exercised by the board of thirty-one
directors, to be elected from among the stock
holders provided that after the election of d.
rectors for organization, stakeholder shall be
eligible who does not hold in his name or that of
his firm, at least twenty-five shares, which stock
shall have stood i'll 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 shall con-
stitute a quorum for business.
ARTICLE ".
SECTION /. The capital stock of this company is
hereby fixed at five hundred thousand dollars, d
videl into FIVE thousand shares of one hundred
dollars each subject to be increased to one million
OF dollars under article twelve of this charter
and ii is hereby authorized to commence business
as soon as the capital shall be subscribed. The
stock to be 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 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 dividend shall attach to
such payments unless paid during the first three |
months of the current fiscal year.
2 of SfO q n nav
the amount due on such call, so made, the stock |
owned by him, with dividends or increase, shall be
liable TO forfeiture to the company by vote of the
directors, or the company may enforce the paw |
ment of the stock. at its option.
SEC. ). 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 the shares owned by |
him, and his Indebtedness to the company.
SEC (. 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 |
purchasing, provided the substituted obligations
are satisfactory to the Board of Directors.
ARTICLE
SECTION l. The election for directors shall be held
on the first Monday ofMay of each year at the office
of the company. Notices of such elections shall be
given for at least ten consecutive days imme
diatey preceding the election in at least two of the
city papers.
SEC q The board shall appoint three stockhold
Frs 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
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