New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-15
CORPORATIONS.
STATE OF LOUISIANA PARISH OF ORLEANS
8 CITY OF NEW ORLEANS

Be it known that this eighth day Of June June,
in the year of our Lord one thousand eight
hundred and seventyone, and OF the lnoepen-
ninety. fifth, before me, William Joseph Casteli,
notary public in and for the parish OF Orleans,
State of Louisiana, duly commissioned and quail
fed and in the presence of the witnesses herein.
after named and undersigned, personally came anc
appeared the parties whose names are hereunlo
subscribed who declared that, awaiting themselves
of the provisions of the laws of this state relatse
to the organization of corporations in this state Ior
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 anu estap
lish and do hereby establish corporation or Dody
corporate tor the objects and purposes and under
the title obligations stipulations and regulations
following, to wit:
The name and title of the company shall be TIE III
HiBERNTA INSURANCE COMPANY OF NEW Or
LEANS and its domicile is hereby established III
the city of New Orleans IL snail
1t shall commence operations Immediately on or
ganization 1t shall have corporate sea- naslng
for device Irish harp eneircied by shanro %,
and the name OF this company and the date Oh 'ils
act. uro,,,,
SECTION l. The objects and purposes of the com
pany are hereby declared to be
P SEyc,IoN ! 10 make assurances upon dwelling
houses stores, GOTTEN presses ana every olher ue-
scrption of buildings, household furniture, gooas,
wares, merchandise machinery, anu other property
against loss damage by nfe.
SEC O. To make insurance upon shlns anu sea
going vessels, steamboats,, and all other vessels,
freiThts goods. bills of exchange and other eNl-
deuces of debt commissions, prohts, oul4oh OF
money, and against all maritime anu i ,.i it
narration risks ottomry and respondentla inter
ests in other words to effect fire marine, river ana
inland insurance of any kind whatsoever win pil
lege of exercising all or either OF SAID purposes
The comDany NAV cause itself 10 De relnslireu
against any risk upon which it shall have made III
surances. >, - i =, o5 II, ~
co1porate name and all citations and other ieSai
process shall be served on the PRESIDENT ol inc
SEr. g. The Board of Directors shall have power
to invest from time to time the money ana capltai
of the COMPANY IN bonds anu mo & i'm in eXnry
case shall be deemed worth at least douole the
amount loaned thereon. a. -
They NAV also invest the profits OF the company
in apy bonds or stocks created by or under me
laws of the United States CT tins state OF OF the
corporations of this state or CITY, or naKT any
bonds or stocks any collateral or blll OF IaulnS;
proyided this investment shall not interfere Win
the prompt distribution OF net earntu prehiu
for the current year.
They shall have power to dispose of mortgages
obtaiued by way of security, of stocks pledged
for security or of property conveyed TO them Ill
satisfaction of debts previously contracted or pur
chased at public sale upon Judgments OF ofdSfs oI
seizure obtained by said company, or OF any
property movable or immovabe, which may have
been pledged or abandoned to said company for or
concerning the operations of its business; put
nothing herein contained shall be so construed as
to authorize the said company to discount negotla
BILE paper do any banking business, nor, either
directly or Indirectly. deal trade in buying OF
selling movable immOvable property; SoOd7
wares or merchandise; provided, also, that the
company shall have the right to purchase aProper'
" or building for the purpose OF estaOhshlhS al
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 nave
power to ill any vacancies which may occur III
! 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 shall not conflict with the TRUE
| intent and meaning OF this act.
ARTICLE III.
| SECTION l. AL 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
shall have stood IN his name, or that OF ms nrn
| on the books of the company for at least three
| months prior to the election.
No one shall be eligible for the position OF oil
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 quorum for business.
ARTICLE ".
| SECTION l. The capital stock of this company is
hereby fixed at five hundred thousand dollars. oil.
yide4 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 it is hereby authorized to commence business
| as soon the capital shall be subscribed The
| stock to be paid fellows: Ten per cent OF the
subscribed stock shall be paid in cash. for the re.
| 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 stakeholder to pay
| 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 pay
| ment of the stock, at its option.
| SEC. 3. No stakeholder shall ever be held liable
or responsible for the contracts or faults OF sald
| 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 T. 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 tt
do so BY substitute of the obligations of the party
| purchasing, provided the substituted obligations
| are satisfactory to the Board of Directors.
| ARTICLBv v.
SECTION l. The election for directors shall be held
the first Monday of May ofeach year 1t the Office
| of the company. Notices OF such elections shall s'
| given for at least ten consecutive days, imme
diately preceding the election in at least tive of the
| SEC T. The board shall appoint three stockhold
ers inspectors to preside at such elections, and i
any of said inspectors decline fail to attend thu
president shall appoint Others to act in their stead
ARTICLE VI
| The first Board of Directors shall consist of tn,
following stockholders to wit:
| Hugh McClOskey, John 7. Moore, Jr.,
John Henderson, R. NJ OBrien,
| Patrick Irwin, Thomas FitZwlliam,
| Thomas Gilmore, Michael McQuaid,
| Robert CareV, Edward Burke,