New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-26

CHARTER


OF rHR
NEW ORLEANS INSURANCE. ASSOCIATION,
As amended by act of December !, 1870, and mad,
part thereof by reference.
UNITED STATES OF AMERICA, J
State of Louisiana. }
Parish of Orleans, City of New Orleans. }
Be it known, that on this seventh day of tn,
month of August, in the year of our L. nd one
thousand eight hundred and sixty and of the
independence of the United states of America the
ninety-fourth, before me, Gustave LIE Gardeur, Jr.
. notary public. duly commissioned and sworn, il
S sesidi ior ' asd PARISH in The a nres c,,y a ds tss therein
hereinafter named and undersigned, personally
came and appeared the persons hereinafter named
and undersigned, who severaAy declare that they
DO, by these presents, form among themselves and
such others as may become associated with them
corporation, under the general laws Of this state
providing for the organization Of corporations, and
have agreed, upon the following stipulations, to
govern the same as the charter of the said corpora.
ton:
ARTICLE I.
|. The domicile of this corporation is hereby estab-
lished in the said city of New Orleans, aad it shall
be designated and known under the name of the
NEW ORLEANS INSURANCE ASSOCIATION
Q. IL shall commence business on or about the
fifteenth of September, 1863, and shall exist for
twenty-five years from the date of this charter
rnless its affairs should be sooner liauidated and
settled up by order of two-thirds OF the stock
holders.
3. The President, or in his absence the Secretary,
shall be the proper officer upon whom to serve cita,,
tons IN all suits against the association
ARTICLE II.
The objects and purposes of this association are
declared to be:
and other buildings, household furniture, mer-
chandise and other property against loss or DAM
age by fire.
2. TO make marine and river insurance upon YES
sells, freights, steamboats,, goods, wares, mer-
chandise, specie, bullions, bills of exchange, COM
missions, 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.
ARTICLE III.
l. The capital stock of this association is hereby
fixed al five hundred Thousand dollars, with the
privilege of increasing it to one million of dollars,
divided into shares of one hundred dollars each, to
be paid tor at the time and in the manner herein
after provided for in article four of this charter.
soon as three hundred thousand dollars shall have
been subscribed, but each fiscal year shall end on
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 on the part of the holder;
provided said transfers have been approved by the
Board OF Directors.
dhlICLE y.
l. All persons who have subscribed, or may here
after subscribe to the capital stock of this associa-
tioR, shall furnish their note for the amount OF
their shares, payable on the thirty-tirst Of Decem-
Der, 1871. ..
2. The notes furnished, as above provided fer
shall be 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
by each stakeholder.
3. At the maturity of said notes, if the net profits
OF the association for the first and spcODd wear how
not extinguished the said notes, the stockholders
shall pay the balance due thereon.
4. The nOn-payment of the balance due on the
said notes, as above provided for, shall forfeit the
entire stock to the association, together with all
aecumuiatiSn thereon and al interest or benefits
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.
S. No stakeholder 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- |
tion to the capital stock, and his, her or their in
debtedness to the association.
ARTICLE ".
l. All 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 at the beginning of it's opera |
tons, and when the association shall not have |
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, |
ana become stockholder of the association; pro- |
vlded, 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 stockhold,
ers, and such parties insuring will become entitled
to such rebate as may be Established from time to
time by the Board OF Directors.
ARTICLE VI.
l. Within the month of January, 1871 and 1872,
the president shall cause to be made a statement
OF the net profits of the association and shall |
cause the same to be published in at least two of
the city papers for one month, together with a
of the assets of the association, dis
tlngulShlng the portion of same which is cash and
the portion thereof invested in securities and the
thereof This publication shall be made
under oath of the president and secretary, and
shall be conclusive and binding upon all persons
,. The annual statement to be made in January,
1871 and 1872, as 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,
Zach, deducting therefrom the amount of same
not terminated. 2. Showing the amount of losses
paid on fire river and marine risks, each, and rein
surance, return premiums. 3. Showing the inter-
est on the portion OF the. capital invested.
ARTICLE III.
l. From and after the beginning of the third
year, the Stockholders shall pay no premiums on
.he assurances effected by them.
2. But in the year 1872, and in each and every
following, within the months of April, July,
october and January, the President shall cause to
De mdut u statement OF the losses ana expenses OF
he association, to which shall be added two and a
lalf per cent profits paid to the stockholders, on
heir stock paid in full or on such part thereof that
hall have been paid, and the amount thus formed
hall be paid pro rata by the parties insuring OF.
he earned premiums of the sums insured.
3. The statement TO be made within the months
April, July, October and January, as above pro-
7ided for, shall be made TO the thirty-irst of
March, thirtieth of June, thirtieth of September
md tbirty-hrst of December preceding. inclusive,
md shall be published as above provided for in
one of Article six, for the annual statements
o be made in January, 1871 and 1877.
ARTICLE VIII.
rcised by a Board of Directors to consist of twelve
versions, five of whom shall form a quorum for
he transaction of business.
2. The first election of directors of the associa-
ion shall be held on the fourth Monday of Decem-
1870, aud thereafter on the said day in each
ear, at such place in the city of New Orleans as
he Board of Directors shall designate, of which
he president shall cause at least fifteen days pre-
1ous notice to be given in two of the public
ewspapers printed in said city. The Board of Di-
ectors shall appoint three of the stockholders of
he association inspectors to preside at such cleo.
ions; and il any of the said inspectors decline or
all to attend, the president may appoint others
till such vacancies.
3. The Board of Directors thus elected are to
axe their seats on the first Monday in January
fter the election, and to hold the same one year
here from until others are elected in their stead.
4. Those per sons receiving a plurality of votes
hall be considered duly elected. In the event of
10 election taking place on the day aforesaid, the
resident shall cause another election to take
lace within ten days thereafter, and give notice
I the same by advertisement in one or more of
he public newspapers published in this city.
5. The Board of Directors shall annually, at their
rSt meeting, elect a president who shall, on his
lection, be ex.Otficio member of the Board of Di-
ectors, and who shall hold his office until his sue
pSSOr is elected and OnaHtaH Tho President