New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-25
CORPORATIONS.
STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS.

Re II known that OF this eighth day of June
| in the wear of our Lord one thousand eigh
| hundred and seventy-one, and OF the lndepeh
| dence of the United States OF America I'M
| ninetv.fifth before me, William Joseph Castell,
| notary public in and for the PARISH OF orleans
| State of Louisiana, duly commissioned ana qua:n
| fed and in the presence of the witnesses herein
| after named and undersigned, personally came an'
| appeared the parties whose names are hereunt'
| subscribed who declared that, awaiting themselve
of the provisions of the laws of this State relative
to the organization of corporations IN ts state 10
| works of public Improvement ana other purposes
| they have covenanted and agreed, ana 90 Dy tnes'
| presents covenant and agree, and bind themselves
and those whom they represent, TO form anu estap
lish and do hereby establish corporation or body
corporate, tor the objects and purposes, and unde
the title, obligations, snpulatlons ana regulations
| following, TO witt
The and title of the company shall be IH5
| HIBERNIA INSURANCE COMPANY OF NEW OR
| LEANS, and its dOmicile is hereby established II
| the city of New Orleans 1t shall continue and eXls
for twenty-five years from the date of organization
| 1t shall commence operations immediately on or
| ganization 1t shall have corporate seal having
for a device an Irish harp encircled by snamr0cl
and the name OF this company and the date OF thlf
act
| SECTION /. The objects and purposes of the com
pany are hereby declared to be
SECTION |. To make assurances upon dweIHne
houses, stores cotton presses and every other de
scription of buildings, household furniture, goods
wares merchandise, machinery, and other properly
against loss or damage by hre.
SEC. 2. To make insurance upon shlDs ana sea
going vessels, steamboats,, and all other vessels
freights goods, bills of exchange and other evl
dences of debt, commissions, profits, bullion OF
money and against all maritime and inland trans
portati0n risks, fottcmry and respondentia inter,
ests; in other words effect fire, marine river and
inland insurance of any kind whatsoever, with prlvl-
eee of exercising all or either of said purposes
The company may cause itself to be reinsured
against any risk upOn>whch it shall have made IN
suraneeS. .
SEC 2. The company shall sue and be sued in its
| Ill fI.Fll
process shall he served Oh the president OF the
company.
SEC g. The Board of Directors shall have power
to invest from time time the money and capital
of the company in bonds and mortgages on unln-
numbered and improved real estate, which, i'll 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 tins State or OF the
corporations of this State or city, or make any
loans pledge of any OF the aforesaid securities
Dohds OF st9chs, vi any OF DIl % 20 ~
provided, this investment shall not interfere WIN
the prompt distribution of net earned premiums
for the current year.
They shall have power TO dispose of mortgages
obtained by way OF security, or of stocks pledged
for security, or OF property conveyed to them III
satisfaction OF debts previously contracted, pur-
chased at public sale upon judgments or orders of
seizure obtained by said company, or OF any
property movable or immOvable, which may have
been pledged or abandoned to said company for or
concerning the operations OF its BUSINESS OUT
nothing herein contained shall be construed as
to authorize the said company to discount negotia-
BILE paper, do any banking business, nor, either
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
" or building, for the purpose of establishing an
Office therein.
clerks and employees elected or employed by them
in the service of the company and shall also have
power TO fill any vacancies which may occur IN
their number or in the presidency.
They shall have power 10 adopt such rules, regu-
latiOns and bylaws as TO them shall seem best for
the transae ton OF the business OF the company;
provided the same shall not conflict with the true
intent and meaning Of this act.
ARTICLE Ill
SECTION ]. AL the corporate powers of the com
pany shall be exercised by the board of thirty
directors, to be elected from among the stock
holders: provided that after the election of di-
rectors for organization, no 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 in 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 quorum for business
ARTICLE w.
SECTION l. The capital stock of this company is
hereby fixed at five hundred thousand dollars, di-
videl into Ave thousand shares of one hundred
dollars each, subject 10 be increased to one million
>
and il is hereby authorized to commence business
as soon as 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
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
i'll 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.
SEC. 3 Upon the failure of any stakeholder to pay
the amount due on such call, 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. g. No stakeholder shall ever be held liable
or res pOnsbe for the contracts or faults of said
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.
SIC. f. 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
DO so by substitute OF the obligations of the party
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 Ofeach year at the office
OF the company. Notices of such elections shall be
given for at least ten consecutive days, imme-
dately preceding the election, in at least the
city papers.
SEC. 2. The board shall appoint three stockhold-
ers 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