New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-02
CORPORATIONS.


CITY OF NEW ORLEANS.
Be it known that On this eighth day of June
in the year of our Lord one Thousand elgh
hundred and seventy-one, and of the ndepen
ninety fifth, before me, William Joseph Castel, /
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 ant
appeared the parties whose names are herennt
subscribed who declared that, awaiting themselve
of the provisions of the laws of this State RELATIVE
to the organization of corporations in this State TO
works of public improvement and other purposes
they have covenanted and agreed and do by thes'
presents covenant ami agree, and bind themselves
and those whom they represent, to form and estab
corporate, tor the objects and purposes, and unde
the title, obligations, stipulations and regulations
following, TO wit:
The name and title of the company shall be THE
HIBERNfA INSURANCE COMPANY or NEW OR
LEANS, and its domicile is hereby established il
the city OF New Orleans. 1t shall continue and exist
for twenty-five years from the date of organization
IL shall commence operations Immediately on or
ganizstion. 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 H.
SECTION !. The objects and purposes of the com.
| pany are hereby declared to be
| SEC1loN l. TO make assurances upon dwelling
| houses stores, colt presses and every other de-
scription OF buildings, household furniture goods,
wares, merchandise machinery, and other property
against loss or damage by fire.
| SEC. 2. 10 make insurance upon ships and sea-
going vessels. steamboats,, and all other vessels,
| freghts, goods, bills of exchange and other evil
| dences of debt, commissions, profits; bullion Or
| portation risks, ottomry and respondentia inter
ests; in other words effect fire, marine, river and
inland Insurance of any kind whatsoever with pliy
lege Of exercising all either of SAID purposes.
| The company NAV cause itself tn be reinsured
! against any risk upon which it shall have made in
| 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 tho
| Company.
SIC. ,. 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 uIIin-
numbered and improved real tate wlath. 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 under the
laws of the United States Of thus state or of the
corporations OF this State or city, or make any
loans on pedge of any of the aforesaid securities.
bonds or stocks or any collateral or bill of ladng
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, of property conveyed to them in
satisfaction of debts previously cont racted or 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 operation OF its business; but
nothing herein contained shall be construed as
10 authorize the said company 10 discount negotia
bic paper, or do any banking business, nor, either
directly or indirectly deal or trade III buying or
selling movable or immovabe property, goods
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 Tx 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 10 adopt such rules, regu'
latOns and bylaws as to them shall seem best tor
the transaction of the business of the company:
provided the same shall not conflict with tine true
intent and meaning of this act.
ARTICLE ILL.,
SECTION !. All the corporate powers of the COM
pany shall be exercised by the board of thirtyOne
directors to be elected from among the stock.
holders: provided that after the election of di-
rectors Tor organization, stakeholder shall be
eligible who does not hold IN his name that OF
his firm, at least twenty-five shares, which stock
shall have stood in his name. or that of his firm,
the books OF the company for at least three
months prior TO the election
No one shall be eligible Tor the position of di
other fire, marine or river Insurance company.
Nine directors present at any meeting shall con- |
stitute quorum for business.
ARTICLE ".
SECTION I. The capital stock of this company is |
hereby fixed at five hundred thousand dollars. di.
vides into five thousand shares of hundred |
dollars EACH subject to be increased to million
OF dollars under article twelve of this charter, |
and il is hereby authorized to commence business |
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 cases calls shall be pay able
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 10 dividend shall attach to
such payments unless paid during the first three !
months OF the current nScal YEAR.
SEC. 2. Upon the failure of any sto ckholder to pay
the amount due such call, so made the stock |
owned by him, with dividends or increase shall be
liable 10 forfeiture To the company bya 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 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 4. All transfers of stock TO be valid, shall be
made 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 null payment of the
same having been made, he shall be permitted to
do by substitute of the obligations OF the party
provided the substituted obligations
are satisfactory to the Board of DirectOrs
ARTICLEv.
SRcTIoN 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-
diatey preceding the election in at least tive OF the
Size. 2. The board shall appoint three stockhod-
ers inspectors to preside at such elections and if
any of said inspectors decline or fail to attend the
president shall appont others to act in theft stead
ARTICLE VI
The first Board of Directors shall consist of the
following stockholders to wit:
Hugh McClOskey John T. Moore Jr
John Henderson, R. NJ. OBrien,