New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-17
CHARTER.
QUARTER. .......CHARTER.
| STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS


STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS.
Before me, Antoine Doriocourt notary public,
duly commissioned and sworn, in and for the par
ish of Orleans and city of New Orleans State of
Louisiana, aforesaid, and in presence of the wit
and appeared Robert NJ. Davis, A. Socoa, s.
CambOn, N Berwin, F. Jaufrod r. Dumestre,
Bertrand Saoy, J. B. Solari, II. Manuel, N. A.
Llambias Joseph David trepre sented by J. NASSAU,
]. X Gourdan Charles Kerr NJ. Draskovich, G. L.
Fevre, " Battalora, James j. Reiss Ernest Pragst,
Francisco Sancho, F. Schumacher, A. Haber, p h.
Monsseaux, Joseph Mizzi, Jacob Eeuhauser, and
others undersigned, who declared that, availing
themselves of the laws of the State of Louisiana
relating to the organization of corporations in this
State, have covenanted and agreed, and 10 by
these presents covenant and agree, and bind thu M
selves together with others who may become
cha ed with them to form a body corporate to re-
main and be governed by the following stpulations
and conditions which they adopt as the charter OF
ARTfCLEI
This corporation shall be known by the name of
the PEOPLES INSURANCE COMPANY OF NRW
ORLEANS and the domcile of the same shall be
established in the Second District of the city OF New
Orleans.
This corporation is formed for period of twenty
five years from the date of this act OF Incorporation
ARTICLE III.
The OBJECT of this company is to transact gen
eral insurance business, and particularly
l. TO make insurance upon dwelling houses,
merchandise, and other effects and property,
against loss or damage by fire.
2 To make assurances upon ships and other sea-
going vessels, steamboats, and other vessels,
sights goods, bills of exchange and other evil
dences of debt, commissions, profits bullion
money and against all maritime or inland trans
portation risks, bottomry and respOndentia inter
ests; in other words to effect fire marine and river
insurance of any kind whatsoever with privilege
of exercising ali or either of said purposes.
g. The company may cause itself to be reinsured
against any risk upon which it shall have made i'll
doll IfnfI and nt haY
proct wherein the company may be interested
shall be served on the president, i'll his absence
on the vice president or secretary.
ARTICLE ".
The capital stock of this company shall be fixed
at five hundred Thousand dollars, with the privi-
lege of increasing it at any time to one million
dollars, divided into shares of hundred dollars
each to be paid in fellows: Five per cent at the
time of subscribing; five per cent upon the com
mencement of business; five per cent at sixty days
after the commencement of business; five per cent
at ninety days after the commencement of bust
ness the remaining eighty per cent in the promis-
sorry notes of the subscribers and of persons who
may hereafter subscribe to the capital stock, pay
able at one and two years after the commencement
of business; said notes of the subscribers to con-
tain proviso to the effect that the Board of
Trustees may postpone the payment of the same
indefinitely, from year to year, unless in their
belief the necessities OF the company should at
any time require the payment of the notes previous
to maturity, in which event any portion of them
shall be due and payable at the office of the COM
pany in such sums and at such times as the Board
a notification of the same shall have been adver-
tsed provided that no payment on account of said
notes shall be made prior to said notification with
out the consent of the trustees and that no call
shall be made, at any time for more than twenty
dollars each share
In the event of nonpayment of any installment
notes, provided for in the foregoing, the
stock, together with any Accommodations interests
or benefits pertaining to the same, shall be for
fcited to the company, Nevertheless the trustees
may extend the term of payment, should they
deem it proper.
Receipts for installments and notes shall be
given to the subscribers, but said receipts shall
not be Transferable unless with the consent of the
trustees
Receipts also for The amount of the dividends
credited upon the notes shall be given, but all of
the said receipts shall be returned to the company
upon the issue of the certificates.
No certificate of stock shall be issued until the
same is paid in full.
Any dividend unclaimed for the term of three
years from the date declared shall be forfeited TO
the company and carried to the credit of the
tingent fund, after the publication of the same
once week for four weeks consecutlyely
ARTICLBv.
All transfers of stock shall be made the
books of the company upon the surrender of the
certificates, and the transfers shall be signed by
the stockholders or their legal representatives.
ARTICLE vi.
In all the month of July of each year a state
ment of the affairs of the company. made out in
detail, shall be submitted to the stockholders and
the assured and published. Out of the net earn
ings of the company, after deducting the mearned
premiums, ten per cent upon the capital paid in
shall first be credited upon the notes of the stock
holders, and the remainder of the said earnings up
to ten per cent upon the amount of premiums
earned shall be paid in cash to the assured Any
surplus of said earnings to be divided in cash be-
tween the assured and the stockholders to the
stockholders in proportion to the capital paid in,
and to the assured in proportion to the amount of
the premiums: provided the dividends do not in
any one year, exceed twenty five per cent any
cess OF that rate to De added to contingent fund
to be held as guarantee against any loss or reduc
ton of the capital, and should said contin-
gent fund at any time exceed the amount
OF the capital paid up in cash, any surplus of
the same shall be divided among the assured and
stockholders in proportion to their interests re-
spectively of premiums and capital.
In the event it should become necessary to use
any portion of the capital in the settlement of
losses, no dividend or bonuses of interest shall be
restored in amount out of the earnings or profits
of the company.
than five dollars shall be declared, nor shall any
dividend declared contain any fractional part of
five dollars and that all such fractional shall
be carried to the credit of the contingent fund
ARTICLE VII
The device and seal of this corporation shall re-
present the statue in Jackson Square, with the H.
scrptlon OF the name of this company
ARTICLE VIII.
The Board of Trustees shall have power TO invest
the money and capital of this company IN Sood ana
sufhclent mortgages on improved anu ullnc uh,
bertd real estate also in bonds OF STOCKS created
under the laws of the United States and OF this
State; and they may loan money on pledge OF any
of the aforementioned securities, upon other APP
proved collaterals they may take possession, at
the option of the trustees OF any property, NOV
able or ilnmoyable which may have been pledged
or abandoned to said company for concerning its
business operations; they may buy, sell hold mort
gage or surrogate real estate pledge and transfer
Stocks, bonds, movable immovable property,
and generally to do and perform any act which
NAV he necessary for the government and support
of The company not inconsistent with the laws of
the United States and of this State.
ARTICLE TX.
The company may commence business as
two hundred and fifty thousand dollars shall have
been subscribed.
Subscriptions to the capital stock of the com
pany, subsequent to it's organization shall be upon
the same terms as the original.
Until the whole capital stock is taken up, the
subscription list shall remain open for new sub
scrbers but it shall be closed to subscribers during
the three months preceding the days which ter,
inmate the fiscal year. The stockholders shall not