New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-19
G0RP0RATfONS.
.s...ss.........s.sC
STATE OF. LOUISIANA, PARISH OF ORLEANS,
q IL CITY OF NEW ORLEANS. :


Be it known that on this eighth day of June,
in the year of our Lord one th9nsaH iudensp.
| dence of the United States OF America .he
ninety-ffth, before me William Joseph caster, d
| notary public i'll and for the parish OF orleans
State of Louisiana, duly commissioned and quail
fed and in the presence OF the witnesses hefeiii,
after named and undersigned, personally came ana
| appeared the parties whose names are hereunto
subscribed who declared that, awaiting themselves
of the provisions of the laws of this state reatve
to the organization of corporations IN this state ior
| works of public improv and other purposes,
| they have covenanted and agreed and 90 by t1ese
presents covenant and agree, ana oInd
and those whom they represent, TO form anu estaD
lish and do hereby establish corporation or oouy
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 THE
| HIBERNIA INSURANCE COMPANY OF NEW Or
LEANS, and its domicile is hereby estabIshed IN
the city of New Orleans. 1t shall continue and exist
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 encrcled by shamrock
and the name of this company and the date OF thls
act
SEcTIoS l. The objects and purposes of the com
| pany are hereby declared TO be
SECTION l. To make assurances upon dwelling
houses, stores cotton presses and every otner de
scripton of buildings, household FURNITURE, goods
wares merchandise, machinery, and other property
| against loss or damage by fire.
| SIC. q 10 make insurance upon shirs and sea
going vessels, steamboats,, and all other vessels,
freights goods. bills of exchange and other EVIL
dences of debt, commissions, profits, bullion OF
money, and against all maritime and inland trans
portation risks, ottOmry and respondentia inter.
ests in other words to effect fire, marine river ana
inland of any kind whatsoever with plivi'
lege of exercising all or either of said purposes.
The company cause itself to be reinsured
against any risk upon which it shall have made in
SEC. q 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 the
| SEC. 3. 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 unin-
numbered and improved real estate which 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 or under ne
laws of the United States CT this State or OF the
corporations of this State or city or make any
LOANS on pledge of any of the aforesaid securities
bonds stocks any collateral or bill OF ladng;
provided this investment shall not interfere with
the prompt distribution OF net earned premiums
1 for the current year.
| They shall have power to dispose of mortgag
obtained by way of security or of stocks pledged
| for security, or of property conveyed 10 them ID
satisfaction of debts previously contracted or pur.
chased at public sale upon judgments or ordeis OF
| seizure obtained by said company, or OF any
| property movable or immOvable which may nave
| been pledged abandoned to said company for OF
| concerning the operation S of its business; Du'
nothing herein contained shall be construed as
to authorize the said company TO discount negotia
BILE paper, or do any banking business, nor either
directly indirectly, deal or trade i'll buying OF
| selling movable immovabe property, GOODS
| wares merchandise provided, also, that Inc
company shall have the right to purchase proper
tv or building, for the purpose OF establishing 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 I'LL any vacancies which may occur III
| their number or in the presidency.
| have
latiens and by laws to them shall seem best FOL
the transaction of the business of the company
provided the same shall not conflict with the true
| intent and meaning of this act.
ARTICLE III
SECTION /. All the corporate powers of the com
pany shall be exercised by the board of thrty-ont
| directors, to be elected from among the stock
| holders: provided that after the election OF iii
| 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 oil
rector of this company who is director of any
other fire, marine or river insurance company.
Nine directors present at any meeting shall con
| stitute quorum for business.
ARTICLE ".
| SECTION |. The capital stock of this company is
| hereby xed at five hundred thousand dollars. d
| vide2 into FIVE thousand shares of one hundred
dollars each, subject ts be increased to one million
| OF dollars under artlcle twelve or TINS cndfJer
and it is hereby authorized TO commence busines IS
| 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
| 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, 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.
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 lie shall be permitted tC
do so by substitute OF the obligations of the party
| purchasing. provided the substituted obligations
| are satisfactory to the Board of Directors.
ARTICLEv v.
SECTION l. The election for directors shall be held
the first Monday May ofeach year at the Office
of the company. Notices of such elections shall bt
| given for at least ten consecutive days, imme
datey preceding the election in at least two of the
| city papers.
SEC. 2. The board shall appoint three stockhold
ers inspectors to preside at such elections, and il
any of said inspectors decline or fail to attend the
president shall appoint Others to act in their ate
ARTICLE VI.