New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-23
QUARTER
CHARTER.
| 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
nesses hereinafter named and undersigned, came
CaInbon Berwin, F. Jaufroid R. Dumestre,
Bertrand Saloy, J. B. Solari, II. Manuel, N. A.
J K. Gourdain Charles Kerr NJ Draskovich, G. L.
Fegre, V. Battaora James J. Reiss, Ernest PraSst,
Francisco Sancho, F. Schumacher, A. Haber, P. H;
Monsseaux, Joseph Mizzi, Jacob Neuhauser, and
others undersigned, who declared that, awaiting
themselves of the laws of the State of Louisiana
relating to the organization of corporations in this
State, have covenanted and agreed, and 90 by
these presents covenant and agree, and bind the NJ
selves together with others who may become asso-
cia ed with them. TO form a body corporate to re-
main and be governed by the following stipulations
and conditions which they adopt as the charter OF
said corporation.
This corporation shall be known by the name of
the PEOPLES INSURANCE COMPANY OF NEW
| ORLEANS. and the domicile 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
/ To make insurance upon dwelling houses,
stores and other buildings, household furniture,
merchandise and other effects and property,
against loss or damage by fire.
going vessels steamboats, and other vessels,
freights goods, bills of exchange and other evil
| dences Of debt, commissions, profits, bullion or
| 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
3. The company may cause Itself to be relnsured
against any risk upon whch 1t shall have made IN;
surance and all citation notices, and other legal
| proce So wherein the company may be nterested-
shall be served the president or 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 one 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 ousl-
the remaining eighty per cent IN the promls-
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 a proyiso to the effect that the Board of
/ Trustees may postpone the payment of the same
| indefinitely or 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
OF Trustees may consider proper thirty days after
| a notification of the same SHAH have been adver-
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 on each share. .-
! In the event of nonpayment of any installment
| or notes. provided tor in the foregoing the
! stock together with any accumulations, interests
| or benefits pertaining to the same, shall be for
| feited to the company, Nevertheless the trustees
may extend the term of payment, should they
| Receipts for installments and notes shall he
given to the subscribers, but said receipts shall
not be transferable unless with the consent OF the
Receipts also for the amount of the dividends
credited upon the notes shall be gwen, but all OF
| the said receipts shall be returned to the company
| upon the issue of tie certificates.
| No certificate % 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 con
| tingent fund, after the publication OF the same
| once week for four weeks consecutlVeIy
| ARTICLE V.
all transfers of stock shall be made on 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 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 deductng the unearned
| 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 o1
the premiums provided the dividends do not, in
any one year, exceed twenty five per cent; any eX
cess of that rate to be added to contingent fund
to be held as guarantee against any loss or reduc
ton of the capital, aud should said contln
gent fund at any time exceed the amount
of the capital paid up in cash, any surplus o.
the same shall be divided among the assured and
stockholders in proportion to their interests re
In the event it should become necessary to ust
any portion of the capital in the settlement o
losses no dividend bonuses of interest shall 81
declared paid until said capital shall have beer
restored in amount out of tbs earnings or prott
| 1t is provided further that no dividend of lest
than five dollars shall be declared, nor shall any
five dollars and that all such fractional sums 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 n
scription Of the name of this company
ARTICLE VIII.
The Board of Trustees shall have power 10 lEVesl
the money and capital of this COMPANY III SooI aIu
sufficient mortgages on improved ana anlncun
bered real estate also in bonds or stocks created
under the laws of the United states anu oI TINS
State; and they may loan money on o. any
proved coaterals; they may take possession, al
the option of the trustees OF any properly, mo-
or abandoned to said company for or concerning it
business operations shey may buy, SELL hold, mort
gage orr surrogate real estate pledge and transfe
! Stocks bonds movable or immOvable property
and generally to do and perform any act whicl
S may he necessary for the government and supper
, | Of The company not inconsistent with the laws o
| the United States and of this State.
n ARTICLE TX.
The company may commence business soon a
| two hundred and fifty thousand dollars shall hay
| been subscribed.
e Subscriptions to the capital stock of the CON
pany subsequent to its organization shall be upo
r | the same terms as the original.
Until the whole capital stock is taken up tn
subscription list shall remain open for new suit
scribers; but shall be closed to subscribers durn