New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-25


As amended by act of December l, 1870, and made
part thereof by reference.
UNITED Stairs OF AMERICA,
State of Louisiana, :
Parish of Orleans City Of New Orleans y
Be it known, that this seventh day of the
month of August, in the year of our L. I'd one
Thousand eight hundred and sixty nine, and of the
independence of tine United States of America the
ninety fourth, before me- Gustave LIE Gardeur Jr.,
a notary public, duly commissioned and sworn, in
and for the parish and city aforesaid, therein
residing, and in the presence of the witnesses
hereinafter named and undersigned personally
came and appeared the persons hereinafter named
and undersigned, who severally declare that they
do by these presents, form among themselves and
such Others as may become associated with them
by subscription, purchase transfer or succession
corporation under the general laws OF this State,
providing for the organization of corporations, and
have agreed upon the following stipulations, to
the same as the charter of the said corpora
ton
l. The domice of this corporation is hereby estab.
lished the said city OF New Orleans pad it shall
be designated and known under the name of the
NEW ORLEANS INSURANCE ASSOCIATION"
2. 1t shall commence business about the
fifteenth of September, 1869, and shall exist for
twenty-five years from the date of this charter,
settled up by order of two-thirds of the stock
holders.
shall be the proper officer upon HON to serve cita-
tons IN all suits against the association
ARTICLE ii.
The objects and purposes of this association
declared to be:
j. To make insurance on dwelling houses, stores
and other buildings, household furniture, mer-
chandise and other property against loss or dam
age by fire.
2. To make marine and river insurance upon yes
sells, freights, steamboats,, goods wares, mer-
chandise, specie, kulons bills of exchange, com
III ssions profits, bank notes and other evidence of
debt, bottomry and respondents interests and to
and a mi N
connected with marine or inland transportation
risks.
g. To cause themselves to be reimbursed against
any risk upon which they have made or shall make
insurance.
l. The capital stock of this association is hereby
fixed at five hundred Thousand dollars, with the
privilege of increasing it to million of do lars
divided into shares of one hundred dollars each to
be paid for at the time and in the manner herein
after provided for in article four of this charter.
D. The association may commence business as
three hundred thousand dollars shall have
been subscribed, bat each fiscal year shall end on
Dec. mber 81, the first fiscal year to end on the
thirty first of December 1870.
g. Transfers of stocks shall be made on the books
of the association at its office in the city of New
Orleans only, but not while any indebtedness to
the association exists on the part of the holder
provided said transfers have been approved by the
Board of Directors.
ARTICLE W.
l. All persons who have subscribed or may here
after subscribe to the capital stock OF this assoca
tioR shall furnish their note for the amount OF
their shares payable on the thirty first OF Decem-
Der, 1871.
2 The notes furnished, as above provided for,
shall be reduced by a credit thereon of the net
profits made by the association in the first and
second year. pro rata to the amount of earned pre-
miums that shall have been paid during that time
g. At the maturity of said notes if the net profits
the association for the first and second wear have
not extinguished the said notes, the stockholders
shall pay the balance due thereon
l. The non payment of the balance due on the
sara notes as aooSe ProNlueu LoI el'i iol tt NJ
entire stock to the association, together with an
accumulation thereon and all interest or Dement'S
thereuntO belonging; provided that the Board OF
Director may extend said payments for such time
as they deem proper; provided also the stock so
forfeited NAV be transferred with the consent OF
the board of directors.
S. No stakeholder shall, in any event, be made
liable the losses of the association i'll any larger
than the amount of his, her or their s9bscrip-
ton to the capital stock, and his her or their in
debtedness to the association.
ARTICLE V.
l. All premiums shall be due and payable cash at
the end of each month
2. Any losses or balance due on losses sustained
by the association at the beginning of its opera
tions, and when the association shall not have
sufficient funds to cover the same, shall be paid
pro rata by the stockholders.
3. All parties wishing TO insure with the assoeia-
ton shall subscribe to the capital stock thereof,
and become stakeholder of the association; pro.
vided, however, that by and with the advice aud
consent of a special committee appointed for that
purpose by the Board of Directors or upon the re-
commentator of two or more of the stockholders,
risks NAV be taken from others than the stockhold
ers and such parties insuring will become entitled
to such rebate as may be established IRON time to
time by the Board OF Directors.
ARTICLE VI.
l. Within the month of January, 1871 and 1872
the president shall cause to be made a statement
of the net profits OF the association, and shall
cause the same TO be published in at least two OF
the city papers for one month"; together with a
statement of the assets of the association, dis
tinguishing the portion of same which is cash and
the portion thereof invested in securities and the
nature thereof. This publication shall be made
under oath of the president and secretary, and
shall be conclusive and binding upon all persons
interested
2 The annual statement, to be made in January,
1871 and 1872 above provided for shall be made
up December 81 preceding, inclusive, in the fol
lowing manner, to wit: l. Showing the amount of
premiums received on fire, river and marine risks,
each deductng therefrom the amount of same
not terminated. 2. Showing the amount of losses
paid on fre,river and marine risks each and rein
surance return premiums 3. Showing the inter
est on the portion OF the capital invested
ARTICLE VII.
l. From and after the beginning of the third
year, the stockholders shall pay no premiums on
the assurances effected by them.
2. But in the year 1872, and in each and every
| wear following within the months of April July,
october and January, the President shall cause TO
be made statement of the losses and expenses OF
the association which shall be added two and a
half per cent profits paid to the stockholders, on
their stock paid in full such part the reof that
shall have been paid, and the amount thus formed
shall be paid pro rata by the parties insIIr1ng Oh
| the earned premiums of the sums insured.
3. The statement to be made within the months
of April, July, October and January, as above pro
| vided for, shall be made TO the thirty-hrst OF
March, thirtieth of June, thirtieth of September
and thirty first of December preceding inclusive,
and shall be published as above provided for in
section of Article six for the annual statements
| to be made in January, 1871 and 1872
ARTICLE VIII.
| J. All the powers of the association shall be ex-
erclsed by Board of Direc to consist of twelve
| persons, five of whom shall form quorum fol
| the transaction of business.
q The first election of directors of the associa-
| ton 81 all be ED on the fourth Monday of Decem-
! Der, 1870, and thereafter on the said day i'll each
| year at such place in the city of New Orleans as
the Board of Directors shall designate, of which
the president shall at least fifteen days pre-
| YiOus notice to be given in two of the public
| newspapers printed in said city. The Board of Di
rectors shall appoint three of the stockholders OF
the association inspectors to preside at such cleo
tons and il any of the said inspectors decline or
| fail to attend, the president may appoint others
| to ill such vacancies.
| g. The Board of Directors thus elected are TO
| take their seats the first Monday in January
after the election, and to hold the same one year
| there from until others elected i'll their stead
4. Those pei sons receiving a plurality OF votes
shall he considered duly elected. In the event OF
| no election taking place OH the day aforesaid the
| president shall another election to take
place within ten days thereafter, and give notice
| of the same by advertisement in more OF
| the public newspapers published in this city.
s. The Board of Directors shall annually at thelr
first meeting, elect president who shall, on his
| election be ex otficio member of the Board of Di
rectOrs and who shall hold his office until his sue
| cessor is elected and qualified. The President