New Orleans Republican., 1871-05-19
REPUBLICAN, FRIDAY, MAY 49,, 1871.
CORPORATIONS,
CHARTER

|
NEW ORLEANS INSURANCE ASSOCIATION,
As amended by act of December l, 1870, and mad,
| part thereof by reference.
UNIrKp Stairs OF AMERICA
| State of louisiana
Parish of Orleans City of New Orleans.
Be it known, that this seventh day of thu
month of August in the year of cur l. rd on'
thousand eight hundred and 81 xty nine and of tn.
independence of the United States of America tht
ninety fourth, before me, Gustave LIE Gardeur, Jr.
anotary public. duly commissioned and sworn, il
| and tor 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 severauy declare that they
| do, by these presents form among themselves and
| such others as may become associated with them
by subscription, purchase, transfer succession,
corporation, under the general laws of this State
providing for the organization OF corporations and
| have agreed, upon the following stipuatiOns, to
govern the same the charter of the said corpora
| ton:
ARTICLEI
l. The domicile of this corporation is hereby estab
shed in the said city of New Orleans I'D it shall
be DESIGNATED and knewn under the name of the
NEW ORLEANS INSURANCE ASSOCIATION"
| O. Ii shall commence business on or about the
| fifteenth of September, 1869, and shall exist for
| twenty-five years from the date of this charter
:.nless its affairs should be liquidated and
| settled up by order of two-thrds of the stock
holders.
g. The President or in his absence the Secretary.
shall be the proper officer upon HON serve eta
! tions III all suits against the association.
ARTICLE II.
The objects and purposes of this association are
| declared to be:
| |. 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 ves-
| sells freights, steamboats,, goods wares, mer-
| chandiSe, specie, buOns bills of exchange, COM
ssons profits bank notes and other evidence of
debt hOtfomTV TO nIant tia MT nd to
make all and every insurance appertaining to or
connected with marine or inland transportation
risks.
3. To cause themselves to be reimbursed against
any risk upon which they have made or shall make
insurance.
ARTICLE III.
l. The capital stock of this association is hereby
fixed at five hundred thousand dollars with the
privilege of increasing it to million of dollars
divided into shares of one hundred dollars each, to
be paid Tor at the time and in the manner herein.
after provided for in article four of this charter.
2 The association may commence business as
soon as three hundred thousand dollars shall have
been subscribed, but each fiscal year shall end on
cember 81, the first fiscal Year to end on the
thirty first of December, 1870.
3. 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 assOcia
tioR, shall furnish their note for the amount OF
their shares, payable on the thirty first of Decem
ber, 1871.
O. The notes furnished as above provided for
shall he REDUCED by 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
by each stockhOlder.
g. At the maturity of said notes. if the net profits
of the association for the first and second have
not eXting guished the said notes. the stockholders
shall pay the balance due thereon.
4. The nOn-payment of the balance due on the
said notes, above provided for, shall forfeit the
entire stock to the association, together with all
accumulation thereon and all interest or benefits
thereunto belonging; provided that the Board OF
Directors may extend said payments for such time
as they deem proper; provided also the stock
forfeited may be transferred with the consent OF
5. No stakeholder shall, in any event, be made
liable for the losses of the association in any larger
sums than the amount of his, her their subscrip-
ton to the capital stock, and his, her 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-
tiOn shall subscribe TO the capital stock thereof
and become stockholder of the association; pro-
vided, however, that by and with the advice and
consent of a special committee appointed for that
purpose by the Board of Directors, or upon the re-
COMMUNICATION OF two or more of the stockholders
risks may be taken from others than the stockhOd
ers, and such parties insuring will become entitled
TO such rebate as may be established from 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 statement
of the net profits of the association, and shah
cause the same TO be published i'll at least two of
the city papers for one month together with a
statement of the assets of the association dis
tingushing the portion of same which is cash and
the portion thereof invested in securities and the
nature Thereon. rms puohcatlon shall De made
under oath of the president and secretary, and
shall be conclusive and binding upon all persons
interested
q The annual statement to be made in January
1871 and 1872, above provided for, shall be made
up to December 81 preceding, inclusive i'll the fol-
lowing manner to Wit: l. Showing the amount of
premiums received on fire, river and marine risks
each deducting therefrOm the amount of same
not terminated. 2. Showing the amount of losses
paid on e,river and marine risks, each, and rein
suIance. 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 insurauces effected by them.
2. But i'll the year 1872, and in each and every
year 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, to which shall be added two and
half per cent profits paid to the stockholders,
their stock PAID III full or on such part the reOt that
shall have been paid, and the amount thus formed
shall be paid pro rata by the parties insuring
the earned premiums of the sums insured.
g. The statement TO be made within the months
of April July, October and January, above pro-
vided for shall be made to the thirty-tirst of
March, thirtieth of June, thirtieth of September
and thirt y-tlrst of December preceding inclusive
and shall be published as above provided for in
section of Article six for the annual statements
to be made i'll January, 1871 and 1872.
ARTICLE VIII.
l. All the powers of the association shall be ex-
ercised by Board of Directors to consist of twelve
persons, five OF whom shall form quorum for
the transaction of business.
2. The first election of directors of the associa-
ton sail be eld on the fourth Monday of Decem-
Der. 1870, and thereafter on the said day in each
year, at such place i'll the city of New Orleans as
the Board of Directors shall designate, of which
the president shall cause at least fifteen days pre-
viOus notice TO be given in two of the public
newspapers printed i'll 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 fill such vacancies.
3. 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
A. Those persons receiving a plurality of votes
shall be considered duly elected In the event of
election taking place on the day aforesaid, the
president shall cause another election to take
place within ten days thereafter, and give notice
of the same by advertisement in or more of
the public newspa pers published in this city.
$. The Board of Directors shall annually at their
first meeting, elect president who shall, on his
election, be eX-oficio member of the Board of D-
rectors and who shall hold his Office until his