New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-05-25
Avs. oF zee sTATE Of LOUISIANA
PUBLISHED BY AUTHORITY.
AN ACT

AN ACT
To establish the Underwriters Association,
Of New Orleans.
WHEREAS, Large sums of money have
been, and are being, withdrawn from the
State by premiums of insurance paid to the
agents of foreign insurance companies To-
Gated doing business within the State;
therefore,
SECTION l. Be it enacted by the Senate
and House Of Representatives of the State
of Louisiana in General Assembly con-
vened, That the following named insurance
companies, chartered under the laws of this
State, and now comprising the Board Of I'm
derwriters of New Orleans, viz: The Crescent
Mutual Insurance Company, the Home Mu-
tual Insurance Company, the Sun Mutual
Insurance Company, the Louisiana Mutual
Insurance Company, the New Orleans
Mutual Insurance Company, the Factors
and Traders Insurance Company, the At
lantic Insurance Company, the Commercial
Insurance Company, the Union Insurance
Company, the Hope Insurance Company,
the Germania Insurance Company, the
Delta Insurance Company, the Mechanics
and Traders Insurance Company, the Ieu-
t0nia Insurance Company, or either two or
more of them, and their associates or sue
cessors, be and are hereby incorporated
under the name and style of "The Under
writer's Association of New Orleans" and
under this name shall exist for the term of
twenty-five years, and shall be capable, for
the purposes of this act and for all other pur-
poses incident to like corporations, of insuF
ing fire, marine, river and inland risks, and
for this purpose shall have power TO estab-
Iish agencies in this and other States of the
Union, or elsewhere The capital stock of
said association shall be three millions of
dollars, with leave to increase the same to
ten millions, which capital stock shall con-
sisr of the several and united subscriptions
of the aforesaid insurance companies and
their associates or successors, and the capt.
tai and assets of each company so sub
scribing shall be liable for the full amount
Of its subscription. The association may
commence business when the subscriptions
shall have reached one million of dollars.
SEC. 2. Be it further enacted, ETC., That
each of the aforesaid insurance companies,
their associates or successors, are hereby
authorized and empowered, through its
president or vice president, to subscribe to
the capital stock such an amount as shall
be authorized By vote of majority of its
trustees or directors.
SEC 5. Be it further enacted, etc. That
the president or vice president of each
subscribing company, for the time being,
shall be ex oficiO director of this assOcia-
ton, and the board of directors so formed
and constituted shall manage and control
all its affairs. They shall, at their first
meeting, elect one of their members as
president, also one as vice president, and
shall annually thereafter, on the second
Wednesday OF December in each year, elect
as above president and vice president, to
serve one year from the second Wednesday
of january next ensuing, or until their sue
eessOrs be elected. The fiscal year of the
| association shall terminate on the thirty
first Of December of each year. The board
shall elect secretary, general manager
of agencies and appoint such clerks and
employees as in their judgment may be
proper and necessary to carry out the pur-
poses and objects of the association, who
shall hold their places or appointments only
for and during the pleasure of the board.
The board shall fix and determine all the
salaries or cOmpensatiOns of the officers,
agents, clerks and employees of this associa-
ton, and shall have power to make and
form all bylaws which in their Judgment
may be for its best interest Persons insur-
ing with the association shall in no manner
be interested in the gains, profits or loss of
any of the companies forming tbs association.
The corporation shall have a seal, and the
device on the same shall be the insignia,
american shield = motto, " e Pl1t1ibus
U1tgtnt," with the name of the CORPORATION
in the margin. The domieile of the asso-
citation shall be in New Orleans, and it NAV
sue and be sued, plead and be implicated in
any legal court of justice, within any of the
United States of America, or under any
other government, where an agency of the
corporation may be established. The pres
ident and such agents as shall be author
lied by the board, shall be the proper per-
sons on whom to serve citations. The asso-
citation may at any time reinsure any of the
risks under its policies, and may reinsure
the risks of other companies, and this asso-
citation may be dissolved by vote of a
majority Of its directors, representing a
majority of the subscriptions, after which
no new risks shall be taken; but the LA
bility of each company forming this asso-
citation shall continue until the expiration or
cancellation of all its policies. The liability
of each insurance company, subscribing to
the capital of this association, shall be linn
tied to the amount by it subscribed
tSigned) o. II. BREWSTER,
Speaker of the House of Representatives.
(Signed) p. b. S. PINCHBACK,
Lieutenant Governor and President of the
Senate
Approved May IL, 1879.
(Signed) II. G. WARMOTH,
Governor of the State of Louisiana
A true copy;