New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-01-14
CORPORATIONS.
CHARTBR............. ..ChARTEks
UNITED STATES OF AMERICA, STATE OF
LOUISIANA.
CHARTER;

QUARTER. ACKNOWLEDGEMENTS. ..CHARTEkt
UNITED STATES OF AMERICA. STATE oP
LOUISIANA.
PARISH OE ORLEANS, CITY OF NEW ORLEANS,
Be it koown that on this thirty first day of the
month OF December, in the year of our Lord one
Thousand eight hundred and seventytwo, and OF
the Independence of the United States of America
the ninety before me, Gustsve lie Gardeur.
Jr., notary pu bic, duly commissioned and swo rnD
in and for the parish and city aforesaid therein re-
siding and in the presence of the witnesses herein
aft named and undersigned personally came and
appeared Charles Cavaroc Esq, of this city presi-
dento the NEW ORLEANS MUTUAL INSURANCE
laws OF this State. and having ts domicile in this
parish OF Orleans the said appearer herein acting
IN ms Aforesaid capacity by virtue of resolution
ton, at their sitting Of the twenty first day of
December, eighteen hundred and seventy-two, Il
certified copy whereof is hereto annexed for refer
ence.
Which said nppearer declared in his said capas
city, that in order to carry into effect and causing
to be recorded the resolutions adopted at gene.
raj meeting of the stockholders of the said corpora
ton, held on the twentieth day of December 1872,
pursuant TO call made by the said Board OF D.,
| rectors tcialy for the purpose of taking into
! amendments proposed 10 the charter or act of in
| corporation OF the said New Orleans Mutual In
| suranCe Association, by the Board of Directors at
their sitting of the eighteenth day of Novembers
1872, which said call was advertised by notice. tga
| lished in the city of New Orleans, from the ninea
teenth day of November last until the day of hold.
ing said general meeting, as will more fully appear
by reference to the annexed certified copy of the
| proceedings of the said general meeting of the
| stockholders wherein stockholders owning and
representing in the aggregate seven thousand
eight hundred and ninety two shares of the capta5
stock OF the said corporation, being XII the stock
represented said general meeting, voted in favor
| of the adoption of the said amendments, being
| more than three-fourths, as required by law
He the said aPpeafeI, acting IN ms aforesaid
| the stockholders of the said New Or
| leans Mutual Insurance Association declare, pro
hltaNf hn ina mt n
| charter or act OF Incorporation of the said New
Orleans Mutual Insurance Association, lich have
| been unanimously adopted at the said general
meeting of the stockholders of the said corpora
hon, TO be heHcefortb binding and obligatory upon
| the Stockholders of the said corporation and al
| others 'gh0rl me shall or may concern, anf9
that the charter act of incorporation of the said
| New Orleans Mutual Insurance Association is ao-
| cordingly amended in the manner following
| to wit:
Firstly-Thai section one of article three of the
act of incorporation be amended so as 10 read Rs
| ARTICLE III.
SRCTIoE l. The capital stock of this association if9
hereby xed The of three millions of dollars,
| of which the million of dollars already sub
| soribed and issued shall form part The remaining
two millions of dollars of stock shall be created ana
| Whenever sthe special fund created and estab
lshed under section three of article seven of this
| act of incorporation shall amount to the sum eft
one million of dollars stock TO that amount shall
be apportioned and allotted to the stockholders OF
the association, in the ratio in CHI they shall
then respectively be holders of the origin al one
l
| Gates Of stock, emitting them to ten per cent per
| annum interest and privileges attached to said
| original stock, shall be issued to them accord
ingly.
Win, never, aft the allotment and issue of one
million of dollars of additional stock aforesaid,
the special fund created and estabh shed by section
threeOf article seven shall again amount to one
million of dollars, new apportionment and allot-
| ment of stock aud new issue of certificates of
| stock shall be made to the stockholders of the
sociatien. in the ratio in which they shall then be
holders Of the first two millions of dollars of the
|
| the same rights and privileges the prior issuea.
And after this second allotment and issue of adj
| ditonal stock the special fund established for this
purpose of increasing the stock of the associations
| as aforesaid shall cease 10 exist.
| Second-That article seven of the act of incOso
poiation be amt nded 80 as to read as follows:
ARTICLE VII
| SECTION !. Prom and after the beginning of tl&s
third year the stockholders shall pay premiums
| on the assurances effected by them.
| SEC. 2. But on the last day of each quarter the
| president shall cause to be made statement CO
| the losses and expenses of the association, to-
which shall be added two and a hal per cent in
| terest, TO be paid to the stockholders theia
stock paid in fun such part thereof as shall
| have been paid, which said statements shall be
published as provided for in section one of article
| six for the annual statement to be made in jamie
SIC. 8 At the same time as this guar terly state
| ment shall be rendered a call shall he made
each in5uring stakeholder for contribution 90
| sixty-tive per cent on the premiums of the SUNG
| insured for by him, earned during the expiring
quarter, which said contribution shall be paid at
fhe office of the association Immediately after thts
and such call shall be published three times in
F1east two newspapers printed in the city of New
Orleans. The amount so collected shall be sI&
piled first to cover the losses, expenses and in
| terest specified in the last quarterly statemenT
stitute a special fund for the increase of the capt
| tai stock, provided in section of article
three of this act of incorporation.
SEC 4. Ii the amount of the losses, expenses and
| interest due to stockholders specified in the quar-
| terly statement exceed sixty-ive per cent Of the
| premiums earned during the xpiring quarter but
|
premiums then contribution shall be made and
| called for only for sum sufficient TO cover said
! losses. expenses and interest
| SEC 5. And if the losses, expenses and interest
| incurred during any one quarter amount to a sum
| exceeding the premiums earned duong said quar-
ter, the Dsuring Stockholders shall be called upoI9
! and required TO pay in full the premiums earned
during said quarter on the insurances effected by
| them, and the excess shall be taken from the
special fund set apart to increase the capital stock
provided in section three of this article, to the
extent of the amount of said special fund; and II
| that be insufficient from the other available
sources of the association as provided IN this act
| of Incorporation.
SEC g. After the capital stock of the association
shall have attained the sum OF three millioAA
| Of dollars, as provided Ia article three NJ
| contribution shah be called for of the insuriDg
| stockholders for an amount exceeding the sum OF
the losses, expenses and two and a half per cent
interest to the stock holders, ascertained and de-
elared in the quarterly statement, made and pubc
| lished by virtue of section two Of this article.
SEC. T. Nc party insul ing shall be liable for con-
tribHtlons provided in this article to an amount
exceeding the premiums on assurances effected by
| him.
Thirdly-That article nine of the act of incorpo~
| ration be amended to read as follows:
| ARTICLE TX.
| SECTION l. II shall he lawful for the Board OF
| Directors to invest the capital stock and other
moneys of the association in bends, bills, and notes
| and in mortgages real estate They may also
| invest the capital stock and other cash funds Of
the association in any bonds stocks created by
| or under the laws of the United States, of this
State, of corporations of this State loan its
funds on pledge of any of the aforesaid public OF
| private securities, bonds or stocks.
SEC. 2. 1t shall be lawful also for the Board OF
| Directors to purchase any property real or peI9
| sonal
| wherefore the said Charles CavarOc moreover
| declared in his said capacity that by virtue OF
the powers in him vested by the aforesaid resOlu.
| ton, and in order to more fully carry into effect
and make known that sections of article three,
article and article nine of the charter act
| of incorporation Of the said New Orleans Mutual
| Insurance Association have been changed and
| amended as to read and be as is hereinabov0
| written; and he hereby authorizes and requires
the recorder of mortgages in aud for this city and
parish to record eaid amendments ON the books Of
| his office, as is required BY law.
Thus done and passed at New Orleans, In my
Office the day, month and year frat above written,
in the presence of Armand Pilot Jr., and Ambrose
| g. La Pce, competent witnesses, who have signed
with the said apl carer and me- notary, after read
| ing the whole.
Original signed:
G. CAVAROC,
A. Pilot, JR.,
| A. q. LA PICB.
G. LBGARDBUR, yr., Notary Public.
| I uudprgiOuei. DpUuty Mort