New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-01-09
UNITED STATES OF AMERICA STATE Oh
LOUISIANA
PARISH OF ORLEANS, CITY OF NKT ORLEANS

| 4 tHARTEh......''..:.. ..........CHART
UNITED STATES OF AMERICA, STATE OBJ
LOUISIANA.
PARISH OF ORLEANS, CITY OF EEF- ORLEANS,
| Be it known that on this thirty first day Of the
month OF December in the year orr Lord one
| thousand eight hundred and SEVENTY. gNO and of
the indepenc ence of the United States OF America
the ninety seventh before me, Gustave i Gal.i, r
Jr., notary public, duly commissioner and swc H.
in and for the parish and city aforesaid therein re-
siding and in the presence of the witnesses herein
afe nanl-d and undersigned, personally came and
appeared Charles Cayaroc, ESQ of this city presi-
| ASSOCIATION, a corporation organized under the
| laws of this State, and having its domcile in this
in his aforesaid capacity, by virtue of resolution
adopted by the Board OF Directors of said corpora
ton, ~ their Sitting OF the twenty hrst day OF
certified copy whereof is hereto annexed tor refer
| ence.
| Which said appeaTer declared in his said capa-
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
| tion held on the twentieth day of December 1877,
pursuant to d call made by the said Board of .Di-
| rectors specially for the purpose of taking into
| consideration, and voting upon the adoption of
| amendments proposed to the charter 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 November,
1872. which said call WAS advertised by notices in
| the New Orleans Republican. q newspaper pub
| lshed in the city of New Orleans, from the nine
teenth day OF November last until the day of hold
Ing said general meeting, as will more fully appear
| by reference 10 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 shares of the capital
stock of the said corporation, being all the stock
represented mt said general meeting voted in favor
| OF the adoption of the said amendments being
| moro than three-fourths as required by law.
He, tne said appearer. acting in his aforesaid
| capacity, does, by these presents, in behalf of
| the stockholders of the said New Or.
| leans Mutual Insurance Association, declaIe, pro-
| i'm liSh tha sal6 ann sfnan tn ha
| charter act of incorporation of the said New
| Orleans Mutual Insurance Association, hich have
meeting Of the stockholders of the said corpora
ton, to be heneeforth binding and obligatory upon
tire stockholders OF the said corporation and all
| Others whom the same shall or may concern, and
that the charter act of Incorporation of the said
| New Orleans Mutual Insurance Association is ac-
cordingiy amended in the manner following,
| to wit:
Firstly-That section one of article three of the
| act of incorporation be amended SO as TO read Az
| follows to Wit:
| ARTICLE ILL.,
SECTION l. The capital stock of this association is
hereby fixed at the of three millions of dollars
| OF which the one million of dollars already sub
two millions OF dollars of stock shall be created and
| issued as follows:
| Whenever the special fund created and estab-
lished under section three of article of this
| act Of incorporation shall amount to the sum eff
one million of dollars stock to that amount shall
be apportoned and allotted to the stockholders of
the association, in the ratio in which they shall
then resp ctively be holders of The original one
|
Gates of s'ork, emitting them to ten per cent per
| annum interest and privileges attached to said
| original stock. shall be issued to them accord
ingly.
million of dollars of additional ST ok as aforesaid
the special fund created and sra II he'd by section
three OF article seven shall again aneunt to one
! million of dollars, new apportonment and allot-
| ment of stock and new issue of certificates of
stock shall be made to the stockholders of the
socatien in the ratio in which they shall then be
holders of the first two millions of dollars of the
capital stock and emitting the bearers thereof to
the same high s and privileges as the prior issues.
dtional stock the special fund established for the
purpose of increasing tho stock of the association
| as aforesaid, shall cease TO exist.
Second-That article seven of the act of incor-
| po,ation be amended SO as to read as follows:
ARTICLE VII.
| SEGTIoH l. From and after the beginning OF the
third year the stockholders shall pay premiums
| on the insuranees effected by them.
SEC. 2. But on the last day of each quarter the
president shall cause to be made statement Of
| The losses and expenses of the association, to
| which shall be added two and a bali per cent in
| terest, to be paid to the stockholders ON their
stock paid in fun, such part thereof shall
| have been paid, which said statements shall bo
published as provided for in section one of article
six for the annual statement to be made in Janu-
| ary, 1871 and 1872.
SEC. B. At the same time as this uaIterly state
| ment shall be rendered call shall be made
| each insuring stakeholder for a contribution of
| sixty-fve per cent on the premiums of the sums
| insured for by him, earned during the expiring
quarter. which said contribution shall be paid at
| the office Of the association immediately after the
|
and such can snail be published three times in at
| least two newspapers printed in The city of New
! Orleans. The amount SO collected shall be APP
| piled first to cover the losses expenses and in
terest specified in the last quarterly statement,
and the surplus, if any, shall be SET apart and con-
situte special fund for the increase of the capt.
| tai ,ock, provided in section one of article
| three of this act of incorporation.
SEC: d. II the amount of the losses expenses and
interest due to stockholders specified in the quar-
terly statement exceed sixty-hve per cent of the
premiums earned during the expiring quarter, but
| HxCegd AUTrPUatA
premiums, then a contribution shall he made and
called for only for sum sufficient to cover said
| losses, expenses and interest.
SIC. 5. And If the losses, expenses and interest
| incurred during any one quarter amount to a sum
exceeding the premiums earned during said quar-.
ter, the insuring Stockholders shall be called upon
| and required to pay in full the premiums earned
| them, and the shall be taken from the
special 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 if
that be insufficient, from the other available
sources of tho association, as provided III this act
of incorporation.
SEC 6. After the capital stock of this association
snail have attained the sum of three millions
of dollars, a. provided in article three, no
contribution shah be called for of the insuring
stockholders for an amount exceeding the sum of
the losses, expenses and two and a half per cent
interest to the stockholders, a cerained and de-
cl8red in tho quarterly sta ement IN, de and pub
iisbed by virtue Of section two Of this article.
SEC I. No party insuling shall be liable for con-
tIibutons as provided in this article to an amount
exceeding the premiums on assurances effected by
Thlrdly-That article nine of the act Of ineOrpo-
ration BE- amended SO as to read as fol ows:
ARTICLE TX.
SECTION |. 1t shall he lawful for the Board OF
Directors to invest the capital stock and other
moneys of the associate in bends, bulls, 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
| under the laws of the United States, of this
STATE of corporations of this state. or loan iS
funds pie dye OF any of the Aforesaid public or
| private secur ties, bouds stocks.
SIC. 2. II shall be lawful also for the Board 90
Directors to purchase any property, real or per-
| sOnal
| Wherefore the said Charles Cavaroc moreover
declared in bis said capacity, that by virtue Of
the powers in him vested by the AZORES Id resOu-
| ton and in order to more fully carry into effect
| tho aforesaid amendments, he does hereby declare
and make known that sections one of Article three
tcle seven and article nine of the charter aes
! of corporation of the said New Orleans Mutual
! Insurance Association have been changed and
! amended so to read and be Is hereinab0vs
| written; and he hereby authorizes and requires
the recorder of mortgages in and this city and
| p4rish to record said amendments on the books OF
| his office, as is lequred by law.
! Thus done and passed at New Orleans, in my
office the day outh and yeaI first above written
! in the presence of Armand PILOT. w. and AmbroSo
| g. La PiCe CON peteut witness who have signed
with the said aPpearer and nae, notary, after reads
| ing the whole.
Original signtd
, G. CAytROC
4. Pilot, JR.,
| A. @. La PICF
| g. LBGARDkuR, Jr., Notary Public.
H., o.. Nk