New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-01-22
CORPORATIONS.
Err, Recommendations,

|
| I An '..''.''.'. .CHAIlTER,
UNITED STATES OF AMERICA, STATE on
| LOUISIANA
PARISH OF ORLEANS, CITY OF NEW ORLEANS
| Be it known that on this thirty first dsv of tho
| month of December, in the year OF our Iord one
thousand eight hundred and seventy two and ~
the independence of the United States Of s, LII u
the ninety seventh, before me- Gustave LIE GARDEN
Jr., notary public duly commissioned and Az orn
in and for the parish and city aforesaid therein re-
siding and in the presence of the witnesses herein
| atie NAMED and undersigned personally came and
appeared Charles Cayaroc Eco Of this city. presi-
| ASSOCIATION, corporation organized under the
laws of this State, and having its domicile in ths
parish OF orleans the SAID appeaIer herein acting
IN MS aforesaid capacity By virtue of resolution
adopted by the Board OF Directors of said corpora
ton at their sitting of the twenty hrst day of
December, eighteen hundred and saventy.tyo a
certified copy hereof is hereto annexed Tor refer.
ence.
Which said appearer declared in his said cana
city, that i'll order to carry into effect and causing
to be recorded the resolutions adopted ut a 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 Di.
rectors specially for the purpose of taking into
considera ion and voting upon the adoption of
amendments proposed to 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 November,
1872, which said call was advertised by notices q
the New Orleans Republican, n newspaper ~
lished in the city OF New Orleans from the nine
teenth day of November last until the day of hold
ing said general M citing, 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 nlnetytwo shares of the capital
stock of the said corporation being oil the stock
represented at 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 apPearer acting in his aforesaid
capacity, does by these presents in behalf of
leans Mutual Insurance Association, declare pro-
claim and publish the said amendments to the
charter or act OF Incorporation of the said New
Orleans Mutual Insurance Association, " hich have
been unanimously adopted at the said general
meeting of the stockholders of the said c0rnora-
ton, TO be hencetorth binding and obligatory upon
the stockholders of the said corporation and ALI
others whom the same shall or may concern, and
that the charter act of incorporation of the said
New Orleans Mutual Insurance Association is ao-
cordingly amended in the manner following,
Firstly-Thav section one of article three of the
act of Incorporation be amended SO to read as
follows, to wit:
ARTICLE ILL.,
SKcr1oN l. The capital stock of this association ia
hereby liked at the sum of three millions of dollars
of which the one million of dollars already sub.
scribed and issued shall form part. The remaining
two millions OF dollars of stock shall be created and
issued as follows:
Whenever .the special fund created and estab-
hshed under section three of article seven of this
act of incorporation shall amount to the sum of
one million of dollars, stock to that amo unit shall
be apportioned and allotted to the sockh olders of
the association, in the ratio in which they shall
then respectively be holders of The orr gin al one
million of dollars of the capital stock and certi6.
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.
ingy
Whenever, after the allotment and issue of one
million of dollars of additional stock as aforesaid
the special fund ere ated and established by section
three of article seven shall again amount to one
al
ment of stock and new issue of certifca tea of
stock shall be made to the stOckhoders of the an
sociaten, in the alto in which they shall then be
holders of the first two millions of dollars of the
capital stock, and emitting the bearers thereof to
And after this second allotment and issue of adj
ditonal stock, the special fund established for the
purpose of increasing the stock of the association
as aforesaid, shall cease exist.
Second-That article seven of the act of incor-
poration be amended so as to read follows:
ARTICLE VII.
SECTION l. From and after the beginning of the
third year the stockholders shall pay 10 premiums
Oh the assurances 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 half per cent in.
terest, 10 be paid to the Stockholders on their
stock pad IN nun or on such part thereof 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 Janu-
airy, 1871 and 1872.
SIC. 3. At the same time this Gua terlv state
ment shall be rendered a call shall be made on
each insuring stakeholder for a contribution ~
sixty five per cent on the pre- iums of the sums
insured for by him, earned during the expiring
quarter w lch said contribution shall he maid AZ
the Office of the association immediately after the
first publication of the call made for the same;
and such call shall be published three times in at
least two newspapers printed in The city of New
Orleans. The amount SO collected shall be ap-
piled first to cover the losses, expenses and in
terest specified i'll the last quarterly statement
and the surplus, if any, shall be set apart and con-
sttute special fund for the increase Of the capt.
tai stock, provided in section one of article
three of this act of incorporation.
SEC. 4. If the amount of the losses, expenses and
interest due to Stockholders specified in the quar-
terly statement exceed sixty-fve per cent of the
premiums earned during the expiring quarter but
do not exceed the aggregate amount of said earned
premiums then a contribution shall be made and
called for only for sum sufficient to cover said
losses, expenses and interest
SEC S. 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 insuling stockholders shall be called upon
and required to pay in full the premiums earned
during sad quarter on the assurances effected by
them, and the excess shall be taken from the
special fund set apart 10 increase the capital stock
as provided i'll section three of this article to the
extent of the amount of said special fund; and il
that be insufficient from the other available re-
sources of tho association provided IN this act
of incorporation.
SEC. g. After the capital stock of this association
shall have attained the sum of three million,
contribution shall be called for OF the insurnR
stockholders for an amount exceeding the sum OF
interest to the stockholders, a:certaiDed and de-
clared in the quarterly statement, made and pub
lished by virtue Of section two of this article.
SEC. T. Ne party insuIug shall be liable for con-
tributlons as provided III this article to amount
exceeding the premiums on assurances ected by
him.
Thirdly-That article nine of the act of incorpo.
ration be amended so as to read as follows:
ARTICLE TX.
SECTION |. 1t shall he lawful for the Board o Z
Directors to invest the capital stock and other
moneys of the assoc ATTIC i'll bends bills, and notes
and III mortgages on real estate. They may also
the association iii any bonds or stocks created by
or under the laws of the United States, OF this
State, of corporations of this State or loan it's,
funds Oh pledge of any OF the aforesaid public or
pr ate securities bonds or stocks.
SEC. D. Il shall be lawful also for the Board o {
Directors to purchase any property, real or per-
sonal
Wherefore the said Charles Cavaroc moreove.
declared, in his said capacity, that by virtue of
the powers in him vested by the aforesaid resolu,
ton and in order to more tully carry into effect
the aforc said am' rdments, he does hereby declare
and make known that sections one of article three
article seven and article nine of the charter act
OF il corporation OF the said New Orleans Mutual
Insurance Association have been changed and
amended 50 as to read and be il heTe1nabOve
written; and he hereby authorizes and requires
the recorder of mOrtgages i'll and or this city and
parish 10 record said amendments on the books Of
his office is required by law.
Thus done and passed at New Orleans, in my
office, the day month and year first above WRITTEN
ill the presence OF Armand Pilot, Jr, and Ambrose
G. La PiCe competent witnesses who have signed
with the said appeaIer and me, notary, after read
ing the whole.
Original signed:
C. GAVAROC
A. Pilot, JR.,
A g. La PIC8.
g. LEGARDEUR Jr., Notary Public.
!, the undersigned Deputy Recorder OF Mort
cages for this parish and city of New Orleans State
nf LouIsiaua do hereby certify that the foregoing
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