New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-07-06
CORPORATIONS.

| cause themselves to be reinsured against any o.
| all risks upon which they have made or shall
make insurance; to establish agencies il this State
| and IN the other States of the Union.
| ARTICLE
I The capital stock of this company shall be two
hundred and fifty thousand dollars with the priv
| ilege OF Increasing said amount to five hundred
thousand dollars) divided into ter thousand shares
of twenty five dollars each. All persons subscrb
ing to the capital stock of this company shall pay
at the time Of subscription fifty per cent Of the
their note for the balance remaining unpaid said
notes TO be made payable on the first day OF July
in article six of this charter should however, the
dividends of the company be such that after being
apportloned pro rata among the STOCKHOLDERS, the
dividends thus declared should be sufficient to ex-
tinguish the face value Of said notes thus given by
the stockholders. before the end of the sec
opd fiscal year vz-the first day of July 1875 then
| said notes are to be cancelled: and every year
thereafter the dividends OF the company are 10 be
paid cash ntil the capital stock of the company
is full paid up and interest dividend of ten per cent
cash on the amount paid III shall be allowed
to stockholders at the end OF each fiscal
year. In addition 10 the capital stock
created, to consist Of all interest received, of
profits Oh loans. and investments, and of all
nliums, and from this fund dividends of interest
shall be made to stockholders
Transfers of stock shah be made on the books of
the company, at its Office in the city of New Or
leans. only ON demand of the Legal holder thereof
and the surrender of certificates.
ARTICLE V.
All .he corporate powers appertainirg 70 this
company hereby vested il and shall be eXer-
csed by tie president and secretary and Board
of Trustees not exceeding eleven persons, lncluG-
ing the president who shall be selected from stock
holders holding not less than twenty i've shares OF
the stock of this company in Their own name, four
of whom shall form quorum for the transaction OF
business The officers OF the company shaI! consist
OF president, secretary and superintendent OF
agencies, and such other officers and employees as
fha nre Gji m ga
An election for officers apd trustees OF this COM
pany will be held every two years, commencing on
the first day OF July, 1875 and every alternate
The president shall be chosen from among the
members Of the Board of Directors, by the mem
beers thereof. Immediately after their election.
The following named persons are hereby consti-
tuted president. secretary AMI trustees of this
company, ard shall hold their respective positions
until the first day of July 1875, David Leubre.
president: Frederick A. Johnson, secretary; vii.
liam H. Decker. Z. S. Drew. A. NJ. Muller and David
The president shall preside at all meetings of
the board and at the meetings OF the stoC kbold-
FRS Of the company The president shan nave
the board prescribed in this article, and also of
all employees and agents. He may, whenever he
deems it not injurious to the interests of the
pany grant leave of absence to the trustees and
to the officers and employees Of the company,
The president and secretary shall sign all poll
cies checks, receipts. and certificates Of stock.
In the absence of the president, the chairman OF
the stnance committee shall act as president pro
tempore and shall sign all policies and checks.
The superintendent of agencies shall have
charge of the age cy department of this company;
under the immediate supervision and control OF
'O ARTICLE vi.
The trustees are hereby empowered, whenever
the necessities Of the company should require it.
to make calls upon the stockholders for such
amounts, not exceeding ten per cent OF the un-
paid portion Of the capital stock at any one time
after giving thirty days notice to that effect III
two of the newspapers of the city OF New Orleans
for the losses of the company in any larger sum
than the amount of his her or their subscription
to the capital stock. or his her or their indebted
to the company. Transferees OF stock not
fully paid up shall assume all Indebtedness there
on and the same shall be approved by the Board
"a ~ ARTICLE VII.
Every FIVE shares OF the stock Of this company,
held by stakeholder thereof shall entit!e the
holder Their of to vote, and the holder of any
fractional number of shares, less than five shares.
shall! be entitled to one vote.
ARTICLE VIII.
There shall be made on the second Wednesday
of August. commencing with the year 1874 an an
nual statement from the books of the company,
showing, up to the first day of August of said
year. the total amount of premiums received from
expenses of the company up to date, and the
balance O. profit and loss. the whole to be sworn
and published ten times during said month of
August IN two newspapers of the city OF New Or
leans.
II is hereby provided that ten per cent Of the
net profits Of this company, derived from the
local business of the city of New Orleans shall be
Association Of the city of New Orleans, aud that
the amount above designated shall be paid annu.
ally the authorized representative of said asso.
citation.
This company may organize local boards in other
States to whom shall be reserved fifty per cent OF
the funds derived from the net premiums received
in the places where they may transact business,
provided that at least one Thousand shares shall
have been subscribed in the State, at least five
hundred shares in the city or town in which any
such board may be established. Fifty per cent of
the cash funds thus entrusted to the care of the
local board may be invested this charter pro:
management of the local board of said city or
State. The losses that may occur ny FIRE, where
local boards established shall be paid from
the funds in the possession Of such local boards.
and reserved to their control by the provisions OF
monthly report to the home office, in the city of
New Orleans, stating therein the amount of pre-
miums handed to them by the general. special or
cured, the interest derived therefrom, and the
cash funds remaining in their possession, and
where deposited. Said statement to be duly signed
and authenticated by the president and secretary
OF said board. All local boards, the president and
secretary thereof included, shall perform the du
ties herein prescribed and assigned .ratu itously
ARTICLE XII
There shall be a quarterly meeting Of the Board
of Tru tees, to be held the first Wednes day OF
August November. February and May OF each year.
and the president may convene the board when
ever he may think proper to do so, or wheneverIe
quested to do IN writing by five members thereof
ARTICLE XII.
II shall be lawful for the Board of Trustees 10 in
vest the capital stock and such other moneys as
may come .lnder their control in bonds and mort
cages on unincumbered and improved real estate
in the city of New Orleans, to an amount not ex-
ceeding $4,000 and in every case the property
shall be worth twice the amount loaned thereon;
they may also invest the capital stock and other
cash funds in the stocks created by or under the
laws of the United States, or of this State. OF OF
other States, and may loan the same upon receiv-
three-fourths the par value of the same. They
shall make such other disposition of the moneys of
the company as thev may deem conducive to the
interests OF the company.
ARTICLE XIII.
Tho stock holders Of the company at a genera,
meeting to be convened for that purpose after
thirty days notice in two Of the newspapers pub
lshed in this city. shall have power to make any
INCORPORATION, to dissolve the company pro-
vided three-fourths of the stockholders of the
company present at, or represented BY proxy at
measures, and any and all such changes, additions.
modification dissolution shall be recorded and
published as required by law. In the event that
the same should become necessary the liquidation
of the affairs of this company shall be made by
three commissioners. to be appointed at the meet
ing ueTeludDoVt pTONlUcu uo uutv VI sstlu
commissioners shall be to liquidate finally all the
business of this company on such terms and in
such manner as shall be determined at the meet
ing by majority of the stockholders present or
ARTICLE XIV.
The names OF the stockholders Of this corpora
ton and the number of shares possessed by each
are declared to be those subscribed to this act.
Thus done and passed in my HOtarial office. at
Il 0 city of New Orleans, State aforesaid, in the
presence of Ernest g. Mehnert and Victor Livau-
taYt -nA 1inn in tic PJty
herellnta slltiscriha their m fi&r