New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-01-21
CORPORATIONS,
CHARTER,

{ CHARTER. ..............CHARTER,
UNITED STATES OF AMERICA. STATE oE,
LOUISIANA
Be il known that on this thirty frat dav NJ tha
month of December, in the year of our Lord one
| thousand eight hundred and seventy-two and Of
| the Independence OF the United States of America
the ninety seventh before me- Gustave LIE Gartleur
Jr., notary public, duly commissioned and swor
in and for the parish and city aforesaid therein re-
siding and in the presence of the witnesses herein-
after named and undersigned, personally came and
dent of the NEW ORLEANS MUTUAL TNSURINCR
| ASSOCIATION, a corporation organized under the
laws of this State, and having its domicie in this
parish of Orleans the said appearer herein acting
in his aforesaid capacity, by virtue of resolution
adopted by the Board of Directors of said corpora
ton al their sitting of the twenty first day OF
December, eighteen hundred and seventy-two IN
certified sopy whereof is hereto annexed tor refe
6nce.
city that in order to carry into effect and causing
to be recorded the resolutions adopted at a gene.
raj meeting of the stockholders of the said corpor
tion held on the twentieth day of December, 1879,
pursuant to a call made by the said Board Of D
rectors specially for the purpose of taking mtg
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 80
their sitting of the eighteenth day of November,
1872. which said call advertised by notices, ii
the New Orleans Republican a newspaper px,c
lished in the city of New Orleans from the ninegg
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 ths.
proceedings of the said general meeting of the
stockholders wherein stockholders owning an63
eight hundred and nnety.t shares of the capital
stock of the said corporation being all the stOcBS
represented at said general meeting voted in favor
of the adoption OF the said amendments, being
more thar three-fou-ths, as required by law.
He, the sad appearer acting in his aforesaies
capacity, does, by these presents, in behalf os
the stockholders of the said New Or
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 W hich hav,s
| been unanimously adopted at the said genera
meeting of the stockholders of the said oorporss
tlon to be henceforth binding and obligatory upon
the stockholders OF the said corporation and all
others whom the same shall or may concern, ants
that the charter act of incorporation of the said
New Orleans Mutual Insurance Association is
cOrdingly amended in the manner following,
Firstly-Thss section one of article three of tbs
act of Incorporation be amended so as TO read ID
follows, to wit
SECTIoN /. The capital stock of this association "a
hereby fixed at the sum of three millions of dollars
| of which the one million of dollars already suls
| scribed and issued shall form part The remaining
two millions OF dollars OF stock shall be created an5
| issued as fOll0wS
Whenever the special fund created and estab-
lished under section three of article of thi3
| act of Incorporation shall amount to the sum Of
one million of dollars, stock to that amo unit shaS
be apportioned and allotted to the stOGkh oders of
| the association, in the ratio in which they shal9
then resp Ctively be holders of the orr gual Ona
million OF dollars of the capital stock and certifs
Gates of s;o k, emitting them to ten per cent per
| annum interest aud privileges attached TO sa@
original stock, shall be issued to them accOr8
| ingy.
; Whenever after the allotment and issue of ors9
million of dollars of additional stock as aforesaid,
the special fund created and established by sections
three of article seven shall again amount to Ons
million of dollars a new appOrtOument and allof-
ment of stock and issue of certifica ties O9
stock shall be made to the stockholders of the az
socaten, in the ratio in which they shall then BIO
holders of the first two millions of dollars of th7
capital stock and emitting the bearers thereof to
the same rights and privileges the prior issues.
And after this second allotment and issue of ads
dional stock, the special fund established for tho
purpose of increasing the stock of the associations
aforesaid, shall cease 10 exist.
SecOnd-That article seven of the act of inGEs
poIaton be amt nded so as to read as foliowS
ARTICLE VII.
SEc7Ios |. From and after the beginning of epGo
third year the stockholders sha4I pay premiun,9
on the assurances effected by them.
SEC 2. But on the last day of each quarter TIC
president shall cause to be made a statement %
the losses and expenses of the association, Is
which shall DO added two and a hair per cent in
terest 10 be paid to the stockholders on theta
stock paid in fun such part thereof shaiq
have been paid which said statements shall he
published provided for an section of articN
sin for the annual statement to be made in JnlUe
ary 1871 and 1872
ment shall be rendered call shall be made So
each nsuring stakeholder for a contribution %
quarter, which said contribution shall be paid at
the Office of the association Immediately after this
| first publication. of the call made for the same:
and such call shall be published three times al
| least two newspapers printed in the city of Ness
| Orleans. The amount 80 collected shall be aID
| piled first to cover the losses expenses and Is9
terest specified in the last quarterly statement
and the surplus If any shall be set apart and
sttute special fund for the increase of the CAPT
| tai stock as provided in section of article
! three OF this act of Incorporation.
4 of
interest due to stockholders specified in the quar-
premiums earned during the expiring quarter, bua
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 sait
] losses, expenses and interest
SEC. 5 And if the losses, expenses and nteress
incurred during any one quarter amount to a suP0
ter the insurng stockholders shall be called upon
and required to pay i'll full the premiums earned
during said quarter on the insurances effected by
| them, and the shall be taken from tho
special fund set apart to increase the capital stock
provided in section three of this article, to thss
| extent of the amount of said special fund.- and 10
I that be insufficient, from the other available
sources of tho association, as provided in this acS
of Incorporation.
SIC. g. After the capital stock of this associatio3
| shall have attained the OF three million
of dollars, provided in article three, ut
| contribution shall be called for m the insurinfs
| stockholders for an amount exceeding the sum o.
the losses ex penses and two and a half per cena
interest to the stockholders, ascertained and DIS
clared in the quarterly statement, made and puha
lished by virtue of section two of this article.
SEC. 7. No party nsuI ing shall be liable for con-
tributIons provided IN this article, to amount
exceeding the premium ms on assurances effected %
1 him.
Thirdlv-That article nine of the act Of incorlssS
| Satan bs elneuded so as to read as follows:
| ARTICLE TX
SEcTIos |. It shall ne lawful for the Boafd Csts
Directors to invest the capital stock and OtbeD
moneys of the association in bonds 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 thftS
State, of corporations of this State, or loan it
funds on pledge of any of the aforesaid public OB
| private securities bonds stocks.
| SIC O. II shall be lawful also for the Board oGl
| Directors TO purchase any property, real or peRs
| sonal.
1 Wherefore the said Charles Cavaroc moreoves3
] declared, in his said capacity, that by virtue Of
the powers in hin vested by the aforesaid resolu:
ton and in order to more fully carry into effecS
the aforesaid amendments, he does hereby declare
and make known that sections of article three,
! of incorporation of the said New Orleans MutuaA
Insurance Association have been changed and
amended so as to read and be as 10 hereinabOve
| written; and he hereby authorizes and requires
the recorder Of mortgages in and Tor this city and
| parish to record said amendments on the books OF
| his Office az is required by law.
Thus done and passed at New Orleans, in my
office, the day, month and year first above written,
| in the presence of Armand Pilot Jr. and Ambrose
| g. La PiCe competent witnesses, who have signed
| with the said appearer and me- notary after read
ing the whole.
Original signed:
| C. CAVAROC.