New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-01-10
CHARTER

true copy:
A. Prror. Jn., Notary Public def law At
QUARTER. ...................CH CHARTER
UNITED STATES OF AMERICA. Stair %
LOUISIANA
PARISH OF ORLEANS, CITY OF Nssw ORLEANS
Be il known that on this thirty first day Of the
month of December, In the year OF our Lord one
thousand eigst hundred and seventy.two and OF
the independence of the United States of America
the ninety seventh before me- Cast we LIE Gardeur
Jr., notary public, duly commissioned and sworn.
In and for the parish and city aforesaid therein re-
siding, ard In the presence OF the witnesses herein
after named and undersigned, personally came and
dent of the NEW ORLEANS Mutual INSURANCE.
ASsOCIAr1ON, q corporation organized under the
parish Of Orleans. the said alpesrer herein acting
in his 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 seventy two, q
certified copy uhereof 10 hereto annexed for refer-
ence.
Which said appearer declared In his said capa-
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 corpora.
ton, held on the twentieth day OF December, 1877
pursuant to a call made by the said Board Of Dr.
constdera ion and voting upon the adoption Of
amendments proposed 10 the charter act of in
corporation of the said New ORR, ans Mutual In
surance Association, BY the Board of Directors az
their sitting of the eighteenth day of November
1872 which said call was advertised by notices in
the New Orleans Republican, a newspaper pub
lished In the city of New Oreans, from the nine
teenth day Of November last until the day Of hold
by reference to the annexed certified copy u the
proceedings Of the said general meeting OF the
stookhoders wherein stockholders owning and
representing In the aggregate seven thousand
eight hundre and ninety two shares OF the capital
stock OF the said corporation, being all the stock
1T said general meeting, voted in favor
of the adoption Of the said amendments, being
more than threefouIths as required by law.
capacity does, by these presents, in behalf %
the stockhclders of the said New Or
leans Mutual Insurance Association declaI Q, pro-
claim and publish the said amendments 10 the
charter or act OF incorporation of the said New
Orleans Mutual Insurance Association, " hieh have
meeting of the stockholders of the said corpora
ton, to be henoeforth binding and obligatory upon
the stockholders OF the said corporation and all
others " bonn the same shall may concern. and
that thu charter act of incorporation of the said
New Orleans Mutual Insurance Association 70 40
cordingly amended IN the manner following.
Frstly-That section one Of article three of the
act of Incorporation be amended 30 ~ to read SO
follows, to Wit:
SECTION l. The capital stock Of tbis association
hereby fixed Ut the SUM Of three millions of dolrs
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 toll0we:
Whenever .1he special fund created and estab-
lished under section three of article of this
act of incorporation shall amount to the sum Of
million of dollars, stock to that amount shall
be apportioned and allotted to the olders Of
the association, in the ratio in which they shall
then resp ctively be holders of The on NJ one
million OF doars of the capital stock aud certif-
Gates of sOck, emitting them to ten per cent peg
annum interest and privileges attached to said
original stock, shall be issued to them accOrfR
ingly Z. Dsver After the s,otmsrt and ,..r. q, ana
million OF dollars of ddition8 81 Ok aforesaid,
the special fund created and estsl he'd by section
three of article seven shall again amount to ons9
million of dollars, new appOrtionment and an0t-
ment of stock and new issue of certificates %
stock shall be made to the stockholders Of the as
socialism In the ratio in which they shall then be
holders of the first two mlons OF dollars of the
capital stock and emitting the bearers thereof to
the same rights and privileges the prior issuee.
And after this second allotment and ISSUE OF sd-
dtional stock the special fund ablished for tho
purpose of increasing the stock of the association.
as Aforesaid, shall cease 10 exist
SeconG-That article seven Of the act Of incor-
POI alton he anne nded 30 IS to read as follows
ARTLCLR VII.
SKcTIos l. Prom and after ne beginning of the
third year the stockholders shall pay premiums
on the insUrances effected by them.
SIC. D. But on the last day of each quarter tho
president shall cause TO be made a statement Of
The losses and EXPENSE of the association, to
which shall be added two and balt per cent In
tsrest, TO be paid to the stockholders on their
stock paid In fni or on such part thereof az shall
published as provided for in section one of article
six for the annual statement to be made In Jsnu-
airy, 1911 and 1872.
Sko. ,. At the same time rs this guar terly state
ment shall be rendered call shall be made
each insurtng stOckbolder for u contribution OF
sixty fve per cent on the pre- ums of the sums
insured for by him, earned during the expiring
quarter, which said CONTRIBUTION shall be paid at
the Office of the association imme di ately after the
first publication of the call made for the sames
and such call shall be published three times in at
least wspapers printed i'll he city of New
Orleans. The amount collected shall be ap-
piled first to cover the losses, expenses and in
terest spec fed in the last quarterly statement
and the surplus If any, shall be set apart and
stitute special fund for the increase of the capt
tai sock, AS provided In section one Of article
three OF Ibis act of incorporation.
SRc. 4. Ir the amount Of the losses expenBes and
interest due to stockholders specified in the quar-
premiums earned during the expiring quarter. but
do not exceed the aggregate amount OF said earned
premiums then a contribution shall be made aad
calico for only for o sum sufficient to cover said
losses, expenses and interest.
SSa. 5 And If the Losses, expenses and interest
incurred during any one quarter amount to q sum
exceeding the prem ums earned during said quar-
ter the insuring stock hoders shall he called upon
and required to pay in full the premiums earned
them, and the eIetss shall be taken from tbs
special fund set apart to increase the capital stock
provided in section three of this article to tho
extent of the amount of said special fund; and II
that b. insufficient, from the other available re-
sources OF thu association 90 provided In this set
of incorporation.
SEC 8. After the capital stock of this association
shall have attained the sum of three millions
Of dollars, provided 10 article three.
contribution shall be called for of the insurfDg
stockholders for an amount exceeding the sam OF
tn. losses ex peAses aud two asd half per cent
interest to the stock holders, o cert aimed and ds-
elared IN the quarterly sta ement, made and pub
lisbed by virt ne VI section two If this aIticle.
SEC. T. No party insurirg shall be liable for con-
tibuti0ns provided In this article TO an amount
exceeding tho premiums on assurances effected bI
him.
Thjrdly-That article nine of the act Of ineczpe.
ration DO amended 80 as to read as fOlo~s
ARTICLE TX
SECTION /. Il shall he lawful for the board OF
Directors to invest the capital stock snd other
moneys of the associate In bends bills, and notes
and in mortg ages real estate. They may Also
invest the capital stock and other csSh funds VI
the association In any bonds or stocks created By
State of corporations of this stste or los. Its
funds pie dge Of any Of the Aforesaid public or
privat secur ties, bonds or >socks
sEo. 2. 1t shall be Lawful also for tbs Board OF
Directors 30 purchase eny property, real or per-
sonal
wherefore the said Charles Oavaroc moreover
declared in his said capacity. that by virtue 81
the powers in him vested by the azores i'd resoiu-
ton and In order to more Iully carry into .heo&
the aforesaid amendments, he does hereby declare
and make knoTn that ssCtons one Of rticlo three,
artiele and article nine Of the charter act
| of ireorpOra On Of the said New Orleans hataal
Insurance Association have ben changed and
| amended as to read and be rs Is horeiRabovo
written; and he hereby authorizes and TequtTo9
the recorder Of mortgages ia and this city and
parish TO record satd AM Bdments On the books OF
his Office. as Ia required by law.
Thus done and passed at New Orleans, In my
office the day month and year arst above writteR,
in the presence of Armand PilOt, Jr. and Ambrose
| G. ia Pice competent witDesseg, vine have signed
with the said sP carer and me- notary, after read
ing the whole.
| Original signed:
| q. CAvAROC.
| A. Pilot, JR-,
| A. @. LA PICR.
G. LEGARDEUR, Jr., Notary Public.
| J. the undersigned, Deputy k' corder OF Wort
cages for this parish and city OF New Oreans Stoa
a,urndn ent Of charter Only recorded thIs dag
IN this Office, in Book Society No. 3, toho 81