New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-01-15
CORPORATIONS,
CHARTER 9

true copy.
| A. Prior. JR.. Notary Public. der law At.
CtHARTER.............. CHARTER
UNITED STATES OF AMERICA, STATE OF
LOUISIANA.
PARISH OF ORLEANS, CITY OF NEW ORLEANS
1 Be it known that on this tlirtysfrst 6av of this
| month of December, in the year OF our Lord one
| thousand eight hundred and seventy.tvo and of
| the Independence of the United States of Americas
the ninety-seventh, before me- Gustave lie Gardeur
| Jr., notary public duly commissioned and sW orn
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
appeared Charles Cavaroc ESQ.,, of this CITY presi-
| dent of the NEW ORLEANS MUTUAL INSURANCE.
| ASSOCIATION. a corporation organized under the
laws of this State, and having its domiele in this
parish OF Orleans the said appearer herein acting
in his aforesaid capacity, by virtue of resolution
| ton, at their sitting of the twenty first day 90
| December eighteen hundred and seventy two, o.
certified copy whereof is hereto annexed tor refer
enCe
! Which said appearer declared in his said capaa
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 corporas
tiOn held the twentieth day of December, 1872,
pursuant to a 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 or act of in
| corporation of the said New Orleans Mutual In
surance Association, by the Board of Directors, &c
| their sitting of the eighteenth day of November3
| 1872 which said call was advertised by notices TN
| the New Orleans Republican newspaper pes.-
| lished in the city of New Orleans, from the nine
teenth day of November last until the day of holds
ing said general meeting, will more fully appear
by reference to the annexed certified copy OS the
proceedings of the said general meeting of tho
| stockholders wherein stockholders owning and
representing in the aggregate seven thousanG
eight hundred and ninety two shares OF the capital
stock OF the said corporation, being ali 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, which have
| been unanimously adopted at the said general
meeting of the stockholders of the said corpora
ton, to be henceforth binding and obligatory upor3
| the 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-
cordingly amended in the manner following,
| Frstly-Thas section one Of article three of tho
act of incorporation be amended so az to read sel
follows, to wit: -
SECTION l. The capital stock of this ASSOCIATION Ia
hereby fixed 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 Lthe special fund created aud estab-
lished under section three of article of thSl
| act of incorporation shall amount to the sum sf
ono million of dollars, stock to that amount shal2
be appOrtiOned and allotted to the stockholders of
| the association, in the ratio in viii CHI they shal2
| then respectively be holders of The original ONO
million of dollars of the capital stock and certii-
| Gates of stock emitting them to ten per cent per
| annum interest and privileges attached to said
| original stock, shall be issued to them accOrda
| ingy.
million of dollars of additional stock AZ eoresad,
the special fund created and esabh ihed by section
three of article seven shall AGAIN amount to ono
| ment of stock and new issue of certificates og
stock shall be made to the stockholders of the as
sOcatsn, 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 rights and privileges the prior issues
And after this second allotment and issu. of adj
dtional stock the special fund established for the
purpose of increasing the stock Of the association,
| as aforesaid, shall cease 10 exist.
Second-That article seven of the act of incO9
| poIation be amended so as to read as follows
/ ARTICLE VII.
SECTIoS !. From and after the beginning of the
third year the stockholders email pay premiume3
| Cd the assurances effected by them.
SIC. q But on the last day OF each quarter tho
president shall cause to be made a statement Of
| The Losses and expenses of the association tol
| which shall DO added two and a hall per cent iu-
| terest, to be paid to the stockholders their
stock paid in full, or on such part thereof as shall
| published as provided for in section of article
| six for the annual statement to be made in Januo
| airy, 1871 and 1872.
| ment shall be rendered a call shall be mad
| each insurng stockholder for contribution of
1
| insured for by MIN, earned during The expiring
| quarter which said contribution shall be paid at
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 collected shall be ap3
| piled first to cover the ]osse6, expenses and in
| terest specified in the last quarterly statement
and the surplus if any, shall be set apart and con-
! stitute special fund for the increase of the capt
| tai stock, as provided III section ono of article
| three of this act of Incorporation.
| 4.
interest due to stockholders specified in the quar-
| tarlv statement exceed elk live per cent Of the
| premiums earned during the expiring quarter, but
do not exceed the aggregate amount OF said earned
| premiums then contribution shall ne made and
| called for only for sum sufficient to cover said
losses, expenses and interest.
| SEC. 5. And if the losses, expenses and interest
I incurred during any one quarter amount to Il sum
| exceeding the premiums earn'd during said quar-
ter the nsuIiug stockholders shall be called upon
| during said quarter on the insuranCrs effected by
| them and the excess shall be taken from the
special fund set apart to increase the capital stock
as provided in section three of this article, to the
extent of the amount of said special fund; and IL
that be insufficient from the other available
of tho association, provided in this act
SEC g. After the capital stock of this association
shall have attained the sum OF three million.
| contribution shall be called for OF the insuring
! stockholders for an amount exceeding the sum OF
I the losses, expenses and two and half per cent
| interest to the stockholders, certaned and de
csred in the quarterly statement, III de and pub
SEC. I. Ne party insuripg shall be liable for con-
trhutlons provided i'll this article, to amount
| exceeding the premiums Gu assurances effected by
! him
! Thirdiy-That article nine of the act of incorpcG
! ration be amended so as to read us follows
ARTICLE TX.
! SBCTToS |. 1t shall he lawful for the Board CO
! Directors to invest the capital stock and other
moneys of the association in bends bIil5, and notes
and in mortgages on real estate. They may also
invest the capital stock and other cash funds of
the association in any bonds or stocks created by
| or under the laws Of the United States Of this
State of corporations of this state, or loan ito
| funds on pledge OF any of the Aforesaid public or
| private securities bonds or stocks
| SEC 3 1t shall be lawful also for the Board og
Directors TO purchase any property real or peIe
| sOnal.
wherefore the said Charles CayarOc moreoveS
| declared, in his said capacity, that by virtue OF
| the powers in him veetsd by the afpres id resolu
| ton and in order to iully carry inro effece
| the aforesaid amendments he does heT'by declare
| and make known that sections one of RI Gle three
! article and article nine of the charter ac
! of Incorporation of the said New Orleans hutuaE
1 Insurance Association have be@n changed ants
| amended as to read and be as is hcreinabOye
| written; and he hereby authorize and requires
the recorder of mortgages in and tOr this city aud
| parish record said amendments ON the books C
| ha Office as Is required by law.
I Thus done and passed 81 New Orleans IN my
office the day, mouth ana year first auuve Wrtteut
in the presence of Armand Pilot, Jr., and Ambroise
q. La PIce competent Witnesses, who have si2hec5
with the said appetizer ana ul" o"dry aittr Ic'1as
ing the whole.
d; Original signed:
! s. esV4 Rp)G
4. Pilot, JE.
. q. L. PiCH.
g. LRGARUEIR, Jr, Notary Public.
o.. Ma