New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-01-05
CORPORATIONS.
{ i''" Ell III rs ''"
UNITED STATES OF AMERICA, STATE OF
LOUISIANA.
PARISH OF ORLEANS CITY OF NEw ORLEANS


thousand eight hundred aud seyenty-two, and OF
the independence of the United States of america
the ninety-seventh, before me, Gusave lie Gardeur
| Jr. a notary public duly commits toned and sworn
in and for the parish and city aforesaid therein re-
siding and in the presence OF the witnesses herein.
| afe named and undersigned, personally came and
appeared Charles CavarOc ESQ.,, of this city pres
dent of the NEW ORLEANS MUTUAL INSURANCE
ASSOCIATIONS, corporation organized under the
laws of this State, and having its domicIe in this
parish of Orleans, the sail appeaIer herein acting
~ his aforesaid capacity by virtue of resolution
adopted by the Board Directors of SAID corpora.
zion at their Sitting of the twenty first Cay of
December eighteen hundred and seventy two a
certified copy he reof IS hereto annexed Tor refer.
ence.
Which said appearer declared in his said capa.
city, that i'll order to carry into effect and causing
TO be recorded the resolutions adopted at gene
raj meeting of the stockholders of tie said corpora
ton, held the twentieth day of December, 1877
pursuant to a cab made by the said Board of Di.
rectors sp' cally for the purpose OF taking into
consjderai ion and voting upon the adoption OF
amendments proposed TO the charter or act OF IN
corporation of the said New Orleans Mutual In
sllrance Association, by the Board OF Directors, at
their sitting of the eighteenth day OF November,
1872 which said call was advertised by notices in
the New Orleans Republican. newspaper pub.
lishrd in the city of New Orleans from the nine
teenth day of November last until the day of bold
ing said general citing, as VIII more Iuily 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 aad ninety two shares OF tne-capital
stock of the said corporal on, being al the stock
represented at said general meeting, voted IN favor
of the adoption of the said amendments being
more thaa three-fou this, as required by law.
He, the said appearer, acting II hls 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
ton to be hencsforth binding and obligatory upon
the stockholders OF the said corporation and all
Others whom the same shall or may concern, and
hort of pfy hac
New Orleans Mutual Insurance Association is ac-
cordingly amended in the manner following,
Firstly-That section one of article three of the
act Of Incorporation be amended SO as 20 read
follows, TO wit
SECTION l. The capital stock of this assoclatioRis
hereby fixed at the sum of threenluns 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:
lshed under section three of article seven of this
act of incorporation shall amount 10 the sum of
million of dollars, stock TO that amount shall
be apportiOned and allotted to the stockholders of
the association, i'll the ratio in which they shall
then resp ctively be holders of The original one
million of dollars of the capital stock aud certif-
Gates OF. $50 k, emitting, them to ten per cent per
annum interest and privileges attached TO said
original stock, shall be Issued to them accord
ingg .y ,,,o o,,o.a4.. ,.., 49,.
million of dollars of additional stock as aforesaid
the special fund created and established by section
three of article seven shall again amount 70
million of dollars, new apIOrtionment and allot-
ment of stock and new issue of certificates of
stock shall be made to the stockholders of the
sociatien in the ratio i'll which they shall then be
holders of the first two millions: OF dollars of the
capital stock and emitting the heaieIs thereof to
the rights and privileges the prior issues.
And after his second allotment and issus CT ad-
dtlonal stock the special fluid established for the
purpose of increasing The stock Of the association
as aforesaid, shall cease TO exist.
SeCOnd-That article seven OF the act OF lDcOr-
alton be ann nded so as to read tUllOWe:
ARTICLE VII.
SECTION |. From and after the beginning Of the
third year the stockholders ehali pay NO premiGms
on the assurances effected by them.
SEC 2. But oh the last day of each quarter the
president shall cause to be made statement of
The losses and expenses of the association to
which shah DO added two and q halt per cent in
tsrest TO be paid to the stockholders on their
stock paid in full or such part thereof as shall
have been paid which said statements shall be
published provided for in section enc of article
six for the annual statement to be made in JGnu-
ary 1871 and 1872
SKC g. At the same time SIS shis LuaI terly state
ment shall be rendered call shall be made on
each insurinG stakeholder for - contribution of
xty-hVe per cent on the premiums o. Tie sums
insured for by him. 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 came;
and such call snail be published three times in al
least tive newspipe printed in 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 cap,-
tai stock IS provided in section one Of article
three OF his act OF Incorporation
SEC. 4. If the amount of the losses, expenses and
interest due to stockholders specified in the quar-
terIy statement exceed siXty-tive per cent OF the
premiums earned during the expiring quarter, but
do not exceed the aggregate amount oi said earned
premiums, then q contribution shall be made and
called for only for IA sufficient 70 cover said
losses, expenses and interest
SEC. D; And If the losses, expenses and interest
incurred during any one quarter amount 10 sum
exceeding the premiums earned during said quar-
ter the insuring stockholders shall be called upon
and required 10 pay in fun the premiums earned
during said quarter ON the assurances effected by
them, aud 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
eA tent OF the amount Of said special fund and if
that be insufficient from the other available re.
sources OF t association, as provided IN this act
of Incorporation.
SEC. 6. After the capital stock of this association
snail have attained the sum OF three millions
OF dollars, as provided in article three,
stall be called for OF the insuriDg
stockholders for an amount exceeding the sum of
me losses, expenses and two asd iIalf per cent
interest to the stockholders, a certained and de-
Iished ~ virtue of section two Of this Article.
Sc. l. No party insuIirg shall he liable for con-
tohtions as provided in this Article, to amount
him.
Thirdly-That article nine of the act of incorro
ration be amen dtd so as to read as follows
ARTICLE TX
,, SECTION |. 1t .slsall he lawful for the Board Of
Directors to invest the capital stock and other
moneys "f he assOcati n In bonds bills and notes
ana III mortgages on real estate. ILev NAV also
invest the capital stock and otter cash funds Of
the as oclation III any bonds or stocks created by
VI under The laws Of the United ) ates Of this
Nia'" or OF corporations of this Stale or loan it's
luhus on pis de Of any Of the aforesaid public or
pr are secur ties. bonds stocks.
SEC. :. Ii SHAH be lawful also for The Board Of
sonal -'
Wherefore the said Charles C.y.foc moreover
L 4 CARED IN his said capacity that by virtue Of
.H@ powers III him vested by the af resAid resou-
ioh ana IN order to FULLY cary into effect
ne aforesaid amendments, be does hereby declare e
anu make known that sections one uf article three,
AE'Ce seven and article nine of the charter or act
~ Incorporation of the said New Orleans Mutual
Insurance Association have been changed and
-heuded SO as to read and be as is hereiuabove
Itiltteh; ana he hereby authorizes and requires
e ItcorCer OF mort cages il and lor this city and
"a lsm 10 record salj amendments On the books Of
ne ., once as is required by law
al nus done and passed at New Orleans IN nv
me, the day, month and yeaI first above written,
! me presence of Armand Pilot Jr and AMBROSE
J. Ia rice competent witnesses who have signed
ng the whole ' '-''@"i : aI'ei ''
Original signed
c. GAvAROC
i. PlTOT JE
A. q. La PICE