New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-01-26
CORPORATIONS.
QUARTER
CHARTER
UNITED STATES or AMERICA STATE on
LOUISIANA.

A
UNITED STATES or AMERICA. STATE ov
LOUISIANA.
PARISH OF ORLEANS, CITY OF NEW ORLRASs
Be it known that this thirty first day OF the
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 Gardeur
Jr., notary public, duly commissioner and sn orn
in and for the parish and city aforesaid therein re-
siding and IN the presence OF the witnesses herein
aflec nam d and undersigned personally came and
dent Of the NEW ORLEANS MUTUAL NSGRiNCB
ASSOCIATION, u corporate ion organized under the
laws of this State and having its dOmiee in this
parish of Orleans, the said appearer herein acting
in his aforesaid CapaC ty, by virtue of a resolution
adopted By the Board OF Directors OF said corpora
ton, at their sitting of the twenty first day of
December eighteen hundred and seventy.two
certified copy hereof Is hereto annexed for refer.
Which said appearer declared in his said oapa-
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 corpora
ton, held on 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
considera'i ion 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, at
their sitting of the eighteenth day of November,
1872, which said call was advertised by notices
the New Orleans Republican, newspaper pSae7
llshea in the city of New Orleans, from the nine
teenth day of November last until the day of hold
ing said general me citing will more fully appear
by reference 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 and ninety shares of the capital
stock of the said corporation, being FL the stock
represented at said general meeting ,oted in favor
| of the adoption OF the said amendmeuts being
| more than three-fourths required BY law.
He the SAID appearer, acting IN his aforesaid
| the stockholders of the said New Or
| leans Mutual Insurance Association, declare, pro-
Ella and liGh thA Gnfd nnlA Inn. TO fha
| charter or act of incorporation of the said New
| Orleans Mutual Insurance Association, which have
! meeting of the stockholders of the said corpora
ton, to be henceforh binding and obligatory upon
the stockholders OF the said corporation and all
| others whom the shall or may concern, and
that the charter or act of Incorporation of the said
| New Orleans Mutual Insurance Association is
| cordingly amended in the manner following,
| to witt
| Frsty-Thss section of article three of the.
act of incorporation be amended 50 as TO read al
| follows, to wit:
SECTION l. The capital stock of this assocIationis
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 follows
whenever the special fund created and estah,
| lisled under section three of article this
| act or incorporation shall amount to the sum OF
one million OF dollars, stock to that unit shall
be appOrtiOned and allotted to the stockh O!dcrs Of
| the association, in the ratio in which hey shall
then resp ct;vely be- holders of be OH ginal on@
million OF dollars of the capita stock an d certlh
Gates of SO k, emitting them TO ten per cent pcs
| annum interest and privileges attached to saiG
| original stock shat! be ISSUED to theLs accord
| ingly.
million of dollars of additional ST ok aforesaid
the special fund created and established by sFc;iOE
| three of article seven shall again amount to one
| million of dollars a new apFortionment and alOt-
| meut of stock and new issue Of Ctrtlca ties of
stock shall be made to the Stockholders of the
| sociatieu 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 II and privileges as the prior issues,
| And after this secoEd allotment and issu. of ad-
ditoDa stock, the special fund 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 moor
| poIatien be amen ded so as to read Us follows;
ARTICLE VII
SrcTioN :. From and after the beginning of the
| third year tie Stockholders hall pr, l. pre- nlums
| on the assurances Effected by them.
| SEC. 2. But on the last day oi each quarter the
| president shall cause to be- made statement of
the losses and expenses OF tho association, to
| which shall be added two and hal pei cent in
| tsTest, to be paid to the stockholders on their
stock paid in fun or on such part thereof as shall
| have been paid which said statements shall be-
published as provided for in section one of article
SIX for the annual statement to be made in Jauu-
SIC 3 At the same time IS this quarterly state
| ment shall be rendered call shall be made
each iusuring stakeholder for a contribution OF
| sixty i've per cent on tie premiums of The
| 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 same;
| and such call shall bc published three times in at
least two newspapers printed in The city Of New
| Orleans. The amount so collected shall be an
| piled first to cover the losses, expenses and in
terest specif fled in the last quartesly statement,
| and the surplus if any shall be-, set aD1rt and con
stitute special fund for the inc of the capt.
| tai stock, as provided in section one OF artic0
| three of this act of Incorporation
SYC. a. II the amount of the losses, xpenses AMP
| interest due to Stockholders specified in the quar-
! tery statement exceed sxty-fve per cent of the
/ IL yItrriT,
do not exceed the aggregate amount OF said earned
| premiums, then contribution shan be made and
| called for only for a sum sufficient to cover said
| losses, expenses and interest.
| SEC. 5 And if the losses, expenses and interest
| incurred during any one quarter amount to sum
exceeding the premiums earned durlDE SAID quar-
ter the insuriug Stockholders shall be called upon
| during said quarter the iusuTanc.s effected by
| thenl, and the excess shall he taken from the
special fund set apart to increase the capital stock
provided in section three OF this article to the
extent of the amount OF said special fund; and if
| that be insufficient from the other available re-
sources OF tn, association as provided IN this act
| of Incorporation
SEC. .. After the capital stock of this association
| 81 all have attained the sum OF three million,
| of collars, provided in article three NJ
| contribution shall be called for of the insuriug
| stockholders for an amount exceeding the sum u
| the losses, expenses and two aad u half per cent
| interest to the stockholders ceTtaiued and de-
clared in the quarterly stafemeut md. and pnT-
| Iished by virtue Of section two If this article.
SEC. I. No party insul irg shall be liable forct
tributons provided in this article, to amount
exceeding the premiums on assurances effected by
| him
| Thirdly-That article nine of the act Of ncorpo.
| ration be amended to read as follows
ARTICLE TX
| SECTION /. It shall he lawful for the Board
| Directors to invest the capital stock and other
moneys of the associate in bends bills and DOtes
| and in morris agcs 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 this
State, of corporations of this state, or loan it's
| funds pie dye of any Of the aforesaid public
| private securities, bOnds or stocks.
| SKC. 2. II shall he lawful also for the Board
| Directors to purchase any property, real or peE9
! soneL
! Wherefore the said Charles Cavaroc moreover
| declared in his said capacity that by virtue Cd
| the powers in him vested by the id resolu
| ton and In order to fully carry into etsp03
the aforesaid mendments, he does hereby declare
and make known that sections ono of artiCle three
article seven aud article nine of the charter ace
! of Incorporation of the said New Orleans Mutua9
2 Insurance Association have BEEN changed and
amended "a to read and be "a is heTeinabOvS
| written and he hereby authorizes and requires
the recorder Of mortgages in aud this city and
| parish to record satd amendments on the books 0I
his Office. as IS required by Law.
1 Thus done and passed at New Orleans, IN mG
office, the day, month and first above wTtteIs
in the presence Of Armand Pilot IT., and AmbIoiBtS
g. La PiCe competent witneABrs, who have signed
with the said appeaIer and me, notary after reacG
: ing the whole
Original signed:
c. CAvARON
A. PITOT, in,
A. q. LA PICR.
g. LRGARDhUR IT,, notary Public.
! 2 the undersigned, Deputy Recorder Of Mort8