New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-01-16
4 AAAAA LAN's 'see'o''. d IA HTERs
UNITED STATES OF AMERICA, STATE OF
LOUISIANA.

iHARTEk.'.. s.o...'......".. GhARTER.
UNIyED STATES OF AMERICA STATE OBJ
| LOUISIANA
PARISH OF ORLEANS, CITY OF NEW ORLEANS.
81 70 known that on this thirty. first doc of the,
l month of December, in the year of our Lord one
thousand eight hundred and seventy two and OK
| the Independence of the United States of America
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 herens
after named and undersg ned personally came and
appeared Charles Cavaroc, ESQ of this CITY prpsjs
] dent of the NEW ORLEANS Mutual INSURANCE.
| ASSOCIATION a corporation organized under the
laws of this State, and having its domicile in this
parish OF Orleans the said appearer herein acting
in his aforesaid capacity, by virtue of a resolution
adopted by the Board OF Directors of said cOrporas
| ton, at their sitting of the twenty first day OF
| December, eighteen hundred and seventy two a
certified copy whereof is hereto annexed tor reiers
enGe. 49,, ..,oo.ou so.,om,,,-
city, that il 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 1871
| pursuant to call made by the said Board OF Di-
consideration. and voting upon the adoption os
amendments proposed to the charter or act of ina
| corporation OF the said New Orleans Mutual Ino
| surance Association, by the Board of Directors, az
| their sitting OF the eighteenth day of November
| 1877 which said call was advertised by noticesi u
| the New Orleans Republican, newspaper S.-n
| Hshed i'll the city of New Orleans, from the nine
teehth day OF November last until the day of hold
| ing said general meeting, will more fully 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 and ninetytwO shares of the capital
stock OF the said corporation being all 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 lave
He the said appearer, acting in his aforesaid
! the stockholders of the said New OTa
Aglna tinf,6 ola
| claim and publish the said amendments to the
charter or act OF incorporation of the said New
Orleans Mutual Insurance Association, " hch have
| been unanimously adopted at the said general
| meeting of the stockholders of the said corpora
tlon TO be henceforth binding and obligatory upon
| 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-
| eordingly amended in the manner following
Firstly-ThaS section of article three of thG3
| act of incorporation be amended SO to read as
: follows, to wit:
SECTION The capital stock of this association is
hereby fixed at the sum of three millions of dollars
| of which the one million of dollars already sub
scriOed and issued shall form part. The remaining
two millions OF dollars OF stock shall BIO created and
! issued as follows:
| Whenever Gthe special fund created aid estabe
llshed under section three of article of this
| act of incorporation shall amount to the sum OF
one million of dollars, stock to that amount shall
be apportoned and allotted to the stOckh olders of
the association. in the ratio in which they shall
million of dollars of the capital stock and certif9
Gates Of stock, emitting them to ten per cent per
annum interest and privileges attached to said
original stock, shah be issued to them accOrGs
ingly.
Whenever, aftes the allotment and Issue of ono
million OF dollars OF additional stock as aforesaid
the special fund created and estatn he'd by section
three of article seven shall again amount to OueS
million OF dollars, new apporuonment and allOte
ment of stock and new Issue of certifca ties OF
stock shall be made to the stockholders of the ass
sOciatien in the ito in which they shall then boz
holders of the first two millions of dollars of the
capital stock, and emitting the hearers thereof to
the same rights and privileges as the prior issues
And after this second allotment and issue of adj
ditona stock the special flsd established for tho
purpose of increasing the stock of the association
IS aforesaid, shall cease TO exist.
SecOnd-Ihat article seven of the act of incoye
SobstioS br amended so as to read as follows
ARTICLE VII.
SzsrIoS ?; Srom and after the beginning of Che
.hrd year the stockholders shall pay no premiums
ON the assurances effected by them.
SIC. 2, Bat on the last day of each quarter Thea
president shall cause to be made a statement of
which shall De added two and half per cent liz.
teIest, to be paid to the stockholders on their
stock paid in full, or on such part thereof as shall
have been paid, which said statements shall be-
published provided for in section one of article
six for the annual statement to be made in Janus
SEC. ,. At the same zine as this quarterly state
ment shall be rendered call shall be made on
each insuring stakeholder for a contribution NJ
sixty-tive per cent the premiums of the sums
insured Tor by him, earned during the expiring
quarter which said lcontIebution shall he maid ~
the office of the association Immediately after the1
| first publication of the call made for the same
and such call shall be published three times in al
ieast Two newspapers printed in the city of New
orleans. The amount so collected shall be ana
piled first to cover the losses, expenses and inc
terest specified in the last quarterly statement
anu tne suI plus II any shaIl De set apart and cong
stitute special fund for the increase of the capt.
tai stock, as provided in section one of articla
three of this act of incorporation.
SEC. T. Ii the amount of the LOSSES expenses and
interest due 10 Stockholders specified in the quars
terly statement exceed sxty-fve per cent OF theg
premiums earned during the xpiring quarter but
DO not exceed the aggregate amount OF said earned
premiums then contribution shall be made and
called for only for sum sufficient to cover said
losses, expenses and interest.
SEC D: And If the losses expenses and interest
incurred during any quarter amount to a suns
exceeding the premiums carried during said quaIo
and required to pay in fun the premiums earned
during said quarter on the assurances effected nv
them, and the excess shall be taken from tba
special fund apart to increase the capital stock
provided in section three of this article to tho
extent OF tine amount of said special fund; and is
that he insufficient, from the other available ree
sources OF the association, as provided this AGA
of incorporation.
snail nave attained the sum OF three Million
Of dollars, as provided in article three, nSs
contribution shall be called for OF the iDsrrineF
stochAoldeTs for an amount exceeding the OF
tho losses, expenses and two and half per cent
interest to the stockholders, ascertained and dSN
.iared IN the quarterly statement made and pubs
Hshed by virtue OF section two Of this article
SIC. . Nc party ing shall be liable tor COM
tTlhutlons as provided in this article to amoun9
exceeding the premiums On assurances effected by
him.
Thirt.ls-Thas article nine of the act % incorpcs
ration BE amended SO as to read as follows:
sRTICLE *
SECTION o. Il shall he lawful for the Board aog
Directors to invest che capital stock and other
moneys of the association in bends bills and notes
ana III mortgages real estate. They may alsos
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, or of corporations OF this State loan itB
funds on pledge of any Of the Aforesaid public or
private securities, bonds stocks.
SIC. p 81 shall To- lawful also for the Board OF
VtreCS9rs TO Susshass san6 property, real pers
sonai.
WhsrefoGs ehs saiS charles Cavaroe moreover
declared, in his said capacity, that by virtue Of
ton, and in order to more fully carry into effect
the aforesaid amendments, be does hereby declare
and make known tn 1t sections Of article three,
article seven and article nine of the charter OF act
of Incorporation Of the said New Orleans Mutual
Insurance Association have been changed and
ameDGaG so as to read and be as is hereinabOve
written; aud le hereby authorizes and requires
the %c"ider % mort cages in and tor this city and
parish to record said amendments on the books CS
hls office. as 10 required by law.
Thus done and passed at New Orleans in ms
once Pie clay, month and first above written,
in the presence of Armand PILOT, Jr.. and Ambrose
q. Ls PIcs sompetcus witnesses, who have signed
With j!e said app'oTeS 90 10, SotsrS, sster Gea9B
Ing he phnlcs
'&lSnsl signed:
q sASsROC.
g. .I.1I, JR.,
a. % La PICs
.SgG.RDEUR, Jr, So'ary Public
ets ,slieT7isUed, Deputy Recorder of MOrGe
"a res tor hi c,aT-sl CITY of New OrIpans Stats