New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-02-10
CORPORATIONS,
CHARrER'''..''':....... .''''''cHARTER.
STATE OF LOUISIANA-PARISH OF ORLEANS.


Be it known that on this twentieth day Of Jan
for the parish of Orleans and city of New Orleans,
therein residing personally appeared Messrs Jacob
John Ulfers Lawrence Hilbert Hamm, Franz
Rehm. Cyrus Hunter Ross James Newton. Sig
mnnd ana paI a91s a tben
selves of the rights powers aud privileges conferred
by the laws state of Louisiana for the organ
lzation of corporations in this state they have
formed ard instituted corporation for the pur-
| poses and objects, and under the stpulati'ns and
regulations following, to wit:
This company shall designated and formed
under the style and name Of the sv MsR RpH ssys
and it's domice shall be and is hereby fixed i'll the
| city of New Orleans. parish of Orleans, State OF
absence the secreiarv snail he the ororer ofceT
upon whom may be served citations notices aud
| other legal process against the said corporation
| 1t shall commence business soon as the re-
quisites of the law shall have been com piled with,
and shall exist and continue for the full term OF
twenty five years from the ate of organization.
during which time it shall have and enjoy success
| sion, contract sue and be sued, hold. receive.
purchase, sell and otherwise convey, under lts
| corporate name, property both real and personal;
shall establish such rules, by laws and regulations
for the management Of the company may be
necessary provided such by laws shall be
| trary to the stipulstions of this charter the
! such powers and privileges as are given by Law %
corporations. Said company shall use a corporate
| seal, the device upon which shall be eagle, with
the name OF the company around it.
| ARTICLE H.
The purposes for which the said Merchants Fire
| Insurance. Company of New Orlea s is established
ard the nature of the business to be carried by
| it, are hereby declared to be:
l. To effect insurance on yelling houses. stores,
sugarhouses, cotton gins, presses. and all other
buildings Of every description also, upon house
held furniture, merchandise, and all other prop
| erty against loss or damage By fire or lightning.
| 2. To cause itself to be rensured in part or in
| full with any other companies against risks upon
| which it shall have made insurance.
To establish agencies in all the States and Tore
l ritories OF the Union
The capital stock OF the company is hereby d xete
at one hundred and fifty thousa AID dollars; said
capital to be divided into shares of twenty dollars
each, to be paid as follows, viz:
All Subscribers to the capital stock of the com
| psny shall, at the time of subscription pay five
their option, in due bili payable at sixty days;
aud for the balance they shall execute their note
this organization; said notes to be reduced and
| finally extingushed by the annual credits there
of n sr rata of the ar o the
original subscribers, or their heirs or assigns.
| ARTICLE ".
| l. The capital stock OF the company may at any
| time be Increased to the amount OF Slree hundred
| thousand dollars by q resolution of the Board Of
Directors, whenever deemed proper:
| 2 Transfers of stock will be made only on the
books of the company at its office in New Orleans.
and until the stock is paid in full certificates
of the president and secretary of the company.
The stockholders A sSa never ,s liable far ~
| losses of the company in any larger amount than
what remains due on their stock notes.
ARTICLE vi.
| There shall be made full and trne statement
annually from the books of the company, com
| mencing OH the fifteenth day of January, 1875,
showing up to date. The amount Of capital and
| assets of the company Q. The amount of premiums
| received and losses paid g. The balance of profits
and loss. The whole to be sworn to and sub
| published ten times during said month in two
| newspapers OF the city of New Orleans.
| ARTICLE VII.
| The net profits arising from the business as
! a1certained by the aforesaid publications shall
| be apportioned as follows to wit:
sarts Of I the met profits pro shall be set
| creasing the assets of the company, aud shall be
invested in such securities bonds.or mortgages az
the finance committee may deem advisable.
Second-The remaining three fourths to be d.
vided among the stockholders in due proportion
| to the amount of shares held by each. to wit:
|. The said profits to be payable in cash annually
at the office of the company in New Orleans. on
fifteen per cent upon all cash payments made on
their stock notes pro rata and the balance of said
profits accrung to each stock holder shall be in
| d0rsed on his stock note by the secretary of the
company and certificates receipts to that effect
| shall be issued to all stockholders demanding it,
| ?. As soon as the credits ndOI sed On the stock
| notes accrung from the profits above specified
shall have become equal in amount to the face OF
| said notes, then the entire profits of the company
shall be paid in cash to the stockholders Of the
| company from and after the first day of March
| each year 1t is, however expressly stipulated
that for the first two years, viz until the first dAy
| of March. 1876, all interests accruing from the
capital and reserve fund shall be placed intact to
| shall be divided among stockholders used for
expt nses but that after said first of March, 1876.
| cred part of the Invisible profits and shall be
appGsrtlonsd in the mar, manner hereinbefore sipu
| the balance 10 the stockh oders.
| ARTICLE VIII.
All the corporate powers OF the company shall
| be vested in, and its affairs administered by a
| Board of Directors, who shall be selected from
among the stockholders, holding not less than
| five shares in their own name; they shall be
elected az meeting of the stockholders coz vened
for that purpose, at the Office of the company on
| the first Monday of December of every alternate
! year, commencing in December, 1876, upon adver-
| tisement for ten DAYS in two spapers of the
city of New Orleaus: At said meeting, and at all
| elections, each stakeholder holding FIVE shares
or less IN his own name shall be entitled either in
person or by proxy, to one vote, and every addi-
| to one vote Tue members of the new board shall
| TAKE their seats on the Thursday next following
eject the president and secretary who shall
hold their seats together with the MEM
bers of the board, for two years, and I'M
| officers OF the company shall consist of president
and secretary, who shall be elected by the Board
| of Directors. The general agent and such other
agents, clerks aud employees may be necessary
shall be appointed by The president, and shall be
ors shall fix the salaries of all officers ~ and en-
ployes of the company. The first board shall con
sst of six directors. who shall have the right,
|
number to any number not to exceed twelve. Tae
first president and secretary are hereby declared
10 be as follows, to wit: J. W. Hamm. president
and y. Solomon, secretary, who shall hold their
seats, together with the Board Of Directors until
the first election in December 1876.
The presence of four rectOrs shall cor stitcte "a
quorum tor the transaction of business. The pres
ident may grant leave OF absence TO the dnectors
| officers and employees of the company whenever in
MS opinion 1t can DC done without detrmeat to
the il terests of the company. AL vacancies ia the
board shall be filed by the board.
| ARTICLE TX
The president, or in his absence one of the
ali meetings of the board perform all the duties of
an executive officer, and shall conduct all the
business OF the company generally. The secretary
shall perform the duties usually appeT aiming to
such an officer. The general agent shall have
charge OF the agents at home. The duties of all
other employees to be regulated by the president and
secretary. All policies, checks and certificates of
stock to be signed by the president and secretary
| ARTICLE x.
There shall be stated meeting of the board On
the hIst saturday in January, April, July and Oc-
tober OF each year and also special meetings
whenever the president may think proper may
be requested in writing by majority OF the BOARD.
| ARTICLE XII
| This charter may be altered, amended or an
nulled and the company dissolved at aLy line At a
| general meeting of the Stockholders onvcued for
that purpose by the hoard upon petition to SAID
boaid s gned by the holders of at least two hi ids
of the entire stock of the company, after thirty
days notice published in two Ne wspapers in the
city Of New Orleans, provided that a majority of
tWo-thifds Of the entire stock of the COMPANY bs
represented at said meeting and provided further
tnat a majority of two thirds of the stock 50 rep
resented be obtained Tor the measure proposed
and voted on.
ARTICLE XII
a the expiration OF this charter sooner if ~
I ordered, as provided in The foregoing articlr he
Affairs of the company shah be iiqu!da.d by three
commissioners, to DC eiected by the board for such
purpose. The board may ced. to such commits
sioners all mowers Necessary to the liquidation of
tFI,4a nt tlI.4