New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-03-21
CORPORATIONS,
UNITED STATES OF AMERICA
STATE OF LOUISIANA
PARISH OF ORLEANS, CITY OF NEW ORLEANS

STATE OF LOUISIANA
PARISH OF ORLEANS, CITY OF NEW ORLEANS.
Be it known that on this twentieth day of
the month of MBreh, in the year of our Lord one
thousand eight hundred and seventy four and of
the indie pendence of the United States of America
the ety-eighth. before me, Gustave LeGardeur
Jr a notary pu Bile duly comm ssioned and sworn
| residing, and in the presence of the witnesses
| hereinafter named and undersigned personally
| John B. Camors. Lemuel J. Webster, Abraham
| Hirsch, Eustace F. Golsan. John Lsisv Henry
Abraham, Anthony J. Gonila Ivory K. Small
| James Plaisent and Louis Schneider, al of
| this city, and composing the Board of ri.
rectors Of the New orleans Mutual Insurance AS
ISOLATION corporation organized under the la VS.
of this State and having it's demice in this parish
| of Orleans the said appearers herein acting in
| adopted bv the Stockholders of said corporation
at their general meeting the nineteenth day
of March. 1874, certified copy whereof is hereto
| Which said appearers declared in their said ca
pacity that in order to carry into effect, and
ing to be accorded the resolutions adopted at a
| general meeting of the stockholders Of the said
corporation, held on the nineteoth day of March
| 1874 pursuant to call made by the Board of hi.
rectOrs, specially for the purpose of taking into
consideration and voting upon the adoption Of
amendments proposed to the charters acts
of Incorporation of the New Orleans Insurance
| Association, and New Orleans Mutual Insur.
| ance Association, by the Board OF Directors at
| their sitting the thirteenth day of February.
| 1874 which said call advertised by notices in
the New Orleans Republican, Picayune aud Bee
newspapers published IN the city of New Orleans
from the fifteenth day of February last until the
| day of holding said general meeting, will more
fully appear BY reference to the annexed certified
copy OF the proceedings Of the said general meet.
ing of the stockholders, wherein stock
holders owning and representing in the az
gregate two thousand and twenty four shares of
| the capital stock of the said corporation being
more than the three-fourths required by law Of
the whole number OF shares represented at said
general meeting, to wit: Two thousand and thirty
tod hA ado tTny, 81
said anne ndments
They, the said appearers, acting in their a'ore-
said capacity do by these presents, in behalf Of
| the stockholders of the said New Orleans Mutual
Insurance Association declare. proclaim and pub
lish the said amendments to the charters acts
| OF incorporation the New Orleans Insurance
Association, and New Orleans Mutual Insurance
Association, which have Ueen adopted at The said
general meeting of the stockholders of the said
corporation. to be hencefOrth binding and obiga.
tory the stockholders of the said corporation
and all others " HON the same shall may coz
and that the charters or acts OF incorporation
of the said New Orleans Insurance. Assoc alton aud
New Orleans Mutual Insurance Association are ac-
cordingly amended so as to read as follows;
ARTICLE L.
l. The domicil of this corporation is established
in the said city OF New Orleans and it shall here
after De designated and known under the name of
the NEW ORLEANS INSURANCE. ASSOCIATION
2. 1t shall exist for twenty-ti years from the
date of the original charter of the New Orleans In
surance Association. 10 wit: from the seventh day
of August 1869, dness its affairs should re
the stockholders as provided in article eleven OF
this charter.
s. It shall have corporate seal, the device upon
which shall be crescent, encircled with the name
OF the association
a. The president Or in his absence the secretary,
shall be the proper officer upon whom to serve
citations III all suits against the association.
ARTICLE II.
The objects and purposes of this association are
declared to be:
l. To make insurance on dwelling houses stores
and other buildings household furniture. merehan-
disc and other property against loss or damage by
fire.
2. To make marine and river insurance upon
vessels, freights, steamboats,, goods, wares
merchandise, specie bullion, bills of ex
change, commissions, profits bank notes
aud other evidences of debt bottomry and
respondentia interests, and to make all and every
insurance appertaung to or connected with ma
rne or inland transportation risks. In other
words, to effect fire, marine river and inland in
surance of any hind whatsoever with privilege of
exercising all Or either of said purposes in this
State, in any other State or Territory of the
United States, or in any foreign countr
3. To cause themselves to be reinsured against
any risk upon which they have made or shall make
insurance.
/. The capital stock of the association is hereby
reduced TO three hundred thousand do ars d videi
into shares of thirty dollars each. Any and all
sums except interest, realized from the assets of
the association over and above the reduced value
of thirty dollars per share shall accrue and be ex-
clusive!y applied stock dividends to the holder
OF the stock SO reduced.
2. The capital stock may DE increased not to ex-
ceed three millions of dollars divided into shares
OF thirty dollars each to be paid for at the time
and IN the manner hereinafter provided for in
tlc6 four OF this charter.
Each fiscal year shall end on December 81
s. No certificate OF stock shall be issued until
the same is paid in full and no transfer of less
than one full share permitted, except at the plea
sure OF the directors and the transferee assuming
all indebtedness thereon.
Transfers OF stock shall be made on the books
OF the assoc ation al its office in the city of New
M lkOa hn1A
OF and surrender or certificate, out not while any
matured indebtedness to the association exists on
the part of the noider.
5. In addition to the CAPT tai stock of the associa
ton contingent fund shan be created consist OF
all interest," received, Of profits loans ana in
Vestments. ana OF all amounts received from other
sources than premiums; including the portion OF
net profits on premiums appropriated in article
hve section four, to the creation and maintenance
Of said contingent fund From this fund div-
dends of interest shall be made to stockholders.
g. At the close of each fiscal year an interest
dividend OF ten per cent shall be declared the
amount or stock paid in, at such time the
directors NAV direct; provided that if the
should be found Insufficient to pay the
said interest, then the deficiency shall be made |
up and paid out of the net profits of the business of
the year; and provided further that the interest
dividend on the capital stock may be declared and
paid semi annually, if earned, at the option OF the
directors but the amount of same shall not exceed |
ten per cent per anuum until the contingent fund
shall have accumulated to the extent of $500 900,
after which extra interest dividends may be de- |
clared rom Its earnings to stockholders
These dividends shall cover all participation in |
the prOnts OF the association except hereinafter
provided for III article i've section four and
six.
ANY excess OF the contingent fund, after pay.
melt OF the interest dividend above provided for,
snail accumulate, and shall not be appropriated |
except tor the payment of losses, after all other
FUNDS OF the company Except the capital stock |
snail have been exhausted and as is further pro- |
v1ded TOR IN section four of article five of this
charter and shall always be held protection
Tor the capital stock until the same shs AL amount |
to five hundred thousand dollars; the surplus be.
yond winch may be appropriated from year te |
year, as the directors may deem expedient.
:. The contingent fund shall never be invested in
anything but United States government securities.
ARTICLE ".
!. All persons who may hereafter subscribe to
the capital stock of this association shall Day ten
Der cent or three dollars on each share in cash |
passing their notes, we'll approved. to the associa
lioh TOT tne remaining ninety per cent, or twenty
3. ven dollars per share payable at such times as
the board OF directors may determine.
z Said notes shall contain a clause to the effect
Ihat H. IN the Judgment of the directors the inter
1sts OF the association require it, these notes or
any portion or them shall be due and payable III
such sums, and at such times as the directors may |
determine, after thirty davs' notice thereof pro- |
Vlded that not less than thirty days shall inter |
7ene between the time of pa ymeut Of each INSTALL
nent.
3. The non payment of said notes or nstallments |
IN the same. as above provided for shall forfeit |
n ne entire stock 70 the association together with
III accumulation thereon, and all interest or bene-
Its there unto belonging the association may |
h1oIce the payment of the stock. at its option, |
provided that the Board of Directors may extend |
aid Day ments Tor such time as they deem proper; |
provided also the stock so forfeited may he trans
erred with the consent of the Board of Directors.
T. FOR the foregoing subscriptions receipts tnct |
rans1erape) signed by the president and secretary
hail De issued to subscribers acknowledging the |
mount paid in cash and notes given, which re-
elpts ssall DE surrendered to the assoc iaton on