New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-02-18
CORPORATIONS.
sTArR OF 1oUIsIANA-PARISH OF ORLEANS

uary 1874, before me Abel Dreyfsus notary RnDa
for The parish of Orleans and city Of New Or ~
therein residing personally appeared Aess ssd"sI
John uifers. Lawrence hilbert Hamm, Fran
Riehna, Cyrus Hunter Ross, James Newton az
sgmand Thaerka Sa,,;s all f Of Il Il
1 rights. powers and privileges conferred b
the laws of this State of Louisiana TOR me oiga
izaton Of corporations in this state, they nav
formed and instituted corporation for the pu
! poses and objects. and under the stipulatlons al
| regulations following, to wit:
| ARTICLEI.
This company shah be designated and torme
under the style and name OF the MERCHANTS
FIRE INSURANCE COMPANY OF RW ORLEANS
and its domicie shall be and is hereby ii xed IN tn
city of New Orleans, parish of Orleans. State Q
| Louisiana, aid the president thereof or, IN hl
| absence the secretary. shall be the proper once
other legal process against the said corporation
| 1t shall commence business as soon as the re
quisites Of the law shall have been com2iea VIII
| twenty-five years from the dtte 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 IT.
corporate name, property both real and personal
shall establish such rules, by laws and fegulationi
/ Tor the management of the company as may b
necessary, provided such bylaws shall not be con
trary to the stipulatiOns of this charter or the
laws OF this State, and shall possess in general all
such powers and privileges as are given by law 20
corporations: Said company shall use corporate
SEAL the device upon which shall be an eagle, Wild
the name of the company around it.
ARTICLE H.
The purposes for " hich the said Merchants FIRE
Insurance Company of New Orea 9 is established
and the nature Of the business to be carried on by
1t; are hereby declared to be:
L. To effect insurance on dwelling houses, stores,
sugarhOuses, cotton gins presses. and all ether
buildings of every descriptions also, upon house.
hold furniture merchandise. and all other prop
erty against loss or damage by fire or lightning.
2. To cause itself to be reinsured in part ia
~
which 1t shall have made insurance.
B. To establish agencies IN all the States and Ters
r1tOr1es OF the Union.
The capital stock of the company is hereby fixed
at one hundred and fifty thousand 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
pany shall, at the time of subscription, pay five
their option, in due bilf payable at sixty days;
and for the balance they shall execute their note
this Organization; said notes to be reduced and
hr ally eXtiDguished by The annual credits there
on OF their pro rata Of the earnings OF the com.
pany, and when paid to be returned to the
original subscribers, or their heirs or assigns.
ARTICLE ".
l. The capital stock OF the company may at any
thousand dollars by a resolution of the Board OF
directors, whenever deemed proper.
T. Transfers of stock will be made only the
BOOKS OF the company at its office. in New Orleans
ana until the stock is paid in full no certificates
shall be issued without the consent and approval
Oh the president and secretary of the company.
ARTICLEv
The stockholders shall never be liable for the,
losses of the company in any larger amount than
what remains due on their stock notes.
ARTICLE vi.
There shall be made a full and true statement
annually from the books of the company com.
u encing on the Fifteenth DAY of January, 1875,
showing up to date-l The amount of capital and
assets of the company. Q. The amount of premi,Ims
fecelved and losses pad. 3. The balance of profits
md loss. The whole to be to and sub.
'crlbed by the president and secretary. and to be-
published ten tunes during said month in two
newspapers OF the city of New Orleans
ARTICLE VII
The net profits arising from the business as
iseertalped by the aforesaid publications. shat:
'e app0rtioned as follows, to wit
fi1stnone. fourth of the net profits shall be set
feaslng The assets OF the company, ahd shall bs
4 ga IN such securities, bonds or mortgages as
ne hnance committee may deem advis be
SecO1d-The remaining three.fourIhs tn he al.
lded among the stockholders in due proportion
o the amount of shares held by each to wit:
l. Inc sad pr0ilts TO be payable in cas- h. annually
. !le once OF the company. in New Orleans on
M after the first day of March, at the rate OF
. .r per selt upon oil cash payments made
heit STOCK notes pro rata and the balance of said
fohtS accruing to each stock holder shall be in
oIsed on his stock note by the secretary of the.
ompahy, ana certificates or receipts to that effect
hall be issued to all Stockholders demandInr II
z AS soon as the credits Endorsed on the stock
otes accruing from The profits as above snec;fsd
mai nave becoIIe equal Ill amount to The face ~
ana notes, then the entire profits of the comoanv
nan be pad in cash to the stockholders of the
ompany non, and after the first day of March
ach year. 1t Is, however. expressly stimulated
lat Tor the first two years viz until the first dav
a1d co. an interests accruing from the
10 reserve fund, and part Of said inter.sts
nail be divided among stockholders or used for
pc hses but That sfter said first of March ls16
M not before, tho said interests shall he cnniT:
ed as part of the divisible profits, and shall he.
IA . no II .ile manner hereinbefore stipu,
In fhap
ie SaI.i1te to the stock OdeIs,
ARTICLE VIII
an eue '"fporat. powers or the sonpanv sias
Festth M and its affairs administered ~
'aiu OF directors. who shall be selected tSgo,rs
nonT the stockholders holding not less tban
re shares in their own name, tJev ie s1, ihan
ected a: NEE citing of the stock oldnrS o oan De
: that pntpose, at the Office of the comna, e gu
10 'lrst Monday of December of erery afterS5s os
ar, commencing IN Uecembes 1875 1,nan oI i.o
'enent Tor ten DAYS in two Ne wsraTara pS .9
ty"t new Orleans. At said meeting ana ~ ' aHi
H .a. rs zach sfoekhoder holding i've shsres
Iess III h,s""h name shall be entitled. eifbar 81
rso'' or by proxy. Z. one vote and eye'v ad,Iis
'na. I'VE shares shall @ntlte the holder b@ @ua
Ike her seats ON the thursday ncyt raman siia1
. elections ~ Decsnber, 1876, and shall tba.
i'd their '' seat, aad secretary. who shat:
rs OF the board, for two wears ~, meme
others rs are re- qualified t. act in Their stead TN.
q a secretary, who shall be elected Inv Ky bens
Directors The general agent, and suc p n ota
MI h. annofntnd 11snpoyes as may be necessary
III . oo appoin!ed Dy me president and shall y,
movable at his pleasure The Board 30 sn nan %
silal! h1 the salaries of all officers ana ecte
yes OF The company. The first bn.r5 .t aiu enc
. "' ok directors, who shall have tia a, n, core
eh I 1ney think proper, of Increasing tSSl!s
4 nresJan4y au nun not to exceed twelve Tss
be as follows. to wit: }. w. Hamm' nr ueGiared
IS to%a P,on secretary, who shalt hold thas
hrst election in December lg7G oiSs unity
ne presence of four directors sb, ~ -o...,.
n. rnav ~, ar rno ,insaction Of business The nres
ceis ana employees of the COMPANY whan eoeorss
ir1nr,s,s 81 IN an 90 done without detriest 70
81 81 ne company. 4 II Kacancffa - -
'a sh'.l. be Tiled by the board. ''''iicieS 81 she
ARTICLE TX
,.to ri'sIIuenl, or IN his absence. one O., -,
,set % ~ Ior that purpose shall nresia
heet.n9s OF the board, perform al ~ plesiue az
executive officer, and shall cond Tue duties Of
Il m"rSn, ,nc t inpany generally. The secrate.
h an ,f3cer 1 uu.es usually appertaining ~,
rye OF the agents at home. Tha dn snali have
etarY 10 ne regulated by the preside ~ "a al
10 b. signed by the president s eof' aes oS
ARTICLE
.ffe s,all be stated meeting of tI,o t
a. ii .s.h v,a IA oahuarv, April, July and f1r.
nv n"i ne president may think nropa in.eeung5
ARTICLE XII "oafes
big o'are.s may be aitaraI
ed ana the company dissel ved va tenaed o. ans
.os o. ~ " the Stockholders con oa,e az
purpose ~ the board, upon petitio for
he s 81 sRe Of ho Ihs iaa
notice published in me two company, after thirty
T nG" of Ptfsas provided that mao Il, the
esnted At said mest sees se of the b s5
an majority Of two thirds Of fbe oviaed further
7oteS on Obtained for the measure so rep.
ARTICLE XII
W az prat,on OF this charter or 49,
Of the asa N s la1 hs arte tR s
ms to be elected bv rhs bo1 BY three
all o oge 99aTd may cede soeh e cor such