New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-04-11
CORPORATIONS.
UNITED STATES OF AMERICA.
STATE OF LOUISIANA.
PARISH OF ORLEANS, CITY OF NEW ORLEANS.

!
thousand eight hundred end seventy-four and
the independence of the United States of Ameri,
the ninety Gig nth: before me, Gustave LeGardeu
| Jr., notary public, duly commissioned and swcr
in and for the parish and city aforesaid there
residing, and in the presence of the witness
hereinafter named and undersigned, personal
| John B. Camors. Lemuel J. Webster Abraham
| Hirsch, Eustace F. Golsan. John Leisv, Hem
Abraham, Anthony J. Gomls. Ivory K. Sinai
| James Plaisent and Louis Schneider all {
| this city, and composing the Board of D
| rectors Of the New Orleans Mutual Insurance Al
| ISOLATION, corporation organized under the Law
OF this state, and having its demcie in this paris
| of Orleans. the said appearers herein acting i
their aforesaid capacity, by virtue of a resolufio
| at their general meeting on the nineteenth ds
| of March, 1874 certified copy whereof is heret
| annexed for reference.
Which said appearers declared in their said ca
pacty that in order to carry into effect and caus
| ing to be recorded the resolu, ions adopted at
| general meeting of the stockholders Of the sal
corporation, held on the nineteeth dav of March
| 1874, pursuant to call made by the Board of Di
rectOrs, specially for the purpose of taking int
| amendments proposed to the charters or act
of incorporation of the New Orleans Insurance
| Association, and New, Orleans Mutual Insur
ance Association, by the Board of Directors a
their sitting on the thirteenth day of February
1874 which said call was advertised by notices il
the New Orleans Republican, Picayune and 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 ag
gregate two thousand and twenty -four shares o.
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
four shares voted in favor of the adoption of the
said amendments.
They, the said appearers acting in their a'ore
said capacity. do by these presents, in behalf OF
the stockholdersUf the said New Orleans Mutual
Insurance Association declare, proclaim and pub
lish the said amendments to the charters or acts
OF incorporation OF the New Orleans IusHrance
Association, and New Orleans Mutual Insuranc e
Association, which have been adopted at the said
general meeting of the stockholders of the said
corporation. to be henceforth binding and obga:
tory upon the stockholders OF the said corporation
and sll others HON the same shall OF may con,
Germ and that the charters or acts of
of the said New Orleans Insurance Association and
New Orleans Mutual Insurance Association are al
cordingly amended so as to read as follows:
ARTICLEI
/. The domicil of this corporation is established
in the said city of New Orleans and it shall here
after be Designated and known under the name of
2. 1t shall exist for twenty-five wears from the
date of the original charter of the New Orleans In
of August, 1869, unless it's affairs should be sooner
lquidated and settled by order of threefourths of
the stockholders, as provided in article eleven Of
this charter.
3. 1t shall have a corporate seal the device upon
which shall be a crescent, encrcled with the name
of the associate
shall be the proper officer upon whom to serve
citations il all suits against the association.
ARTICLE H.
The objects and purposes of this association are
declared to be:
l. To make insurance on dwelling houses stores
and other buildings. household furniture merchan.
disc and other property against loss damage by
fire.
10
vessels. freights, steamboats,, goods, wares,
merchandise, specie bullion, bills of ex
change, commissions, profits. bank notes
respOndentia interests, and to make all and every
insurance appertainiDg 10 or connected with ma
rine OF inland transportation risks. In other
Words to effect fire, marine, river aud inland in.
surance of any hind whatsoever, with privilege CT
exercising all or either of said purposes in this
state, or in any other State territory of the
United States. or in any foreign countr..
3. To cause themselves to be reinsured against
any risk IL pom which they have made shall make
ARTICLE ILL.,
l. The capital stock of the association is hereby
reduced to three hundred thousand dollars divided
into shares of thirty dollars each. Any and all
sums except interest, realized from the assets of
he association over and above the reduced value
of thirty dollars per share shall accrue and be ex-
clusivey applied as stock dividends to the holder
Of the stock So reduced.
.. The capital stock may be 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 he manner hereinafter provided for in ar.
tice four of this charter.
Each fiscal year shall end on December 81.
g. No certificate of stock shall be issued until
he same is paid in full, and transfer of less
han one fall share perm. tied, except at the plea
sure OF the directors and the transferee assuming
Ill indebtedness thereon.
4. Transfers OF stock shall be made on the books
If the association at it's office in the city of New
orleans only, on demand of the legal holder there
IF and surrender of certificate but not while any
he part of the no,deT.
5. In addition the capital stock of the associa-
ion contingent fund shall be created to consist of
Ill interest received, of profits on loans in.
ard of ali amounts received from other
sources than premiums; including the portion of
let profits on premiums appropriated in article
i've, section four, TO the creation and maintenance
If said contingent fund. From this fund div-
lends of interest shall be made to stockholders
dividend of ten per cent shah be declared on the
mount of stock paid in, at sucA time as the
annual increase Of the contingent fund
hould be found insufficient to pay the
aid interest. then the detic ency shall be made
and paid out of the net profits of the business of
he wear; and provided further that the interest |
dividend on the capital stock may be declared and
,ad semi annually if earned vt the option of the
directors, but the amount of same shall not exceed
en- per cent per annun until the contingent fund
hall have accumulated to the extent of $500 900,
fter which extra interest dividends may be de- |
Jared from its earnings to stockholders.
These dividends shall cover all participation in |
he profits OF the association except hereinafter
royded for III article five section four and section
Any excess of the contingent fund after pay |
1ent of the interest dividend above provided for, |
hall accumulate, and shall not be appropriated |
kept for the payment Of losses, after all other
lnds of the company Except tho capital stock) |
hall have been exhausted and is further pro- |
ided for in section four of article five of this |
harter and Snail always be held as n protec ion
IT the capital stock until the same shall amount |
. i've hundred thousand dollars; the Surplus be.
anO-ODflated a
ear, the directors may deem expedient.
Z. The contingent fund shall never be invested in |
nythiug but United States government securities.
ARTICLE ".
!. All persons who may hereafter subscribe to |
he capital stock of this association shall paw ten |
ct cent or three dollars on each share, i'll cash, !
assng their notes, well, approved. to the assOca |
on tor the remaining ninety per cent, or twenty |
wen dollars per share, payable at such times as |
ne board of directors may determine.
2. Said notes shall contain clause to the effect |
nat it, i'll the Judgment of the directors. the litter
SITS of the association require it, these notes
nv portion of them shall DO due and payable in |
ich sums and at such times as the directors may
eterlnine, after thirty DAYS notice thereof pro-
ided that not less than thirty days shall inter
enc between tae time OF payment of each install
tent.
3. The non pay ment OF said notes or instalments
n the same, above provided for, shalt forfeit
le entire stock to the association, together with
Il accumulation thereon, and all interest or bene-
IS thereunto belonging or the association may |
lforce the payment of the stock, al its option |
rovided that the Board OF Directors NAV extend |
lid pavInents for such time they deem proper;
roylded also the stock so forfeited may be trans.
rred with the consent of the Board of Directors. |
4. For the foregoing subscriptions, receipts mot |
ansferablc) signed by the president and secretary
lall be issued to subscribers, acknowledging the |
nount paid in cash and notes given, which re-
.ipts STALL be surrendered to tbs assoc ation on |
sue of certificates OF stock provided for ia |
.ction three, article three.
5. No stockhoidtr shall, in any event, be made
bic for the losses OF the association in any |
rger sum than the amount of his, her their
lbscrip tons TO the capital stock and his her or
ieT indebtedness to the association.
ARTICLE V.
The more eectually to carry ont the objects
I'd purposes of this association it is hereby de-
AIRED:
T. That the capital stock Of the association or
ny portion thereof once subscribed shall never
used for the liquidation of losses, or for any