New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-02-19
CORPORATIONS.
rHARTER............. ..........CHARTER.
STATE OF LOCISlANA-PARISR OF ORLEANS

William HamA Sigmond Solomon Albert Sadnsky
Rab oers naw1ene sos Hilbert Hamm Fran
Sigmund Thuerkauf all of this city. VIII,
declared that. awaiting themselves Of TIM
rgats. powers and privileges conferred by
the laws OF this State OF Louisiana for The organ
izaton of corporations IN this state, they hav.
poses and objects AMI under the stipulations ant
re.aiat!ons tolloNsn4. to wit:
| aRTICLEH
Thi. company SHALL be d-sisua:-a and formed
! nLdtr the St. Ia ami name OF the MERCHANTS
FIRE INSURANCE COMPANY OF NEW ORLEANS
and its domicie shall be and is hereby xed il. the
| city of New Orleans parish of Orleans, ST ate OF
| Louisiana aid the president thereof, or, IN his
absence, the secretary, shall be the proper officer
! other legal process against the said corporation,
II shall commence business as soon as the
quisites of the law shall have been complied with
and shall exist and continue for the full term OF
| twenty-five years from the d4re of organization
| during which time it shall have and enjoy
| sion. contract. sue and be sued hold receive
| purchase. sell and otherwise convey. under Its
| 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 bylaws shall not be
| irarv TO the stipulafions of this charter. or the
laws of this State and shall possess i'll neral 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. with
| the Aame OF the company around il.
ARTICLE H.
! The purposes for " hich the said Merchants Fire
Insurance Company of New Orles is established
|
| It. are hereby declared TO be:
!. To effect insurance on dwelling houses stores,
| suSarhouses, cotton gins, presses. and ALI other
| buildings OF every description: also. upon house
| hold furniture. merchandise. and all other prop.
| erty against loss or damage by fire or lightning
| z. To cause Itself to be Ieinsured IA part or in
| ,ull with any Otner companies against risks upon
| which II shall have made insurance.
). To establish agencies all the States and Te:.
ARTICLE III.
The capital stock of the company is hereby fixed
| at one hundred and fifty thOu-a and dollars; said
capitai be divided into shares of twenty dollars
| each. to be paid as follows viz:
| All Subscribers to the capital stock OF the CON.
| psny shall, at the time of subscription, pay five
| per cent, or one dollar pee share. in cash, or AZ
their option; il due bill payable at sixty days:
and for the balance they shall execute their note
to the COMPANY. payable in ten years from date of
| this organization: said notes to be reduced and
| finally sxtnsuished 5y the annual credits there
| on OF their pro rata of the earnings OF tie com.
| panv. and when paid to be returned to the
| original subscribers, or their heirs or assigns.
| ARTICLE w.
| l. The capital stock of the company NAV AZ anv
time be increased to the amour, of three hundred
thousand dollars by a resolution of the Board OF
| Directors. whenever deemed proper.
?. 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 no certificates
! shall be issued without the consent and approya :.
| OF the president and secretary of the company.
| ARTICLE v.
Ihe stockholders shall! never be !iable for the
| losses OF the company III any larger amount than
| what remains due on their stock notes.
| ARTICLE VI.
! There shall be made full and true statement
! annually from the books of the COMPANY com.
| n eIcing on the fifteenth day OF JANUARY 1875
| showing up TO date. The amount of capital and
| received and losses pad. ,. The balance of pro6ts
| and loss. The whole to be sworn to and sub
scrbed by the president and secretary. and to be
published ten times during said month ia two
| newspapers o; the CITY of New Orleans.
| ARTICLE VII.
| The NJ: profits arising from :ie business as
1 fars lIp mad
| be apportioned as follows. to wit:
| First-One fourth of the net profits shall be se.
aside as a reserve fund. for the purpose of in.
creaslng the assets of the company, and shall be
invested in such securities. bonds mortgages as
| the finance committee may deem advis able.
| Seco1d-The remaining thre--fu hs to be s.:.
| 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
and after the first day of ,iarcl. a; the rate OF
| fifteen per cent upon all cash payments made on
their stock notes pro rata and the balance said
profits accrulng to each ckholder shaI he in.
dorsed on his stock note by the secretary of the
company and certcates or receipts to that effect
shall be issued to all Stockholders demanding it,
Z. AS soon as the credits Endorsed the stock
notes acciung from the profits above specified.
shai4 nave become equal IN amount to the face of
SAID notes, then the entire profits of the com pany
| shai! be paid in cash /" the stockholders of the
company from and after the first DAY of March
'aci year. |; is, however. expressly stipulated
that FOR the first two years. viz until the first day
| OF March 1876. al! interests accruing from The.
capital and reserve fund shal: be placed intact to
the reserve fund and no part OF said intere SITS
shall be divided among stockholders or used for
expt ns-s, but that after said first Of March, 1876
and NOT before the said interests shall be consid.
cred as part OF the divisib. profits. and shall be
apportoned IN the manne: here inbefore stipu.
lated nameiy-ons-'ourth TO .l- vese;y. find and
She ba.an'e 10 the stockholders.
ARTICLE VIII.
AMY corporate POWERS OF the co.nran. shall
be vested in. and its affairs administered BY a
Board of Directors. who shall! be selected from
among the stockhoiders. holding not less than
elected meeting of he stock holders Convened
for that purpose. at the office OF the company on
the first Monday of December OF every alternate
gear. commencing in December. 1876. upon adver.
tlsement for ten DAYS VA two newspapers of the
city of New Orleans. At said meeting and at all
e.. Ctions. each stockholier holding five shares
or less N His name shall. be entitled either in
person. or by proxy. to one vote, and eve,y add.
tona. five shares shall entItle the holder Thereon
Z" one vote. TIE members of the new board shall
take theiy seats on the Thursday next following
the elections in !ecsmber. 1876. and shall then
hoi! their seats together with the mem.
bers OF the board. for two years. and Un.
u others are qualified TO act in their stead. The
officers of the company sha! consist of a president
and a secretary. who shall be elected by the Board
OF Directors. The genera! agent. and such other
agents. clerks and employees may BE-. necessary
shall be appointed by the president, and shal! be
re movable at his pleasure. The Board OF Direct.
shall fl the salaries of all officers and en-.
ployes of the company. The first board shall con.
sist OF six directors. who shall have the RIGHT
whenever they think proper. Of increasing their
number to any number not to exceed twelve. TIE
frs: president and secretary here by declared
to be as follows. to wit: J. W. Hamm. president
and \. SaOmon. secretary. vhO shall hold their
seats. together with the Board Of Directors until
the first election in December. 1876.
The presence of four directors shall cor stitute
quorum for the transaction of business. The pres.
ident may grant leave of absence to the directors
officers and employees of the company whenever in
his opinion 1t can be done without detrimeut to
the interests of the company. Al vacancies in the
board shall be .lle1 by tho board.
ARTICLE TX.
The president. or in his absence one OF the
directors. elected for that purpose shall preside at
all meetings of the board perform all the duties OF
an executive officer. and shali conduct all the
business OF the company generally. The secretary
shall perform the duties usually appertaininp To
snch an officer. The general agent shall have
charge of the agents at home The duties Of ali
other poyes be regulated by the president and
secretary. All policies, checks and certificates of
STOCK 10 De signed by the president and secretary.
ARTICLE X
There shall be stated meeting Of the hoarS nm
the hiSt saturday III January, April, July and DC.
tooer OF each year. and also special meetings
whenever the president may think proper or NAV
be requested i'll writing by majority Of the board
ARTICLE XII
This charter may be altered amended or an.
nulied and the company dissolved at an time at a
general meeting of the stockholders, convened for
that purpose by the board, upon a petition to said
board, signed by the holders of at least twO-thrds
OF the entire stock of the company after thirty
days notice published in two newspapers in the
city OF New Orleans, provided that a majority of
two-thirds Of the entire stock of the comnanv he
represented at said meeting and provided further
that majority of two thirds of the stock so rem
resented be obtained foy the measure proposed
and voted on. sF"
ARTICLE XII
AT the expiration of this charter or eOonef il 80
ordered as provided in the foregoing article the
affairs of the company shall be iquidated by three
commissioners to be elected by the board for such
purpose The board may cede to such commits.
s,oneIs an powers necessary to the liquidation of
the affairs of the company NAV fix their term Of
once limit their period of liquidation, fix their
compensation, define their duties and the manner
nr hair 80
Office renewed.
ARTICLE XIII.