New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-02-17
CORPORATIONS,
GHARTER.'....'.:.:....'.'.'''.CHARTER
STATE OF LOUISIANA-PARISH OF ORLEANS.


Be it known that on this twentieth day of JAM
uary 1874 before me. Abel Dreyfeus notary public
for the parish of Orleans and city of New Orleans.
William Hamm, Sigmond Solomon, Albert sadusky.
John Ulters, Lawrence Hilbert Hamm Fran
Rsh Gyms nqteF sDss shs et sRa
declared that awaiting themselves OF the
rights, powers and privileges conferred on err by
ization of corporations in this State, they have
formed and instituted corporation ior the pur51
poses and objects. and under the stlpuatlons and
regulations following, to wit:
ARTICLE I.
This company shall be designated and formed
FIRE aSc new ORLEANS
and its domcile shall be and is hereby fixed in the
city of New Orleans, parish of Orleans, State OF
Louisiana aid the president thereof, or, IN his
absence, the secretary shall be the proper officer
upon whom may be served citations notices and
other legal process against the said corporation
1t shall commence business the re-
quistes of the law shall have been complied with,
and shall exist and continue for the full term of
twenty-five years from the date Of organization,
during which time it shall have and enjoy success
sion, contract, sue and be sued, hold receive,
shall establish such rules, bylaws and regulations
for the management OF the company as may be
necessary, provided such bylaws shall be con-
trary to the stipulations of this charter the
laws of this State and shall possess in general all
such powers and privileges as given by law %
corporations. Said company shall use corporate
seal the device upon which shall be eagle, with
the name of the company around it.
] ARTICLE II.
The purposes for which the said Merchants Fire
Insurance Company of New Orleat is ished
aud the nature of the business to be carried by
it, are hereby declared to be:
] /. To effect insurance on dwelling houses. stores.
! sugarhouses, cotton gins, presses, and all other
buildings of every descriptions also, upon house.
l hold furniture merchandise, and all other prop
I erty against loss damage by fire or lightning
D. To cause itself to be rensured in part or in
| full with any other companies against risks upon
which it shall have made insurance.
3. To establish agencies III all the States and Ter
! ~ ARTICLE III.
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
psnv shall, at the time of subscription, pay five
per cent, or one dollar per share in cash, or, at
and for the balance they shall execute their note
to the company, payable in ten years from date OF
I finally extinguished by the annual credits there
/ on of their pro rata of the earnings OF the COM
! pany, and when so paid to be returned to the
Ori.ilS Subscribers, or their heirs or assigns.
ARTICLE ".
! .. rhs capital stock of the company may at any
I time be increased to the amount of three hundred
I thousand dollars by resolution of the Board Of
/ Directors, whenever deemed proper.
,. Transfers of stock will be made only on the
and until the stock Is paid inefull certificates
: shall be issued without the consent and approval
! of the presidents and secretary of the company.
4
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 full and true statement
! annually from the books of the company COM
| mencins on the fifteenth DAY of January, 1873,
showing up to date-l. The amount of capital and
| assets of the company. q The amount of premiums
received and losses paid. 3. The balance of profits
scribed by the president and secretary, and to be
| published ten times during said month in two
| newspapers OF the city of New Orleans.
ARTICLE VII.
I ascertained by the aforesaid publications, shall
| be apportioned as follows, to wit:
! First-One- fourth of the profits shall be set
! aside as a reserve fund, for the purpose of in
creasing the assets of the company, and shall be
invested in such securities, bonds mortgages aa
the finance committee may deem advisable.
! seeond-The remaining three-fonrths to be di-
vit.ed 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.
7 at the office of the company, in New Orleans,
| and after the first day of March, at the rate of
4 fifteen per cent upon all cash payments made
! profits accruing to each stakeholder shall be in
| dOrsed on his stock note by the secretary of the
1 company, and certificates receipts to that effect
| shall be issued to all stockholders demanding it.
I 2. As soon the credits Endorsed on the stock
notes accruing 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 pad. 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
I the reserve fund, and no part OF said interests
! shall be divided among stockholders used for
and not before the said interests shall be consd-
cred part of the divisiole profits and shall be
, ! apportoned in the manner hereinbeiOre stipu-
lated namely-one-lourth to the reserve fund and
. she BE- .Ate - She stockholders.
! ARTICLE VIII.
! AZ n. corporate powers of the company shall
| ba cd "a sfar Inv u
Board of Directors, who shall be selected from
.mong the stockholders, holding not less than
five shares in their own name; they shall be
elected az meeting of the stockholders, convened
! for that purpose, at the office of the company on
, tie sirss Monday Of December of every alternate
l year, commencing in December, 1896 upon adver-
I tse.nent for ten DAYS III two newspapers of the
}city of New Orleans At said meeting, and at all
1 elections. each stakeholder holding five shares
sr less IN his own name Shall be tied, either In
person. or by proxy, to one vote. and every add.
! sonal five shares shall entlte the holder thereof
1 to one este. The members of the board shall
? take sheir seats on the Thursday next following
, elect the president and sssetary, Sho shall
, ! ho.i they seats, together with the MEM
| Der. of chs board. for 1--WE years and un-
Nffcegs of the company sha!! consist of president
and secretary, who shall be elected by the Board
| agents, clerk and employees as may be necessary,
shall be appointed by the president and shall be
1 ors shall fix the salaries of stil officers and EN-
pl.y.s Of Che company. The first board shall con
I slst OF six directors, VINO shan have the right
! whenever sney think proper, of increasing theiI
| number 90 any number not to exceed twelve. The
irst president and secretary are hereby declared
! to be as follows. TO witt J. W: iamm, president
| and So Solomon, secretaryo who shall hold theiI
! seass, together with the Board of Directors until
2 ! ti. first election i'll December, 1876.
/ Yhe presence Of four directors shall stitute
quorum fog the transaction of business. The pres
! dent may grant leave OF absence to the directors
officers and employees OF the company whenever il
| hieo'inioi' it can be clone without detrimeat "a
the j, terests.f the company. All vacancies in the
l,,a1 ai al AL In ll>A l.yf IlN nQVh
ARTICLE 80,
Tho 9iosidsne, ~ in his absence, one of the
.rtctoss, elected ter that purpose shall preside al
all meetings of tho board perform ali the duties o.
: | oXecutlv. officer, aud shall conduct all thu
' ! business" ct tn" company geserally The secretary
! slsl. perform the duties usually appertalning t.
1 | such an officer. Tie general agent shall have
| chafge of the agents at bOmee The duties of all
otheTempoyes to be regulated by the president and
| se.yetaryo AL policies, checks and certificates o
. stock 80 oo o8o3d by tie president and secretary
ARTICLE K.
9ner. shall Se stated meesng Of the board Oh
Sic first Saturday in January, April, July and DC
| tober % zach year, and also special meetings
I wheneyes the president may shiHk proper or MAJ
bs oe.UesteS III whiting by majority Of the board
ARTICLE X9
! This eearte. elay be altered, amended an
. euiled and the company dissolved al any time at
genera meeting Of the stockholders, convened for
board signed l.y She holders of at least two.third
o! '"e ehtle 1tyeA VI ~ ao'a'Ih dteI .i'it
days notice published ~ two newspapers in th
! sity oil Jew orleans, provided that majority 0
tWe-tllirds OF the entire stock ot the company b
! represented at said meeting, and provided furthe
. that ona joyity of 81. thirds Of the stock SO rep
u | resented b. sbtaine. 50. .he measure proposed
2 | Az. voted Ols
" I sRTICGR XIk
d aethes expiration Of this charter sooner, if g
10 srdere., as provided in the foregoing article tn
! affairs .f tic company shall be iiquidated by tire
comm ssioners, to he elected by the board for sue
| purpose. She board may cede to such cOmmi
- si0ners all powers necessary to the liquidation
| the affairs of the company, may TX their tenn @
q, ! Office Limit their period OF liquidation fix the
| I.y 4I,s, i, .