New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-01-01
CHARTER.

the month of Septem Der. in the var of our LORD
one thousand eight hundred and seveaty three, and
Of the indie pendence of the United States of Amer
i2a the nine tyeighth. before me. Ernest Eude, a
notary public duly commissioned and sworn. in
and for the parish Of Orleans and the city of New
Orleans, State OF Louisiana residing in said city
and In presence of the witnesses hereinafte,
named and undersigned personally came and ap
peared the parties whose names are hereuntO sub
scribed, who declared that, awaiting themselves OF
the rights powers and privileges conferred by the
laws of the state of Louisiana for the organization
and instituted corporation for the purposes and
objects, and under the stipustions and regula
tions following. to wit:
ARTICLE L.
This company shall he designated and known
UT der the name of the WORKIEGMEN'S NATION
AL FIRE INSUR ANCB COMPANY, of Louisiana;
it's donice shall he and is hereby fixed in tie city
OF New Orle ans. parish of Orleans State of Louis
lana; it shall exist, commence business and con
tinue for twenty five years from this date, during
which time it will have and enjoy succession con
tract, sue and be sued; hold purchase. sell and
otherwise convey all kinds of property, both real
and personal, under its corporate name. and shall
possess in general all the powers and privileges
that are given by law to corporations. Said com
pany shall use corporate SEAL the device upon
which shall be q bare arm raised and holding a
hammer, with the name of the company around
it. The president or the vice president or in their
absence, the secretary, shall be the proper officers
upon whom to serve citations notices and all
other legal process against the company.
ARTICLE H.
COMPANY
lished, and the nature of its business, hereby
declared to be as follows, to wit;
]. To effect insurance against loss or damage by
fire or lightning in Louisiana and other states of
the Union. and Of the Anne lean continent /. On
dwelling houses stores cotton gins and all build
ings Of every description; 2. on ships steamers.
steamboats, barges and their cargoes; g. On house
bold furniture, merchandise and all other pro-
perry.
q To cause itself to be reinsured, in whole or in
part with any other insurance companies against
any risks upon which it shall have made insurance.
3. To establish branch Offices and agencies in
Louisiana and other States of the Union.
ARTICLE III.
The capital stock of the company is hereby fix ed
at the sum of three hundred thousand dollars
divided into shares of fifty dollars each Said sha. es
shall b. paid at the option of the subscribers, in
81 Of fns he 10 w in
or IN due bill at thirty days. at the time Of sub
scription and the balance in q note payable in ten
years from date; said notes to be redeemed and
finally extinguished by the yearly credits thereon
Of their pro rata of the earnings of the company,
specified in ar, ice seven Of this chatter. Said
notes shall BE- subject to such calls as may be
dered by the Board of Directors provided that the
calls made shall be payable only after fol five
cent OF the amount of the stock notes at any one
time. 2. Or the whole amount subscribed payable
in cash or it's equivalent in real estate or public
securities at their actual cash value; said sub
scrbers to b. allowed tw. mtg per cent discount on
their subscriptions. 3. Or the whole amount sub
scIibed to be paid IN call notes secured by pledge
Of public real estate securities; said subscrO
to be allowed ten per cent dis cunt on their sub
tons. and said securities to be accepted in gusran-
tee at the rate Of only sixty-thiee and oBethird
Der cent OF their actual cash value; provided that
all subscriptions of t. above second and third
categOries shall be submitted to and accepted by
the finance committee before they can be received
and certificates OF stock issued. The following Sc.
curities shall be receivable as cash III payment of
or guarantee for the payment of subscriptions
article to wit Country and city real estate un-
incurnbered, first mortgage notes. bonds, stocks.
lvee and land scrip of the United States and of the
State of Louisiana, or any other State OF the Union
and Of solvent raj IL DAD, bank canal and navigation
companies Incorporated by special laws of the
United States the State of Louisiana or any State
of the Union. Subscribers shall have the privilege
to, at an, time, alt in Whole Or in part their
original mode # subscription. The capital stock
Ave huud ed thousand dollars whenever the Board
Of Directors may deem proper to do SO.
ARTICLE w
The stockholders shall never be liable for the
losses of the company in any larger sums than the
amount IT naming due on their stock notes.
ARTICLE v.
Certificates of stock shall be only issued when
full paid and trans ers of stock shall be made only
on the books OF the company, at its Office in New
Oreans-
ARTICLE VI
On the Thursday preceding the last Saturday in
December OF each year. commencing on the year
1874 there shall be made from the books or the
company, q full and true statement, showing. up
q
the company; second the amount of premiums re-
ceived; third, the losses paid and expenses in
curred four b, the balance Of prof and loss; the
whole to be sworn to and subscribed by the presi-
dent and the secretary, and to be published ten
times during one month in three newspapers Of the
city OF New ofiean sprcrp VII
The net profits of the company shall Ne appro-
pr iated as follow, to wit:
l.. An interest of en- per cent shall be paid in
cash 10 the stockholders at the office of the com.
v NJ
each year m"encil g in 1878. on the payments
made b hem agreeably to paragraphs first sec
balance OF the earnings shall be divided in four
equal parts. three parts whereof snail be placed to
the "feir surance and reserve fund" and the other
part shall be paid in cash to the subscribers speci-
fed in he St cOnd and third paragraphs OF article
three Of this charter rata to the amount of their
subscription, The subscribers of the first category
being pa their share of he profits, as 3 ipulated
article three of this charter by Mt
On their notes OF the amount they entitled to.
2 20 son AZ the credits indO sed on the stock
mott of the subscribers of the first category of
ticle three shall have become eqrai in amount to
their face, q sum sufficient to maintain he rein
surance and reserve ruLd to the standard of $500
600 hall be taken from the profits If the company
and placed in sald fund and the entire balance
shall be paid In cash to the stockholders.
ARTICLE VIII
The affairs Of the CONF any shall he administered
by q board OF twelve d rectors, who shall be
lectea from among the stock holders holding not
less To an fifteen sn1res in their own name They
shall be elected at q meeting of the stockholders
convened for that purpose. at the Office of he
company the last Saturday of December of
every alternate year. from and after December,
1878, after adve rti enent for ten days in three
ne spap~r pubieh.d in the city of New Orleans.
At said meeting and at all elections each stock.
holdrr shall be entitled to one vote for each an0
every share of stock he shall hold in his name
or by proxy. All elections shall be supervised aud
their result declared by three commissioners 3D.
pointed by the Board of Directors from among the
The members of the board shall
take their s+ats the Monday following the cleo
ton, aud shall then elect the president, vice pres
dent, the RenorA manager and the secretary Of