New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-02-22
CORPORATIONS.


! uary, 1874 before me. Abel DreyfSus notary publ
| for the parish of Orleans and city of New Orlean
therein residing. personally appeared Messrs Jaco
william Hamn, Sigmond Solomon, Albert Ssdusky
Riehm, Cyrus Hunter Ross, James Newton an
Sigmund Thuerkauf all Of this city. vh
declared that awaiting themselves OF tn
the laws of this State of Louisiana for the organ
ization of corporations in this state, they hav
and b
regulations following, to wit:
ARTICLEf
! This company shall be designated and formed
| under the style and name of the MERCHANTS
| FIRE INSURANCE COMPANY OF NEW ORLEANS
| and te domiclle shall De and is hereby fixed in the
Louisiana and the president thereof, or in hi
absence, the secretary, shall be the proper Officer
upon whom may be served citations. notices and
I other legal process against the said corporation
| 1t shall commence business soon as the re
quisites of the law shall have been compiled 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
| purchase, sell and otherwise convey, under its
| corporate name, property. both real and personals
shall establish such rules, by laws and regulations
necessary, provided such bylaws shall not be CON
l trary to The stipuations 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 corporate
seal, the device upon which shall be eagle with
! the name OF the company around it.
ARTICLE H.
The purposes for which the said Merchants Fire
| Insurance Company of New Oreai 8 is established
and the nature OF the business to be carried by
It, are hereby declared to be:
l. To effect insurance on dwelling houses stores
sugarhouses, cotton gins presses. and all other
buildings OF every description; also. upon house
hold furniture, merchandise, and all other prop.
erty against loss or damage by fire or lightning.
=; Io cause itself to be reinsured III part in
luli vain any other companies against risks upon
which it shall have made insurance.
s. 10 establish agencies in all the States and Ter.
rltOrles OF the Union.
The capital stock of the company is hereby fxed
at one hundred and nifty Thousand dollars; said
capital to be divided into shares of twenty dollars
each, to be paid as follows, viz:
All suoscrbers to the capital stock of the COM
pany snail, at the time of subscription, pay five
their option, ia due bill PAYABLE at sixty DAYS.
and for the balance they shalt execute their note
10 the COMPANY, payable in ten years from date of
tins organizations; said notes to be reduced and
hnally extnguished by the annual credits there
ono on OF their PRO rata Of the earnings OF the
original subscribers, or their heirs OF assigns
ARTICLE W.
l. The capital stock OF the company may at any
thousand dollars by q resolution of the Board of
Directors whenever deemed proper.
,. Transfers h Of stock will be made only on the
DOCKS OF the company at it's office in New Orleans
anu until the stock is paid in full no certificates
snail be issued without the consent and approval
VI tne president and secretary of the company.
ARTICLE
I'M. me stock holders shall never be liable for the
losses loss OF the company in any larger amount than
"hat feMalhs que on Their stock notes.
ARTICLE W.
There shall be made a full and true statement
annually from the books of the COMPANY com
sSn On the fifteenth DAY of January, 1875,
showing up 10 date. The amount of capital and
assets OF the company. 2. rhe amount of premiums
neceived and losses paid. g. The balance of profits
scribed by the president and secretary and to he
paonsned ten times during said month in two
newspapers OF The city of New Orleans.
ARTICLE VII.
me net profits arising from the business, as
aseertained by the aforesaid publications. shall
oe apportioned as follows, to wit:
first-One- fourth of the net profits shall he set
ASIDE as reserve fund, for the purpose of in.
creasing the assets of the company and sbai no |
invested in such securities, bonds or mortgages "a
me nnance committee may deem advisable.
;S SeSonanIhe remaining three-fourt to be di.
o the amount Of shares held by each, to wit
~, me sad profits to be payable in cash annually,
md after the first day of March at the rate ~ |
fifteen per cent upon all cash payments made on |
re. s'ocx notes pro rata and the balance of said
'ronts accrulng TO each stakeholder shall be in |
ofsed on his stock note by the secretary of the |
ompany, and certificates or receipts to that effect
hall be issued to all stockholders demandnS II
=. AS soon as the credits Endorsed on the stock |
lotes accrung from the profits as above snecified
MA nave become equal in amount to the face Of
aiu notes then the entire profits of the company
nan De PAID IN cash to the stockholders of the |
ompany from and after the first day of March |
ed |
nat Tor the first two years viz until the first dav
March 1876, all interests accruing from The |
apta and reserve fund shall be placed intact to
he reserve fund, and no part of said interests !
nan De divided among stockholders or used for |
nses, but that after said first of March, 1876
RED as part OF the divisible profits and shall he
pp9 1 IN the manner hereinbefore stipu. |
lted namely-one fourth to the reserye f,nd and | !
ne balance to the stockholders. N !
ARTICLE VIII.
All the rornorafa Dnwara - Al. 1
, vested IN. and its affairs administered Nv |
oafu OF Directors, who shall be selected from |
noni tne STOCKHOLDERS, holding not less than
'e SHARES IN their own name they shall he | ,
ec1ed az meeting of the stockholders Convened | =
u 'i nr.+ at the Office of the company on
ar, commencing in December 1876. upen advsr'
,ems ne for ten DAYS in two newspapers of the
ections, each stakeholder holding five sh HS ~
less IN bis own name shall be entitled either in f
,na or oy proxy to one vote, and every add
'hai nVe shares shall entItle the holder fberanf |
one vote. The members of the new hoard shor
ae Their seats on the Thursday next following o.
,ct the IN pecember 1876 and shall then
M ne ne president and secretary, who shall | D.
r a t1e, n seats, together with the mem. ~
others s re noafa tor two years, and nn. Fl
icers OF the company shall consist of a presidant
nrs seeretary who shall be elected by the Board
ents, clerks and employees as NAV he nans o.ner
All De appointed by the president and shall ~ OF
shsn a. at ms MS pleasure The Board of Direct
yes OF the company. The first board shall cnn
$3.50 VI s,A directors, who shall have the right
eneVer they think proper, of increasino tSn; | ,
mber to any number not to exceed twsis 'nelr
!. president and secretary are herebv dec,raS ~
s. a. sainn"n TO wit: j. W. Hamm president,
rs, together with the Board of Directops nn.ii q
FIRST election in December 1876 '' uAth | q
ne presence of four directors shall cors+;+. |
rum for the transaction of business Tha a
NJ may grant leave of absence to the diractauo |
interests OF the company. All yacanciaa ;r. ~
10 snail be filled by the board " 'no Dy
ARTICLE TX LII
&c president or in his absence ona ~ H. 1 4
ctols, elected for that purpose sbaI 49, VI ene -
.nSs OF the board perform ali the dntias az El
ea oss utite officer, and shall conduct ali tbs
90 % lIo company generally. The secrafarU
! perform the duties usually annep+ sijUielaIy
,cs az nf 4 th. The general agent shall have
r enlpioyes to be regulated by the nresidsnt az
t' az an policies checks and ceri6cates an 10
" " oSneo ny the president and secretary
ARTICLBX -
lefe shall be stated meetino nc a.,
~ .. saturday IN January, April Jnlv and ~ q
ne var H. yeaa, and also special meetinps 10
equested in writing by majority of tha hy To,
ARTICLE XI nee
ns charter may be altered amen5.a and
raj meetino nf t Kan dissolved at any time at a
pun pose by the board, upon a petition 70 ol Car
~ ea oy ahe holders of at least two thirds 0tT
notice published in two ne1y alter thirty Flo1
of New Orleans provided tb"t papers IN the | Cha
9 .ne entire stock of the companv ha nS
. q. said meeting and provided furtber @i
d 10 alerity OF two thirds of the stock sn uer
1tsa pe obtained for the measure propossI 'iek
ARTICLE yIf offc
, .ne EXPIRATION OF this charter or soope, -, ft
g a. a %. provided IN the foregoing article tbe o
3 OF the company shall be iiuuidated b =, the ! ia
ossiomers I" be elected by the board f5r smeS
1 rs al noSs BOARD may cede to such commis
fairs of the company NAV fix tb eir tae OF
nn,it theIr period of liquidation fix their STE