New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-01-25
CORPORATIONS.
NHARTRR..... .CHARTER.

II
Be It known that on this seventeenth day of
one Thousand eight hundred aud seventy three and
Of the independence Of the United States Of Amer
lca the ninety eighth. before me-. Ernest Eude, q
notary public duly commissioned and sworn. in
and for the parish Of Orleans and the city Of New
Orleans State of Louisiana, residing i'll said city,
and in presence Of the witnesses hereinafter
named and undersigned, personally came and ap-
peared the parties whose names are hereuuto sub
scribed. who declared that availing themselves of
laws OF the State of Louisiana for the organization
Of corporations in this state, they have formed
and instituted q corporation for the purposes and
objects, and under the stipulations and regula.
tons following, TO witt
ARTICLRf
This company shall he designated and known
under the name OF the W0RRiSGMES'S NATION.
it's dOmcile shall be and is hereby fixed in tue city
of New Orle ans parish of Orleans, State of Louis
lana; it shall exist, commence business and con-
time 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 ali kinds of property, both real
and personal, under its corporate name, and shall
possess ia general all the powers and privileges
that are given by law to corporations: Said com
pany shall use a corporate seal, the device upon
which shall be bare arm raised and holding
IL 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 II.
The PURPOSES Tor which this company Is estab-
iisled, and the nature of its business, hereby
declared to be as follows, to wit:
l. To effect insurance against loss or damage by
fir. lightning in Louisiana and other states of
the Union. and OF the American continent: |. On
dwelling houses stores cotton gins and all build.
ings of every description 2. On ships, steamers.
steamboats, barges and their cargoes; 3. On house
hold furniture. merchandise and all Other pro
perry o,ns :,
part, with any other insurance companies against
any risks upon which it shall have made insurance.
3. To establish branch offices and agencies i'll
Louisiana and other States of the Union.
ARTICLE III.
The capital stock OF the company is hereby fixed
at the sum of three hundred thousand dollars
divided into shares of fifty dollars each Said shares
shall be paid, at the option of the subscribers in
either of the following manners to wit: |. Ten
per cent of the amount subscribed payable in cash
q due bill at thirty days at the time of sub
scrption and the balance in note payable in ten
| years from date said notes to be redeemed and
finally extingusbed by the yearly credits thereon
of their pro rata Of the earnings Of the company
notes shall be subject to such calls may be or
dered by the Board Of Directors; provided that the
calls made shall be payable only after fort five
DAYS notice. and shall not be for than ten per
cent of the amount of the stock notes at any one
in cash it's equivalent in real estate or public
| securities at their actual cash value; said sub
scribers to be allowed twenty per cent discount on
| their subscriptions. 3. Or the whole amount sab
scribed to be paid IN call notes secured by pledge
of public real estate securities; said subscribers
to be allowed ten per cent discount their sub
| tee at the rate of only sixty three and Onethird
per cent their actual cash value; provided, that
| all subscriptions of til 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 in payment OF
| or guarantee for the payment OF subscriptions
mentioned in paragraphs two and three OF TINS
| incumbered first mortgage notes, bonds, stocks,
levee and land scrip of the United States and Of the
State of louisiana any other State of the Union
and of solvent railroad bank canal and navigation
| companies incorporated by special laws Of the
United States, the State OF Louisiana or any State
| to, at any time, alter in whsle or in part their
original mode of subscription. The capital stock
Ave hundred thousand dollars whenever the Board
of Directors may deem proper to do 50.
ARTICLE w.
The stockholders shall never be liable for thu
losses of the company in any larger sums than the
amount IT naming due on their stock notes.
| ARTICLE
| Certfcatee of stock shall be only issued wheI
full paid and trans of stock shall be made onl.
the books OF the company, at its office, i'll New
Orleans.
| On the Thursday preceding the last Saturday II
| December of each year commencing on the yea
1874, there shall be made from the books OF tn
| company a null and true statement, showing. VI
to date: First, the amount of capital and assets .
| the company; second, the amount of premiums re
| ceived; third, the losses paid and expenses III
CURED; fourth, the balance of profit and loss thu
1 whole to be sworn to and subscribed by the presi
| dent and the secretary, and to be published tel
| times during month in three newspapers of tn
| city OF New Orleans.
I ARTICLE VII.
I The net profits Of the company shall BE appro
| priated as follows, to wit:
l. An interest Of ten per cent shall be paid il
l <0t hos fnn nj hA Of ha pn
| pauy, from and after the tenth day of January o
each year, commencing in 1875 on the payment
ond and third of article three Of this charter and tn
| balance OF the earnings shall be divided in fOu
equal parts. three parts whereof snail be placed
| the reinsurance and reserve fund.-" and the Othe
| part shall be paid in cash to the subscribers spec
fed i'll the ST cond and third paragraphs of articl
three this charter pro rata to the amount of thei
subscription the subscribers OF the first categor
being paid their share of the profits, as stipulate
article three of this charter by the indorsemen
on their notes OF the amount they are entitled to.
| 2. So soon the credits Endorsed on the stoc
notes of the subscribers of the first category of al
| their face q sum sufficient to maintain the rein
| surance and reserve fund to the standard Of 5000
900 shall be taken from the profits OF the compan
shall be paid in cash to the stockholders.
ARTICLE VIII.
| by board OF twelve directors, who shall be 81
| lected from among the stockholders holding no
less than hftaen enare6 IN their own name. me
| shall be elected ut meeting Of the stakeholder
| convened for that purpose, at the office of tn
company on the last Saturday of December Q
every alternate year. from and after December
1875 after advertisement for ten days in thre
| newspapers published in the city of New Orleans
} At said meeting and at all elections each stock
| holder shall be entitled to vote for each an
every share Of stock he shall hold in his own nam
OF by proxy. All elections shall be supervised an
> their result declared by three commissioners AZ
| pointed by the Board Of Directors from among tn
I Stockholders The members of the board sha
take their seats the Monday following the cleo
tion and shall then elect the president, vice pres
I dent. the general manager and the secretary
! the company. The first three named officers to b
/ selected from the Board of Directors. and all fou
. of them to hold their seats, together with the d
rectors until the next election, and until other
qualified to act in their stead. unless they b
! removed, after impeachment and trial, by a vot
| of two-thirds of the entire board. The superr
teudent of agencies and such other clerks and EN-
plOyes as may be deemed necessary shall be az
pointed by the president with the consent OF tn
The Board of Directors shall ii the salaries OF a
| the officers and employees of the company an
1 shall also adopt sDch bylaws as they may deer
necessary for the administration Of the affairs
[ the company, provided said by laws shall not
contrary to the stipulations OF this charter or IN
J laws of this State. The board may also delegat
| such powers the transaction OF the ordinar
1 business OF the company to committees OF thei
| own body to their officers or theiy agents.
| they may deem expedienes
I ARTICLE TX.
! The president or in his absence incapact,
the wee president shall preside at all meetings
the board he shall supervise all the business Of tn
company generally, and zee that the requirement
| of this charter, the bylaws Of the company an
the orders and resolutions OF tho board be fatt
| fully carried out The general manager shall
the active executive officer of the company; Il
: shall have the control of all agents agencies an
branch offices, and shall attend to all the fire bus
ness of the company under the supervision OF tn
! president and Board of Directors. The secretar
shall perform all the duties usually appertaining
! said office. The superintendent of agencies STA