New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-01-28
CORPORATIONS.
NHARTKR......... ......CHARTER

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NHARTKR....... CHAPTER.
Be it known that this seventeenth day OF
the month of September, in the year Of our Lord
of the independence of the United states of Amer
lea the ninety-eighth. before me-, Ernest Eude, a
and for the parish Of Orleans and the city Of New
Orleans, State OF Louisiana, residing in said city,
and IL presence of the witnesses hereinafter
named and undersigned, personally came and ap-
peared the parties whose names are hereunto sub
scribed who declared that, ava iling themselves of
the rights powers and privileges conferred by the
laws OF the state of Louisiana for the organization
of corporations in this state, they have formed
and instituted corporation for the purposes and
tons following, to wit:
ARTICLE
This company shall be designated and known
u4der the ma name of the WORKIEGMENS NATION
its dOmiciie shall he and is hereby fixed In tie city
of New Orleans, 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 a corporate seal, the device upon
which shall be bare arm raised and holding a
hammer, with the name Of the company around
il. The president the vice president or in their
absence the secretary shall be the proper officers
upon whom to serve citations. notices and all
ARTICLE II.
The purposes tor which this company is estab-
lished and the nature of its business, are hereby
declared to be as follows, to wit:
l. To effect insurance against loss or damage by
fire or lightning in Louisiana and other states of
the Union. and Of the American continent: l. On
dwelling houses stores. cotton gins and all build
ings OF every description; Q. On ships. steamers
steamboats,, bsrges and their cargoes 3. On house.
hold furniture. merchandise and all other pro.
q To cause itself to be reinsured in whole or in
part with any other insurance companies against
any risks upon witch 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 liked
at the 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
scrption, and the balance in a note payable in ten
years from dste; said notes to be redeemed and
finally extnguished by the yearly credits thereon
of their pro rata of the earnings of the company,
specified u article seven Of this charter. Said
notes shall be subject to such calls as may be
calls made shall be payable only after forty five
days notice, and sha not be for more than ten per
cent of the amount of the stock notes at any one
time q Or the whole amount subscribed payable
in cash or its equivalent in real estate public
securities at their actual cash value said sub
their subscriptions. 3. Or the whole amount sub.
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
tons and said securities to be accepted in garan
tee at the rate of only sxty-three and one-third
per cent OF their actual cash value; provided that
all subscriptions of TIE 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 folio wing Ise
curities shall be receivable cash III payment of
mentioned in paragraphs two and three Of this
article, to wit: Country and city real estate un.
ievee 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
UHited States the State of Louisiana, o any State
of the Union. Subscribers shall have the privilege
original mode of subscription. The capital stock
OF the company may be increased to the sum Of
five hundred 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 remaining due on their stock notes.
ARTICLEv
Certificates of stock shall be only issued when
full paid and transfers of stock shall be made only
on the books OF the company at its office, in New
Orleans.
On the Thursday preceding the last Saturday in
December of each year, commencing the year
1874 there shall be made from the books or the
To date: First the amount of capital and assets OF
the company; second the amount of premiums
cured fourth, the balance of profit 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 Orleans
ARTICLE VII
The net profits of the company shall be appro
prated as follows to wit:
L. An interest, of sen per cent shall be paid in
an N IA nj off han
pany from and after the tenth day of January of |
each year mmencng in 1875, on the payments |
ond and third Particle three OF this charter and the
balance of the earnings shall be divided in four |
the reinsurance and fund" and the other |
part shall be paid in cash to the subscribers speci.
hed in the st eond and third paragraphs Of article
three of this charter rata to the amount of their
subscription the Subscribers of the first category
being paid their share of the profits, as stipulated
article three of this charter by the Endorsement
on their notes OF the amount they entitled to.
2. So soon the credits Endorsed the stock |
notes OF the subscribers of the first category of ar.
ticle three shall have become equal in amount to |
their face, sum sufficient to maintain the rein.
surance and reserve fund to the standard of $780,
900 shall be taken from the profits of the company
and placed in said fund, and the entire balance |
shall be paid in cash to the stockholders.
ARTICLE VIII.
The affairs of the company shall be administers
by board of twelve directors, who shall be SO.
lected from among the stockholders holding not |
less than fifteen shares in their own name. They
shall be elected at a meeting of the stockholders
convened for that purpose at the office of the
company on the last Saturday of December of
every alternate year, from and after December,
1275, after advertisement for ten days in three
he spapars published in the city of New Orleans.
At said meeting and at all elections each stock
holder shall be entitled to one vote for each ana
every share of stock he shall hold in his own name
or by proxy All elections shall be supervised and
their result declared by three commissioners ap- |
stoc khOlders. The members of the board shall |
take their seats on the Monday following the cleo
ton, and shall then elect the president, vice presk
dent, the general manager and the secretary of |
the company The first three named officers to be |
selected from the Board of Directors. and all four
OF them to hold their seats, together with the di.
rec.ors until the next election, and until others
qualified to act in their stead unless they be
after impeachment and trial, by a vote
OF two.thirds of the entire board. The superin.
teLdent of agencies and such other clerks and EN-.
ployes may be deemed necessary shall be ap-
board, and shall be removable at their pleasure.
The Board of Directors shall fix the salaries of all
shall also adopt snch bylaws as they may deem
necessary for the administration of the affairs of
contrary to the stpulatops of this charter or the
Jaws of this State. The board may alse delegate |
such powers IN tHe transaction of the ordinary /
business OF the company to committees of their
OWN body to their officers or their agents. as |
they may deem eXpedlent
ARTICLE TX.
The president, or in his absence or incapacitv, |
ne vice president shall preside at Gil meetings of
he board he shall supervise all the business of the
company generally and see that the requirements
If this charter, the bylaws of the company and
he orders and resolutions OF the board be faith |
lilly carried out. The general manager shall be |
he active executive officer OF the company; he |
hall have the control of all agents, agencies and
branch offices and shall attend to all the fire bus
less of the company under the supervision Of the
PRESIDENT and Board of Directors. The secretary
hall perform all the duties usually appertanng to
aid office. The superintendent of agencies shall
lave charge of the branch offices, agencies and
gents in the city of New Orleans and State of
.ouisana, Under the supervision of the president |