New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-02-11
CORPORATIONS.
HARTER.....'''......'''..'.''CHARTKR
STATE OF LOUISIANA-PARISH OF ORLEANS.


STATE OF LoUISIANA-PARIsH OF ORLEANS
Be it known that on this twentieth day of Jan
uary 1874, before me. Abel Dreyfeus notary publi
for the parish of Orleans and city Of New Orleans.
William Hamgi Sigmond Solomon, Albert Ssdusky.
John Ubers, Lawrence Hilbert Hamm. Franz
Rehm. Cyrus Hunter Ross. James Newton. Sig
mund Tnuerkauf aud Paul LoAis Waldemar Riess.
all of this city, who declared that, avang them
selves OF the rights powers and PRIVILEGES conferred
by the laws OF his state Of Louisiana Tor he organ
lzation of corporations IN TINS STATE, they pave
formed and instituted corporation FOR the PnI,,
poses and objects, and under the stipulations and
regulations following to wit
ARTICLE
This company shall be designated aud formed
under the style and name of the MERCaANrs'
and its domicile shall be and is hereby xed in the
city of New Orleans, parish of Orleans State of
louisiana alt. the president thereof or, IN his
upon whom may be served citations, notices aud
other legal process against the said corporation.
1t shall commence business the
quisites of the law shall have been complied with.
and shall exist and continue for The full term OF
twenty i've years from the ate of or organization
during which time il shall have and eniov succes.
sion contract, sue and be sued, hold, receive.
purchase, sell and otherwise convey, under l.s
corporate name. property both real and PERSONA;
shall establish such rules, by laws and regulations
for the management of the company az NAV be
necessary, provided such bylaws shall not be cor.
trary TO the stipulations of this charter the
laws of this State and shall possess &. neral all
euch powers and privileges as are given by law 20
corporations. Said company shall use corporate
seal, the device upon which shall be an eagle, with
the name OF the Company around it,
ARTICLE II.
Tie purposes for " hich the said Merchants Fire
Insurance Company of New Orlea s is established
and he nature of the business to be carried OF by
it, are hereby declared to be:
l. To effect insurance On dwelling houses, stOres,
sugar houses. cotton gus, presses, and all othec
buildings OF every description; alsD. upon house
hold furniture merchandise and all other prop
Ust L IN Doe Y ira m HUh
z To cause itself to be Ieinsured ia part or in
full with any other companies against risks upoe
which II shall have made insurance.
h. To establish agencies Ill all the States and Ttee
T.tOri.s OF the Union.
The capital stock OF the company is hereby ed
at hundred and isty thousand dollars; SAID
capital be divided into shares of twenty dollars
each, TO be paid as follows viz:
All subscribers to the capital stock of the con-
pany shall, at the time of subscription. pay
per cent dollar per share in cash or ts
their option. in due bill payable at sixty days:
and for the balance they ehali their note
70 the compan, payable in ten years from date Of
finally extinguished by the annual credits there
on OF their pro rata Of the earnings OF the com
panv, and when paid To be returned to the
original Subscribers, or their heirs assigns.
ARTICLE w.
:. The capital stock OF the company may al any
time be incre ased to the amount of three hundred
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 in full certificates
shall DC issued without the consent and approval
Of the president and a ssrfT1sy Of the company
The stockholders shall never be liable for tb's
losses OF the company IN any l,rger amour, thaa
what remains due on their stock notes.
ARTICLE VI
There shall be made a full and true statement
annually from the books of the compauy con-
epeing on the Fifteenth day of Januarv, ls.Js
assets OF the company. O. The amount of premiums
received and losses pad. 3. The balance of profits
and loss. The whole to be sworn to and sub
sciihed ny the president and secretary. and to 30
published Ten times during said month in two,
newspapers OF the city OF New Orleans.
ARTICLE VII
The net profits arising from the business 40
aseertained BY the aforesaid publications. shall
pe apportioned as follows to wit:
frst-Ont fourth OF the net profits shall be SEQ
aside as reserve fund for the purpose OF ig-
creaslng the assets of the company, aud shall be-
inv.sttd in such securities bonds or mortgages 80
Size huance coumittee may deem advis able.
N-co1d-The remaining three-fourths to o. d.
'lded among the stockholders in due proportions
to the amount OF shares held by each TO wit:
|. The said proitsto he PAYABLE in cash aunuallye,
az the Office of the company, in New Orleans Oh
and after the first day of March, at the rate OF
htteen per cent upon all cash payments made
their sEock notes pro rata and the balance of said
profits accruing to each srockhoder shall be in
dOrsed on ms stock note by the secretary of the
company and certificates receipts to that effect
shall be issued to all stockholders demanding it,
2 As soon as the credits indorsed ON the sfoci-
notes acciuins from the profits above specified
shall have become equal III am ,unt to the face of
said notes, then the entire profits Of the company
shall be paid in cash to the stockholders Of tho
company from and after the first day of March
Zach year II is, however expressly stipulated
that for he first Two years, viz: until tho first day
of March. 1876, all Interests accruing from the
capital and reserve fund shall be placed intact to
the reserve fund, and no part OF said inter. SITS
shall he divided among stockholders or used far
expenses but that after said first of M4rch 1870
and not before. the said interests shall be consid
cred as part of the dvsible profits, and shalt DO
tfIf mad IA Itl ha4Y.. ir,l,.
lated, na'nelv-onefourth to the reserve fund and
III. bal dnt @ to the stock odefs.
ARTICLE VIII
81 The corporate powers ct The company shap
be vested III. and its affairs admini stored by n,
Boal,l of Directors, who shall be seIcc ed from
among the STOCKHOLDERS, holding not less thar
five shares in their own name; they shall be
elected IA meeting of the Stockholders convened
for that purpose, at the office of the company GU
the first Monday of december Of every aiterpaS,
year. commencing in December, 1876 upon adver-
tisemeDt for Ten DAYS III two new sDapegs of the
.;iy of New Orleans. At slid meetmg aud at all
elections, each stakeholder holding Eve shares
"r less III his own name shall be entitled either in
serson err by proxy, 10 one vote. and eve,y addi9
flOna! vs shares shall entItle the holder fhereof
20 one vote The members Of the new board shall
take their seats on the Thursday next following
the elections in Dec' mber, 1870, and shall Their
hol.t their seats, together with the mem
b,.s .i the board, for two years. and uno
Ill others IRE qualified 20 act In their stead. The
Officers of the company shall consist of president
and secretary, who shall be elected by the Board
OF Directors. The general agent, and such other
agent-, clerks and employees may be necessary
snail be appointed by the president and shall be,
removable ut his pleasure. The Board of Direct
shall fix the salaries of all officers and en-
ployes OF the company. The first board shall con
sist OF six directors, who shall have the right,
Whenever they think proper, of increasing their
number to any number not to exceed twelve Tls
first president and secretary are hereby declared
10 be as follows, 10 Wit: }. W. Hamm, pre- sid m,
and ;. haiomon, secretary, who shall hold theie
seats, together with the Board of Directors until
;ne hrst election in December 1876.
The presence of four directors shall cor stitute r.
quorum Tor the transaction OF business. The pres
ident may grant leave of absence to the directors
officers and employees Of the company Whenever in
his opinion it can he done without detliment 10
the interests "f the company. All vacancies q tho
hoard shall be flied by the board.
ARTICLE TX
The president, on in his absence, one OF tho
directors, elected for that purpose shall preside ~
all meetings OF the board pe1forr. all the duties %
al executive officer, and shall conduct all tho
business ,I OF the 1om 3any generally The secretary
sa'h an oincer. The general agent shall have
charge OF tho agents at home. The duties OF an
secretary All policies, checks and Certificates OF
STOCK to be sGned by the president and secretar,o
ARTICLE X.
more sinai be n stated meeting of the board 90
tbs inst saturday in January. April July and DC
tober Of each year, and also special meetings
whenerfr the president may tIisk proper or mao
y" fe.tt 7teC III Ni!ug by maJoiIty OF the boarto
ARTICLE XI.
Ih!s shar'ef may be altered, amended Or on
huiIed and the company dissolved al any time at a
get.ra meeting OF the stockholders, convened OR
That purpose by the board, upon petition to said
board signed by the holders of at least two thirdo
ut the entire stock Of The company after thirty
days notice published in two newspapers I'm NO
ci'y OF New orleans provided that a majority Of
two-thirds of the entire stock of the COMPANY 10
at said meeting, and provided uftheo
that majority OF two thirds ct the stock so rea-
resented =" obtained for the measure proyoeI
and vC'ed Oh,
ARTICLE XII.
A. the expiration ot tins chartessr Foonso . %,
ordered, as provided III the foregoing article 90
affairs of She company shall be Iiouidated hy tbrfeo
"inmi5-l"ncf5, I" be elected by the board such
purpose. The board may cede to such con. tis-