New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-04-03

UNITED STATES OF AMERICA.
' STATE OF LOUISIANA.
PARRISH OR ORLEANS m, N0rvr

-
Id -a' STATE OF LOUISIANA.
l. PARISH OF ORLEANS, CITY OF NEW oR1EAs
d Be it Known that ON this twentieth dsv
n the month Of Msrch, in the wear Of orr Lord ~
thousand eight hundred and seventy. four, ana
ID the Independence Of the United States Of Amer
Jr, notary public, duly commissioned and swcr
in and for the parish and city Aforesaid, there
20 hereinafter named and undersigned, personal
came came p ana %.n appeared Meesr.: Michel Musso
James Plaisent and Louis Schneider. all an"
8 rectors Of the New Orleans Mutual Insurance U
soclatlon corporation organized under the Law
OF this state and having its demicie in this paris
. their aforesaid capacity, BY virtue Of resoluffio
i adopted by the Stockholders Of said corporatior
of March. 1874 a certified COPY whereof ia hersf
annexed for reference
Which said appearers declared in their said ca
Pacity thst IN order to carry into effect and caue
| ing to be accorded the resolutions adopted at
, general meeting Of the stockholders Of the sal
rectors, specially for the purpose of taking int,
e Rs as 0p S4
OF Incorporation Of the New Orleans Insuranc,
aaso and New Orleans Mutual Insur
their sitting on the thirteenth day Of February
1874, which said call was advertised by notices In
SeM U,'eahs pcay1ne and Bee
from the fifteenth day of February last until the
gay gay OF holding said general meeting. as will more
ing of the stockholders, ' wherein LEILA STOCK stock.
in the
Ghe capital stock of the said corporation, being
more than the three fsurths required by law 81
Tue wnoie NUMBER OF shares represented at said
general meeting, to wit: Two thousand and thirty
ad voted in favor of the adoption Of the
dnes. me said aPpearers. acting in their afore.
saia capaeity do by these presents, in behalf Of
fns OF the said New Orleans Mutual
hsh the said amendments to the charters or acts
OF Incorporation OF the New Orleans Insurance
Association, which have Teen adopted at the said
general meeting Of the stockholders Of the said
eor corp to be heneeforth binding aud obgs-
tOry upon the stockholders OF the said corporation
| ana all others v hom the same shall OF NAV con-
cern and that the charters acts Of Incorporation
View orleans Mutual Insurance Association are &C
cordlngly amended 80 az to read as follows:
ARTICLRL
l.. The domicil Of this corporation is established
IN the said city Of New Orleans, and it shall here
the NEW ORLEANS INSURANCE ASSoCiA TON oi
q 1t shall exist for twenty-five years from the
surance Association to wit: from the seytn nth nav
OF August, 1859 unless its affairs should be sooner
.iluuaeG ana settled by oder Of eefOurths of
me stockholders, as provided in article eleven Of
this charter on VI
2. It shall have corporate SEAL the device mon
of tb ena ne crescent encircled with the name
a. The president or in his absence the secretarv
snail be the proper officer upon whom to serve
oi'"'ons IN al SUITS against the association.
ARTICLE H.
The objects and purposes of this assocat,on .ra
!; To make insurance on dwelling houses, stores
S u ., ner buildings household furniture merchan.
alse and other property against loss or damage by
40 To- make marine and river insurance upon
merchandise, specie, bullion, bills of ex,
e enssng e;hsr sn5ssS profits bank notes
respondents interests and to make ali and evs n1
insurance appertaiuing to or connected with ma
r lnea. OF inland transportation risks In other
surance of any hind Whatsoever with priviIeua nf
exercising all or either Of said purposes in this
United States, or in any foreign countr Va VIC
j. TO cause themselves to be reinsured apainst
any rlsk upon which they have made or shall make
ARTICLE III.
!; The capital stock of the association is hereby
reduced to three hundred thousand dollars divided
into shares of thirty dollars each. ANY and ali
the association over and above the reduced yalne
Of thirty dollars per share, shall accrue and be ex
cuslsey aPpned as stock dividends to the holder
q The capital stock may be increased not to ex.
ceed three millions Of dollars divided into shares
OF thirty dollars each to be paid for at the time
and in the manner hereinafter provided for in ar |
ticle four of this charter.
Each nscal year shall end on December 81
3. No certificate Of stock shall be issued until |
me same is paid in full, and transfer of less |
Imam one 1nll share perm tied except at the plea
sure OF the directors and the transferee assnminc
all indebtedness thereon. |
4 Transfers Of stock shall be made on the books
If the association at its office in the cty of New
orleans only, on demand Of the legal holder thsre
If and surrender of certificate, but not while any
hstuIeo naeotedness to the association exists on
.. In addition to the capital stock of the associa-
ion contingent fund shall be created to consist of
and of all amounts received from other
ources than premiums including the portion Of G
ve sectiSn On premiums ,h appropriated in article
y said contingent fund. From this fund divi :
ends Of interest shall be made to stockholders.
D. AT the close OF each fiscal wear an interest |
lvldend OF ten per cent shall be declared on the
mount of stock paid in, at such time as the the t
increase Of provided that if
hould be found Insufficient to nav the d
aid interest then the deficiency shall be- made .
ana paid out Of the net profits Of the business of
ne year; and provided further that the interest
" on the capital stock may be declared and
rectOrs, but the amount of same shall mot az ceaS
~ per cent per annum until the contingent fund AZ
aa sr nave accumulated to the extent of $500 O0O
AIRED from its earnings to stockholders. a. .,
nese dlvldends shall cover all participatiou in "
10 profits of the association except as hereinafter
divided for in article five section four and section
any excess Of the contingent fund, after paw 70
emit OF the interest dividend above provided for Of
all accumulate, and shall not be Appropriated | -
cept Tor the payment of losses, after all other
ms no OF the company Except the capital stock)
all nave been exhausted and as is further pr
led for in section four of article five of this
a 1T and shall always be held as protection
nve hundred Thousand dollars; the surplus he |
nd which may be appropriated from YEAR te
al i as tne directors may deem expedient. =,
The contingent fund shall never be invested in sill
Sthlng but United States government securities in
ARTICLE w. sb
All persons who may hereafter snbscr;na IN tn
capital stock of thus association shall nav ~ ~ pc
cent or three dollars each share in casb OIL
,sl ing their notes we'll approved. to the associa
zen dollars per share, payable at such times "a me
board OF directors may determine | Mi
saia notes snail contain clause to the effect lis
u IT, IN the judgment of the directors the inter an
. OF Inc association require it, these notes or of
portion of them shall be due and PAYABLE in tn.
ii sums, and at such times as the directors NAV an,
ermine after thirty davs' notice theranc ny | me
ed That not less than thirty days shall inter. | ter
ne between the time of payment Of each install COZ
The non payment of said notes. or installments
the same, as above provided for, shall forfeit .
entile stock 70 the association together with do,
accumulation thereon, and all interest or bene uei
95Ge the payment Of the stock at it's option
payments for such time as they deem nronar. thr
vlded also the stock forfeited NAV be trans OF
e T WIN tne consent OF the Board Of Directors re
1sierabe) signed by the president and secretarv VII
II De issued to subscribers, acknowledging the III
ts pn'd IN cash and notes given. which tbi.
- OF certlhcates of stock, as provided for in anu
ion three, article three SAT-
NO stockhoder shall in any event. be made 'ne
init in