New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-02-01
CORPORATIONS.
NhAIiTkR. ........CHARTER.

the rights, powers and privileges conferred by tn
laws OF the State of Louisiana for the Organization
| of corporations in this state they have forme,
| and instituted corporation for the purposes an
| objects, and under the stipulations and regula
| lions following, to wit:
ARTICLEI
This company slall be designated and know
under the name of the WORKINGMEN'S NATION
| AL FIRE INSuR ANCE COMPANY of Louisiana
of New Orle ans, parish of Orleans State of Louis
| lana; 1t shall exist, commence business and con
tinue for twenty five years from this date, durin,
| which time it will have and enjoy succession con
| tract, sue and be sued; hold purchase sell anC
| otherwise convey all kinds OF property, both rea
| and personal, under its corporate name and shal
| possess in general all the powers and privilege,
| that are given by law to corporations. Said com
| pany shall use corporate seal, the device upon
| which shall be bare arm raised and holding q
| hammer, with the name of the COMPANY around
IT, The president or the vice president or in theil
absence the secretary shall be the proper officer:
| upon whom to serve citations, notices and all
other legal process against the company
ARTICLE II.
The purposes tor which this company is estab
lished, and the nature of its business are hereby
declared 10 be as follows, to wit
|. 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; 2. On ships, steamers
steam boats, barges and their cargOes; 3. On house
hold furniture, merchandise and all other pro
perty
2 To cause itself to be rensured, in whole or in
part with any other insurance companies against
any risks upon VIII ch it shall have made insuran e.
). To establish branch offices and agencies in
Louisiana and other States of the Union.
ARTICLE ILL.,
The capital stock OF the company is hereby fl xed
at the sum of three hundred thousand dollars
divided into shares of fifty dollars each Said shares
snall De paid at the option of the subscribers, in
either OF the following manners, to wit l. Ten
per cent OF the amount subscribed payable in cash
or III a due bill at thirty days, at the time of sub
scripton, and the balance in a note payable in ten
years from date said mites to be redeemed Al d
finally extnguished by the yearly credits thereon
OF their pro rata of the earnings of the company
as specified in article seven of this chatter. SAID
notes shall be subject to such calls as may be or
dered by the Board Of Directors; provided that the
calls so made shall be payable only after y-tve
days notice, and sha not be for more than ten Der
cent OF the amount of the stock notes at any one
time. z. Or the whole amount su described PAYABLE
III cash or its equivalent in real estate or public
securities at their actual cash value: said sinh.
scr!oers to be allowed twenty per cent discount
their subscriptions. g. Or the whole amount sub.
scIlbed to be paid IN call notes secured by pledge
OF pubic or real estate securities; said subscribers
to be allowed ten per cent discount on their sub
TONS and said securities to be accepted in glaran-
tee at the rate of only sixty three and Oae-third
per cent OF their actual cash value provided that
all subscriptions OF Il e above second and third
categ0ries shall ba 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 i'll payment of
or guarantee tor the payment of subscriptions
mentioned IN paragraphs two and three of this
hrtclt, 10 VIII: country ana CITY real estate I'M
lncumbered, first mortgage notes, bonds, stocks,
levee and land scrip of the United States and of the
State of Louisiana or 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
of the Union. Subscribers shall have the privilege
to, at any time alter in whole or in part their
original mode of subscription The capital stock
Of the company may be increased to the sum Of
OF Directors may deem proper to do
ARTiCLE "
The stockholders shall never be liable for the
losses Of the company in any larger sums than the
amount r, naming due on their stock notes
ARTICLE v.
Certificates of stock shall be on'v issued when
full paid. and trans of stock stall be made only
On the books OF the company, at Its office, in New
Orleans.
ARTICLE VI
On the Thursday preceding tie last Saturday in
December of each year, commencing on the wear
1874, there shall be made rom the books or the
company, tul and true statement, showing. up
to date First. the amount OF capital and assets OF
the company; second, the amount of premiums re-
ceived; third, the losses paid and expenses in
Cured; fourth, the balance Of profit and loss the
whole to be sworn to and subscribed bv 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
prlated as follows, to wit:
!. An interest of ten per cent shall be paid in
OF m
pany, from and after the tenth day of January of
each year, commencing in 1875 the payments
made bv them. agreeably to paragraphs first, sec
Ond and third article three of this charter and the
balance of the earnings shall be divided in four
equal parts, three parts whereof shall be placed to
the "Ieins nrance and reserve fund, and the other
part shall be paid i'll cash to the subscribers speci
fed in the cond and third paragraphs of article
three of his charter pro rata to the of their
subscription, the subscribers of the first category
being paid their share of the profits, stipulated
IN article three of this charter by the ment
On their notes OF the amount they entitled to.
2. SO soon as the credits ind0ised on the stock
notes Of the subscribers of the first category of
ticle three shall have become equal in amount to
their face a sum sufficient to maintain the rein.
sErance and reserve fund to the staudaI of b2OO
100 shall be taken from the profits of the company
and placed in said fund, and the entire ia ance
shall be paid ia cash to the stockholders.
ARTICLE VIII
The affairs of the company shall be administers
BY board OF twelve rectoTs, who shall be ST.
ected from among the stockholders holding not
ess than fifteen shares in their own name. They
shall be elected at meeting of the stockholders
convened for that purpose, at the Office of the
on the last Saturday of December of
very alternate year, from and after December,
g75, after advertise ment for ten days in three
newspapers 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
very share of stock he shall hold in his name
n by proxy. All elections shall be supervised and
heir result declared by three commissioners ap
pointed by the Board of Directors from among the
stockholders. The members of the board shall
AXE their seats OIL the Monday following the cleo
ion, and shah then elect the president presi-
lent, the general manager and the secretary of
he company. The first three named officers to be
selected from the Board Of Directors and all four
II them to hold their seats, together with the d.
ectors until the next election, and until others
Lre qualified to act in their stead, unless they De
emOved, after Impeachment and trial, BIZ vote
# two-thirds of the entire board. The superin.
dent of agencies and such other cler ks and EN-.
'Oyes as may be deemed necessary shall be ap-
'ointed by the president, with the consent OF the
'Oard, and shall be removable at their pleasure
The Board of Directors shall fix the salaries of all
he officers and employees of the company and
hall also adopt snch bylaws they may deem
necessary TOR the administration of the affairs of
he company, provided said by laws shall not be
Ontrary to the stipulatiOas of this charter or the
avs of this State. The board NAV also delegate |
UGH powers IN the transaction of the ordinary |
BUSINESS of the company to committees of their !
wn body or to their officers their agents as
hey mag deem expedent
ARTICLE TX
The president, or in his absence or incapacity. |
he wee president shall preside al oil meetings of
he board; he shall supervise all the business the
ompany generally, and see that the requirements |
I this charter, the bylaws OF The company and |
he orders and resolutions of the board be faith |
ally carried out. The general manager shall be |
he active executive officer of the company he |
hall have the control of all agents, agencies and
ranch offices, and shall attend to all the fire bust
ess of the company under the supervision of tine
resident and Board of Directors. The secretary |
hall perform all the duties usually appertaining TO
aid office. The superintendent Of agencies shall
ave charge OF the branch offices, agencies and |
gents III the city of New Orleans and State of |
ouisala, under the supervision Of the president |
nd general manager. The duties of the other EN-
10y es shall be regulated by the president and the
oard. All policies, certi icates OF stock. commits
ions of agents checks, contracts, etc, shall be |
igned oy both the president and the secretary.
ARTICLE K.
There shall be a regular meeting of the board on |
he first Monday in January, April July and Octo-
er OF each ear, and the president shall have the
over to call the board to meet in special Meeting
Thenever he deems proper, and he shall dc 90 |
vhenever 30 requested in writing by two members |
the board.
ARTICLE XII.