New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-02-20
CORPORATIONS.
CHARTER.................. .....CHARTER.
STAIR OF IOJrISIANA-PARJSH OE ORLEANS

Be it known that this twentieth day of Jal
uary, 1874, before me. Abel Dreyfeus notary publ
for the parish of Orleans and city of New Orlean
William Hamn, Sigmond Solomon, Albert Sadusky
John Ulfers, Lawrence Hilbert Hamm, Fran
Sigmund Tnuerkauf all of this city. VIII
declared that. awaiting themselves OF tn
rights. powers and privileges conferred b
,zation OF corporations in this State, they hav
formed ard instituted a corporation for the pu,
poses and objects. and under the stipulations an
| regulations following, to wit:
| ARTICLE1
This company shall be designated and forme
nnder .he style e., and name Of the MERCHANTS
| FIRE INSURANCE COMPANY OF NEW ORLEANS
and IT'S domiciie shall be and is hereby fixed in tn
| CITY of New Orleans, parish of Orleans State O
be S ne s he .seseo or in nj
| upon whom may be served citations notices AM
other legal process against the said corporation
| II shall commence business soon as the re
quisites of the law shall have been compiled with
| and shall exist and continue for the full term @
! twenty-five years from the date of organization
| during which time it shall have aud enjoy success
| SION. contract, sue and be sued, hold, receive
| purchase. sell and otherwise convey, under 1T
| corporate name, property both real and personal
shal! establish such rules, bylaws and regulations
| TOR the management of tine company as may b,
| necessary provided such flaws shall not be con
| tfafS 10 the stlpulations of this charter or the
| laws OF this state and shall possess in general al
| srch powers and privileges as are given by law q
corporations Said company shall use q corpo1 ate
I seal, the device upon which shall be an eagle with
| the name OF the company around it.
| ARTICLE II.
/ Inc purposes FOR which the said Merchants Fire
! insurance Company of New Orleans is establsle
aLd Inc nature of the business to be carried on by
| i. are hereby declared 10 be:
| /. To effect insurance On dwelling houses stores
sugaihonses, cotton gins, presses, and all other
| buildings of every description; also upon house.
| hold furniture merchandise, and all othe, prop.
erty against loss or damage by fire lightning.
2. To cause itself to be reinsured in part or in
fnii with any other companies against risks upon
which Il shall have made insurance.
D. 10 establish agencies in all the States and Ter.
ARTICLE III.
The capital stock of the company is hereby f xed
al one hundred and fifty thousand dollars: said
CAPITA to be divided into shares of twenty dollars
each. to be paid as follows. viz
Al 81 bserbeIs TO the capital stock of the com.
pahv snail, al the time Of subscription. paw five
per cent. OF dollar per share. in cash. or al
their option. IN due bilf payable at sixtv DAYS;
and foI the balance they shall execute their note
10 the company. payable in ten years from date of
lhls organization; said notes to be reduced and
finally extinguished by the annual credits there
en- OF Ihelr pro rata of the earnin gs OF the com.
pany. and when So paid to be returned to the
Original subscribers or their heirs or assigns.
ARTICLE ".
\. The capital stock of the cempanv NAV AZ anv
t;He De increased 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
books of the company at its office. in New Orleans
and Until the stock is paid in full no certificates
0: the president and secretary of the company
ARTICLE Y,
me sts,kholde's shall never be liable for the
losses OF the company in any larger amount than
"Aa' remains Que on their stock notes.
ARTICLE W.
There shall be made a full and true statement
annually from the books of the company, com.
eRcing on the fifteenth day of January. 1875
showing up to date-l. The amount of capital and
assets OF the company. .. The amount of premiums
received and losses pad. The balance of profits
n ha
scr oed by the presiden: and secretary and to he
puohshed ten tunes during said month in two
newspapers OK the CITY OF New Orleans.
ARTICLE VII,
Inc net profit. arising from the business q.
aseeEtained j.: the aforesaid publications, shall
be apportioned as follows to wit:
First-One.tourth of the net profits shall be set
ASIDE AS a reserve fund. for the purpose of in.
creasing the assets of the company. and shall be
the finance committee may deem advisable
Sscold-Ihe remaining three tourths TO be d.
v,d .fl among the Stockholders in due proportion
20 The amount of shares held by each to vii:
l. The said profits to be payable in cash. annually.
al ,he once OF the company, in New orleans. On
fifteen per cent upon Al. cash payments made on
their stock notes pro rata. and the balance of said
prohts accruinG to each stakeholder shall be in.
dofsed On his stock note by the secretary of the
company and certificates receipts to that effec.
snail be issued to al! ockholders demanding it.
=. AS soon as the credits, Endorsed on the stock
nc1es aecTulng from the profits above specified
sha!! have become equal in amount to the face of
SAID notes. then the entire profits of the company
shaf be paid in cash to the stockholders of thu.
company from and after the first day of March
each year. II is. however. expressly stipulated
chat for the first two years viz: until the first da
OF March. 1876. al! interests accruinr from fhe
capital and reserve fund shall be placed intact to
'he reserve 'und. and no part of said interests
expenses. but that after said first of March 1876
ana not before the said interests shall be consid.
eI.a as part OF the dvsible profits, and shall be
!ated. nanely-one-iourth to the reserve fund and
the valance 10 the stockholders.
ARTICLE VIII.
All the corporate powers OF the COMPANY shall
be vested in. and its affairs administered by a
Board OF directors. who shall be- selected from
among the stockholders, holding not less than
five shares in their own name; thew shall he
elected q: a meeting of the STOCKHOLDERS co1vaneS
for that purpose at the Office of the company on
she first Monday of December of every alternate
;isenent for ten DAYS III two newspapers of the |
city OF New Orleans. At said meeting and a. ali |
I. ec'lons. each stakeholder holding five shares |
or less III his own name shall be entitled either in
person or by proxy, to one vote, and every add.
ora five shares shall sntltle the holder thereof
to one vote. The members of the new board shall !
lake their seats on the Thursday next following
N. elections III Dece mber. 1876, and shall then
tiect :he president and secretary. who shall I
bod Their seats, together with the mem.
bers OF the board, for two wears ard mn.
b, others are qualified TO act in their stead The
and secretary, who shall be elected by the Board
1f Directors. The general agent and such other
agents, clerks and employees rs may be necessary
'ba. be appointed by tho president and shall be
removable at his pleasure. The Board of Direct.
us shall fix the salaries of all officers and EN-.
DiOyes of the company. The first board shall con.
'st OF SIX directors, who shall have the ripht |
whenever they think proper, of increasing their |
iuin Der to any number not to exceed twelve. TIE |
% be as follows. t" Wit: }. ". Harnm president. |
md ). SaioInon, secretary. who shall hold their |
eats, together with the Board of Directors until |
he frs: election in December. 1876 |
!he presence OF four directors shall! cor stitrte
noruin Tor the transaction of business. The pres |
dent nav grant leave of absence to the directors !
Il. GERS and employees of the company whenever in |
Us opinion u can % done without detrment to
os:O shall be TILED by the board.
ARTICLE TX.
The president, or in his absence, one Of the
recto1s. elected for that purpose shall preside at
Il meetings of the board perform aY the dufies of
Il Executive officer, and shall conduct an the
uSness OF the company generally. The secretary
hall perform the duties usually appertaining to
rc! an officer. The general agent shall have
barge OF the agents at home. The duties of ali
therenployes TO be regulated by the president and
.eIt'arE. All policies, checks and certificates OF
LOCK - Se signed by the president and secretary.
ARTICLE K.
There shall be a stated meeting of the board on
ne hIst Saturday III January. April, July and Oc |
h. ne yer the president may think proper or may |
. requested IL Writing by majority OF the board.
ARTICLE XI.
This charter may be altered amended mr. an. |
enerai meeting Of the stock hoders convened for l
iat purpose by the board upon a petition to said I
'aId. sgned by the holders of at least twothirds
.Ae entire STOCK OF the company, after thirty |
ays notice published in two ne wspapers in the !
" OF New Orleans. prov ded that majority of /
vo-'hlrds OF the entire stock of the company be \
presented at said meeting and provided further |
lat majority Of two thirds of the stock SO rem. |
sented be obtained foE the measure proposed !
I'd voted on. "OF"
ARTICLE XII.
Al the expiration of this charter or sooner IL AZ
atied' as provided in the foregoing article the |
airs OF ire company shall be iiquidated BY three