New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-01-27
CORPORATIONS.
4 NHARTER..... ..CHARTEh'

Gf the indie pendence OF the united states o. 0meI
.ea the nintty-eghth before me-, Ernest Eude,
sotary public duly commissioned and swoIn In
and for the parish Of Orleans and the city OF New
Orleans state of Louisiana residing in said city,
and in presence of the witnesses hereinafter
Gamed and undersigned personally came and aP-
Seared the parties whose names are hereunto sub
scribed, who declared that, awaiting themse Ives of
the rights, powers and privileges conferred by the
Jaws of the State of Louisiana for The organization
Of corporations in this state, they have formed
and instituted corporation for the purposes and
objects, and under the stipuations and reguia
Mons following. TO witt
ARTICLBI.
tbs company 81 all he designated and known
EHGer the name OF the WORKINGMEN'S NATION.
al FIRE INSURANCE COMPANY, Of Louisiana;
"a dOmice shall be and is hereby fixed III tie city
a. New Orleans, parish Of Orleans, State Of Louis
.ana; 1t shall exist commence business and con
which time it will have and enjoy succession, con,
s:act. sue and be sued hold, purchase. sell and
otherwise convey all kinds of property, both real
aud personal, under its corporate name and shaIl
possess in general all the powers and privileges
chat are given by law to corporations said com,
:'any shall use corporate seal, the device uron
which shall be bare arm raised and holding a
TANNER with the name of the company around
- The president the vice president or in their
gbse nee the secretary, shall be the proper officers
.,on whom to serve citations. notices act! al!
a:Le. legal process against the company.
ARTICLE H.
The purposes TOR which this company II estab.
'.sed, and the nature OF its business. are hereby
declared to be as follows, to wit:
J. To effect insurance against loss or damage by
VI
she Union, and OF the Ame:ic continent: ]. On
dwelling houses stores, cotton gins and al build
:ngs OF every description; z. On ships, steamers.
steamboats, barges and their cargoes; 3. On house.
:old furniture. merchandise and all other pro.
getty: ...,.e.o, .,-.,, ;,
part. with any other insurance companies against
3. TO establish branch Offices and agencies in
xa.sianI and other States OF the Union.
ARTICLE III.
-secanisal stock of the company IL hereby fxe6
&t ;he of three hundred thousand dollars.
.vded 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
yer cent of he amount subscribed payable in cash
a.! II due bill at thirty days at the time of sub
s.riptiOn, and the balance in note payable in ten
Years from date; said notes to be redeemed and
finally extinguished by the yearly credits thereon
o: their pro rata of the earnings of the company.
as specified in article seven of this charter. Said
notes shall be subject to such calls may be
dered by the Board of Directors provided, that the
calls made shall be payable only after forty
Says notice and shall not be for more than ten per
cent OF the amount of the stock notes at any
@me. 2. Or the whole amount subscribed payable
n cash or it's equivalent in real estate public
securities at their actual cash value; said sub
tcIibers to be allowed twf MY per cent discount
:.er subscriptions g. Or the whole amount sub.
tcribed TO be paid IN call notes secured by pledge
of public real estate securities said subscribers
20 be allowed ten per cent discount on their sub
SONS aud said securities to be accepted in guarar
zee at the rate of only sixty-tnree and one-third
Ter cent OF their actual cash value; provided that
al subscriptions, of 4 above second and third
sategories shall be submitted to and accepted by
.he finance committee before they can he received
and certificates OF stock issued The following
.Irities shall be receivable cash III payment of
guarantee tor the payment of subscr ptions
mentioned in paragraphs two and three of this
.rticlc to wit: Country and city real estate IN.
.rcumbered, first mortgage notes, bonds. stocks
vee and land scrip of the United States and OF the
state OF Louisiana, any other State OF the Union.
ard Of .olveHt raioad, bang, canal and navigation
companies Incorporated by special laws of the
United States ihe state OF Louisiana or any State
az the Uuon. Subscribers shall have the privilege
40, AT any time, alter in whole or in part their
original mode OF subscription. The capital stock
al The company may be increased to the sum OF
1--we hund, ed thousand dollars Wheneyev .he !5oaId
.: Directors may deem proper to do 80.
ARTICLE ".
liz stockholders thal never be 'ia''e for .he
.s7rs 81 The company i'll any larger sums than tire
sI.o.lt r. naming due on their stock notes.
ARTICLE v.
certificate. Of stock shall be only issue. when
.u paid ard trans ers of stock shall be made ony
an The books OF the company, at ITS ONCE. il New
orleans.
.,a the Thursday preceding the last Saturday in
December of each year commencing on the year
1874, there shall be made from the books OF the
conpaAy, iull and true statement, showing. up
20 date: First, the amount of capital and Of
The company; second the amount of premiums
tejveG; IhiTd, the losses paid aud expenses in
.nrr,l fourth the balance ct profit and loss the
whole 10 be sworn to and subscribed by the presi.
dent and the secretary and to be- published ten
tunes daring one month III three newspapers Of the
ARTICLE VT.
TIE net profits of the company shall he apIro
;rsated as follows, to wit:
j. An interest Of len per cent shall be paid in
cash to tine stockholders, at the Office of the
parry, from and after the tenth day of January of
each year, commencing in 1879 on the payments
made y, rn ty 20 Falasrspns rsr ste
balance of the earnings shall be divided in four
equal parts three parts whereof shall be placed to
the "rersuralce and reserve fund, and the other
part shall be paid i'll cash to the subscribers speci
bed in the Sc cond and third paragraphs Of article
three of his charter pro rata to the amount of their
subscription, the Subscribers of the first category
.ring paid their share of the profits, s. pulated
"A article thee of this charter by the Endorsement
their notes OF the amount they are entitled to.
:. SO soon as the credits indoIsed on the stock
.o.s of the subscr bers of The first category of ar
t.le three shall have become equal iii amount TO
'hrir face sum sufficient to maintain the rein
su.auce and reserve fund TO the standard of f2G0s
sAO shall tie taken from the profits of the company
and placed in said fund, and the entire balance
s!.8ls S- paid !1 cash to the stockholders
ARTICLE VIII.
I'll. affairs OF the company shall be a'u.is'ere
Nv a board OF twelve directors who shah be
-.teI from among The stockholders holding not
.-ss than fifteen shares in their own name. They
'hall be elected at 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 alter December.
:.!5 after ADVERT sement for ten DAYS in three
newspapers published III the city of New Orleans.
81 said meeting and at all elections each stock.
oid,r shall be entitled 10 one vote for each and
az by proxy. All elections shall be supervised and
:aeir result declared by three commissioners
pointed by the Board OF Directors from among the
stockholders. The members of the board shall
sake their seats the Monday TO lowing the elec.
zion. ard shah then elect the president, wee pres-
dent, the general manager and the secretary Of
che company. The first three named officers to be
selected from the Board of Directors and all four
- them 10 hold their seats together with the ~
lectors until the next election, aud Until others
qualified to act in their stead, unless they be
removed. after Impeachment and trial. by vote
a.. two.thirds of the entire board. The superin.
:pndent of agencies and such other cieI ks and
iloyts may he deemed nece ssary shall! II. AT.
Pointed by the president, with the consent of The
board and shall be removable n. their pleasure
,la Board of Directors shall fix the salaries OF all
Che officers and employees OF the company, and
shall also adopt spch bylaws as they may deem
necessary for the administration of the aifrs of
the company provided said by laws shall not be
contrary 70 the stpuiatoss of this charter or the
.awsuf this State. The board may Use delegate
euclr powers tRe transaction OF the ordinary
business of the company to committees OF their
.wn body or to their officers ey :..eS agents. as
g Alag deem expedent.
ARTICLE TX.
..as pres ien'. or in his absence or mcapacitr.
'e president, shall preside al eli meetings OF
'ht board he shall supervise all the business OF the
compass. e morally. and see that the requirements
@ this charter, the bylaws OF The company and
.h- orders and resolutions OF the board be faith.
.uIly carried out. The general manager shall be
'hr active executive officer of the company; lie
shali have the control of all agents. agencies and
.ranch Offices, and shall attend To all the fire busi'
,-ss OF the company under the supervision of tho
president and Board of Directors Yl.e secretary
shall perform all the duties usually app-yaning 70
sAid Office. The superintendent OF agencies shall
:aye charge of the branch Offices, agencies and
agents III the city of New Orleans and State OF
louisiana, under the supervision of III. president
and general manager. The duties Of the other EN-.
'py,s shall be regulated by the president and III"
hoard. All policies, cert cHtes OF stock. commits.
.ious of agents, checks. contracts. etc., shall be
signed oy both She president al. :.e secretary.