New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-03-06
CORPORATIONS.
( vHAKTEk....-...... ...CHARTER.
STATE OF LOUISIANA-PARISH OF ORLEANS

/ ~oS~~--A>'-~
Be it known that on this twentieth day of Jan.
for the parish of Orleans and city of New Orleans
therein residing personally appeared Messrs Jacob
John Ulcers Lawrence hilbert Hamm' Fran
Rlehm, Cyrus Hunter Ross, James Newton and
sis%und Tnuerkau u,,. all Of this city. who
| rights, powers and privileges conferred bv
the laws OF this State Of Louisiana for the organ
ization of corporations in this state they ia W.
formed and instituted a corporation for the pu-
poses and objects. and under the stipulatious and
regulations following to wit:
| ARTICLE
| This company shall be designated and formal
FIRE INSURANCE COMPANY OF NEW ORLEANS
and its domcile shall be and ia hereby xed in TN
| city of New Orleans, parish of Orleans State OF
Louisiana, aid the president thereof or in his
absence the secretary shall be the proper ot,;car
upon whom may be served citations, notices and
other legal process against the said corporation
| 1t shall commence business as the re-
qnlsites of the law shall have been complied with
and shall exist and continue for the full term Of
twenty-five years from the date of Organization
during which time it shall have and enjoy success
| sion, contract, sue and be sued, hold, receive
| purchase, sell and otherwise convey, ur der it's
corporate name, property both real and personal
shall establish such rules, bylaws and regulations
for the management of the company as may be
necessary, provided such bylaws shall not be con
trary to the stipulations of this charter or tha
laws of this State and shall possess in general ali
such powers and privileges as given by law %
corporations Said company shall use a corporate
the name of the company around it.
ARTICLE H.
The purposes for which the said Merchants Fire
Insurance Company of New Orlea, is established
ard the nature of the business to be carried on nv
it, are hereby declared to be:
l. To effect insurance on dwelling houses stores,
sugarhouses, cotton gins, presses, and all other
buildings Of every description; also. upon house
hold furniture merchandise and all other prop
erty against loss or damage by fire or lightning
2: To cause itself to be reinsured in part or in
fsll with any other companies against risks upoa
which 1t shall have Dade insurance.
3. To establish agencies In all the States and Ter.
rtOries OF the Union.
ARTICLE III.
The capital stock of the company is hereby xed
al one hundred and nifty thousand dollars said
capital to be divided intOhhsres of twenty dollars
each, to be paid as follows, viz:
All Subscribers to the capital stock of the com.
pany shall, at the time of subscription paw tiya
per cent, or one dollar per share in cash or at
and for the balance they shall execute their note
to the company, payable in ten years from date OF
this organization; said notes to be reduced and
finally extinsuished by the annual credits there
on of their pro rata of the earnings OF the com.
pany, and when s" paid to be returned to tho
Original saDscrlbers, or their heirs or assigns.
ARTICLE ".
l. The capital stock OF the company may at any
time De increased to the amount of three hundred
thousand dollars by resolution of the Board Of
Directors, whenever deemed proper
2 Transfers of stock will be made only on the
books Of the company at its office; in New Orleans.
shall be issued without the consent and approval
or the president and secretary of the company.
ARTICLE v.
The stockholders shall never be liable for the
losses OF the company in any larger amount than
what remains due on their stock notes.
ARTICLE vi.
There shall be made full and true statement
annually from the books of the company. com.
mencing on the fifteenth day of January 1875
showing up to date7l. The amount of capital and
assets of the company. 2. The amount of premiums
received and losses pad. 3. The balance of profits
and loss The whole to be sworn to and sub.
published ten tunes during said month in two
newspapers of the city Of New Orleans.
The net profits arising from the business az
ascertained by the aforesaid publications shat
be apportioned as follows, to wit:
tirst-One-fourth of the net profits shall be set
aside as reserve fund for the purpose of in
creaslng the assets of the company, and shall be-
invested in such securities bonds or mortgages "a
the finance committee NAV deem dvisable 'e' go
Second-The remaining threefourths to be di.
vlded among the stockholders in due proportion
10 the amount OF shares held by each to wit:
l. The said profits to be yable in cash annually
at the office 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
dorsed on his 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 the credits indorsed ON the stocIr
notes aecruing from the profits above specified
shall have become equal in amount to the face OF
said notes then the entr. profits of the con'nan "a
shall be paid in cash to the STOCKHOLDERS Of the
company from and after the first day of March
each year. 1t is. however. expressly stipulated
of March. 1876 all interests accruing from the
capital and reserve fund shall be placed intact to
shall be divided among stockholders or used for
expenses, but that after said first of March 1876
and not before, the said interests shall be consd,
cred as part of the Invisible profits and shall bs
apportioned in the manner hereinbefOre stinn
lated namely-one-fourth to the reserve fund and
the balance 10 the stockholders.
ARTICLE VIII,
All the corporate powers of the compauv 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
elected a: meeting of the stockholders Convened
for that purpose at the office of the Company on
year, commencing in December 1876 upon advsr
tisement for ten DAYS in two newspapers of the
city OF New Orleans At said meeting and at ali
elections, each stockholder holding five shares
or less IN his own name shall be entitled either in
person or by proxy, to one vote, and every addi-
tional five shares shall enttle the holder thereof
to one vote. The members of the new board shall
take their seats on the Thursday next following
ne elections in December, 1876 and shall then
elect the president and secretary who shall
hoif their seats, together with the mem.
bers of the board, for two years, and un.
officers OF the company shall consist of president
and secretary, who shall be elected by the Board
agents, clerks and employees as NAV be necessary
shall he appointed by the president and shall be
removable al ms pleasure. The Board of Direct
)rs shall nix the salaries of all officers and en-
ployes OF the company. The first board shall con
SYST OF SIX directors. who shall have the right.
whenever they think proper, of increasing their
lumber to any number not to exceed twelve Tns
1fst president and secretary are hereby declared
o be as follows, to wit: j. w. Hamm nres;dnnt
md S. Solomon secretary who shall paf5 ttt
SEATS together with the Board of Directors untii
he first election in December 1876 ~
The presence of four directors shall cor stitu4a a
luorum for the transaction of business The pres.
as u. may grant leave OF absence to the directors
us opinion it can be done without dstriment tn
ne ~ tefests OF the company. AL vacancies in the
'oard shall be filed by the board "
ARTICLE TX
The president in his absence one os tho
directors, elected for that purpose shall nreside at
IL meetings Of the board, perform all the duties Of
OF the conn any generally The secretary
nan perform the duties usually appertaining To
bsros an % 4 t The general agent shall have
uarao Oh the agents at home. The duties of all
.her Mpoyes TO be regulated by the president and
ecrstary All policies checks and certificates of
'och u 10 signed by the president and secretary.
ARTICLE X
mere snail be stated meeting of the board on
ne nrsf Saturday in January, April, July and Oc-
whenever the president may think proper or NAV
~ requested in writing by majority of the board.
ARTICLE XII
This charter may be altered amended or ar,
ulled and the company dissolve at an v time at a
eneral meeting Of the stockholders convened for
nat purpose by the board, upon petition to said
card, signed by the holders of at least tbirds
! the entire stock Of the company after thirty
avs notice published in two newspapers in the
ity OF New orleans provided that a majority of
wo-thirds OF the entire stock of the COMPANY ba
hpTesented at said meeting, and provided further
lat majority or two thirds of the stock 80 rep
esq nted be obtained for the measure proposed
nd voted on ff
ARTICLE XII
AT the expiration of this charter or sooner If 40
Iaereo as provided in the foregoing article, the
LARS Ia OF the company shall be quidated by three
r, To DO elected by the board for such
IN rad