New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-03-04
CORPORATIONS.
CHARTER...s.......:......... ..CHARTER
STATE OF LOUISIANA-PARISH OF ORLEANS

John Ulfers, Lawrence Hilbert Hamm, franz
Riehm. Cyrus Hunter Ross, James Newton, and
Sigmund Thusrkauf all of this city who
declared that, awaiting themselves of the
the laws Of this State Of Louisiana for The organ
izat0n of corporations in this state, they have
formed and Instituted corporation for the pur.
poses and objects. and under the stipulatiOns and
regulations following, to wit:
ARTICLEI
This company shall be designated and formed
FIRE INSURANCE COMPANY OF NEW ORLEANS.
and its domicle shall be aud is hereby ixed in the
city OF New orleans, parish OF Orleans. State OF
absence the secretary shall be the proper officer
upon whom may be served citations, notices and
other legal process against the said corporation.
It shall commence business the re-
quisites of the law shall have been complied with
and shall exist and continue for the ful term of
twenty five years from the date of organization,
during which time it shall have and enjoy success
sion, contract, and be sued, hold, receive,
purchase, sell and otherwise convey under its
corporate name property, both real and persona;
shall establish such rules by laws and equations
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 the
laws of this State. and shall possess in general all
corporations. Said company shall use corporate
seal the device upon which shall be eagle, with
the name of the company around it.
ARTICLE II.
The purposes for which the said Merchants FIRE
Insurance Company of New Orieai 6 is established
ard the nature of the business to be carried by
II, hereby declared TO be.
i. 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
full with any other companies against risks upon
which it shall have made insurance
g. To establish agencies IN all the States and Ter
''''' VI ~ ARTICLE III.
The capital stock of the company is hereby fixed
at one hundred aud fifty thousand dollars; said
capital to be divided into shares of twenty dollars
each, to be paid as follows, viz:
AlIsubscrbers to the capital stock Of the com
psny shall, at the time of subscription, pay five
their option, in due bill payable at sixty days;
and for the balance they shall execute their note
to the COMPANY, payable in ten years from date OF
finally extingushed by the annual credits there.
on of their pro rata of the earnings OF the com.
pany, and when So paid to be returned to the
original Subscribers or their heirs or assigns
ARTICLE w.
l. The capital stock of the company may at any
time be increased to the amount OF three hundred
Thousand dollars by q resolution of the Board Of
Directors, whenever deemed proper.
q Transfers of stock will be made only on the
and until the stock is paid in full no certificates
shall be issued without the consent and approval
OF 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 IL full and true statement
from the books of the company, com
mencing the fifteenth DAY of January, 1875
assets Of the company O. The amount of premiums
received and losses paid 3. The balance of profits
and loss. The whole to be sworn to and sub
published ten times during said month in two
newspapers of the city Of New Orleans.
The net profits arising from the bnslness, as
ascertained by the aforesaid publications, shall
be appOrtiOned as follows, to wit:
First-One- fourth of the net profits shall be set
aside as reserve fund, for the purpose of in
creasing the assets of the company, and shall bs
investe in such securities bonds or mortgages as
the finance committee may deem advisable.
Second-The remaining three-fourths to be do
vided among the stockholders in due properties
to the amount of shares held by each to wit:
l. The said profits to be payable in cash, annually,
at che office of the company, in New Orleans, on
fifteen per cent upon all cash payments made on
their stock notes pro rata and the balance of said
dorsed on his stock note by the secretary of tho
company, and certificates receipts to that effect
shall be issued to all stockholders demanding it.
q As soon as the credits Endorsed on the stock
notes aocruing from the profits above specified
shall have become equal in amount to the face of
said notes, then the entire profits of the company
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
that for the first two years viz until the first day
of March. 1876, all interests accrung from the
capital and reserve fnnd shall be placed intact to
1llt reserve 1unQ ana no part said lQtertSt4
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 consid
cred as part of the dvisible profits, and shalt be
apportioned in the manner hereinbe!ore stipu-
lated, namely-one fourth to the reserve fund and
the balance to the stock holders.
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 stock holders, holding not less than
g ncl,nr f1,uJ,
elected az a meeting of the stockholders convened
for that purpose, at the office of the company on
year, commencing in December, 1876 upon adver-
tisement for ten DAYS in two newspapers of the
city of New Orleans At said meeting and at all
el. ctions, each stakeholder holding five shares
or less IN his own name shall be entitled either in
person or by proxy, to one vote, and every addi-
tiona five shares shall entItle the holder thereof
to vote. The members of the new board shall
take their seats on the Thursday next following
the elections in December, 1876, and shall thea
elect the president and secretary, who shat
hold their seats, together with the mem
beers of the board, tor two years and I'm.
til others qualified to act in their stead The
officers of the company shall consist of president
and secretary, who shall be elected by the Board
of Directors. The general agent, and such other
agents, clerks and employees as may be necessary,
shall be appointed by The president and shall be
removable at his pleasure. The Board OF Direct
Ors shall fix the salaries Of all officers and EN-.
ployes of the company. The first board shall con
sist OF six directors who shall have. the rioht
whenever they think proper, of increasing their
first president and secretary are hereby declared
to be as follows, to wit: J. W. Hamm. president,
seats, together with the Board of Directors until
the first election in December, 1876
The presence of four directors shall cor stitute
quorum for the transaction of business. The pres.
ldent may grant leave of absence to the directors
officers and employees of the company whenever in
his opinion 1t can b done without detrimept TO
the nuerests of the company. ALI vacancies in the
board shall be filled by the board.
ARTICLE TX.
me president, or In his absence one of the
directors, elected for that purpose shall preside at
all meetings Of the board perform all the duties of
an executive officer, and shall conduct all the
business 1f the company generally. The secretary
shall perform the duties usually appertaining to
such an officer. The general agent shall have
charge of the agents at home The dutie. Of All
other employees to be regulated by the president and
secretary. All policies, checks and certificates of
stock to be signed by the president and secretary,
ARTICLE X.
There shall be a stated meeting of the board on
the first Saturday in January, April, July and DC.
tober of each year, and also special meetings
whenever the president may thiHk proper or NAV
be requested in writing by majority OF the board
ARTICLE XII
This charter may be altered amended or an
nuiled aud the company dssel we'd at an v time at a
general meeting of the stockholders convened for
that purpose by the board, upon petition TO said
board signed by the holders of at least two-thirds
of the entire stock of the COMPANY after thirty
days notice published in two newspapers in the
city Of New Orleans, provided that a majority Of
twothirds Of the entire stock of the comDany ba
represented at said meeting, and provided further
resented be obtained for the measure proposed
and voted on.
ARTICLE XII
At the expiration of this charter or sooner il an
ordered as provided in the foregoing article, the
anairs OF the company shall be iqudated by three
commissioners to be elected by the board for such
purpose The board may ceds to such commits.
siohess Az powers necessary to the liquidation of
Tx anairs OF the company may fix their term OF
com pensation define their duties and the manner
M US ~hicn they may be removed their term OF
ARTICLE XIII.
AT the time of the liquidation of the company
the cOmmseiOners ahalI lmmedia tely nroceed t.