New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-04-24
NEW ORLEANS REPUBLICAN, FRIDAY APRIL "a 1874

-.
yened, That the following charter of tn
| Crescent Mutual Insurance. Company b,
| extended for twenty years from the date O
| this act:
CHARTER
ARTICLE 1.
This company shall be established in thu
city of New Orleans, parish of Orleans
State of Louisiana; shall be known and
designated by the name of the Crescen,
Mutual Insurance company. 1t shall com
mence its business on or about Monday, the
second day of July next, A. D. l849, and
the company shall exist for twenty five
years from the date of this act, unless the
affairs shall be sooner liquidsted and settled
up, as hereinafter provided by article nine
OF this charter. 1t shall have a seal, and
the device upon the same shall be crescent
with the name Of the company upon the
margin. The president or secretary of the
company shall be the proper officer upon
whom to serve citations in all suits against
the company.
ARTICLE II.
The objects and purposes of this COM
pany are declared to be-
First-TO make assurances on dwelling
houses, stores and other buildings, house
hold furniture, merchandise and other
property against loss or damage by fire.
Second-TO make marine insurances upon
vessels, freights, steamboats,, goods, wares,
merchandise, specie, bullion, commissions,
profits, bank notes, bills of exchange and
other evidences of debt, bOttomry and re-
spOndentia interests, and to make all and
every insurance appertaining to or con-
nected with marine or inland transpOrta-
ton risks.
Third-They may cause themselves to be
reinsured against any risks upon which
they may have made, or shall make insur-
ance.
ARTICLE III.
The capital stock OF this company shall
not be less than five hundred thousand
dollars, all paid in, and consisting, at the
time OF the conversion of the scrip into
stock, of all the invested and other assets
of the company, which were estimated at
the close of last fiscal year at six hundred
and seventy-eight thousand dollars, with
the privilege of increasing the same, in any
amount not exceeding three millions Of
dollars, divided into shares of one hundred
dollars each. The whole outstanding GER
titicates Of scrip Of the company shall be
called in, and converted into shares of per-
manent stock, as follows, viz: The issue of
1860. at the rate of one hundred and ten
per one hundred dollars The issue of
1861, at the rate of one hundred per one
hundred dollars. The issue of 1862, at the
rate OF ninety -ive per one hundred dollars
The issue Of 1868 at the rate of ninety per
one hundred dollars. The issue of 1865 at
the rate of ninety per one hundred dollars.
The issue Of 1860 at the trate of eighty.fve
per one hundred dollars. The issue Of 1867
at the rate of eighty-tive per one hundred
dollars. The issne of 1868 at the rate of
eighty per one hundred dollars. The issue
of 1869 at the rate of eighty per one hun
bred dollars. The issue of 1870 at the rate
of eighty per one hundred dollars. The
issue of 1871 at the rate of seventy i've per
one hundred dollars. The issue of 1872 at
the rate of seventy-fve per one hundred
dollars, divided into shares of one hundred
dollars each, bearing interest at the rate
of ten per cent per annum, payable quar-
terly on the second Monday of August,
November, February and May of each year.
provided, no stock to be issued for less than
one hundred dollars, or other than even
hundred dollars; persons entitled to frac-
tional part of share shall have the priv
ilege OF paying the difference in cash and
receiving a certificate for full paid share,
the company may issue sepa
rate certificate stating to what fractional
part Of share he may be entitled.
These fractional parts to be ultimately
consolidated into full shares by purchase
)r sale.
The company shall have the power and
to purchase such fractional parts |
If shares, or any certificates of outstanding |
scrip, or any whole paid shares, at such |
rates as the trustees may direct, and the |
contingent fund may be used for the pay
nent of the same; provided, the capital |
tOckEof the company shall never be re- |
luced below five undred thousand dollars |
thereby.
The company may from time to time is |
ue new stock at not less than par in order |
% increase the capital of the company not |
exceeding three millions OF dollars, by q |
y0te Of the majority OF the trustees at any |
Meeting of the board called for that purpose.
10 more or further certificates Of scrip |
Except the issue of 1872 shall be issued, |
tut the assured shall hereafter be entitled |
o receive his dividend in cash in lieu of |
c1ip as here tofore issued. The company
nay grant to. the assured such rebate Of
in lieu of such dividend as may be |
leemed advisable.
No stakeholder shall in any event be
oade liable for the losses of the company
q any larger sum than the amount OF stock
ED by him. Transfers Of stock shall only
e made On the books of the company on
emand Of the legal holder thereof and
urrender of the certificate.
In addition to the capital stock of the
ompany contingent fund shall be Gre
ted, to consist of all profits ON investments
nd of all amounts received from sources
Their than premiums.
ARTICLE ".
All the corporate pow ers of said company
hail be exercised by a board of trustees,
nd such officers and clerks as they NAV
ppOint.
The board Of trustees shall consist of not
,ss than twelve nor more than thirty.two
ersons, as may be determined by the ma
,rity of the then existing board, sAyen of
HON shall constitute quorum Tor the
'ansaction of business, and to be elected
such place in the city of New Orleans as
le board Of trustees shall designate, of
hich they shall give at least fourteen
avs notice in two OF the public newspapers
rinted in said city. The board OF trustees
nall appoint three stockholders inspectors
preside at such elections, and If any of
10 said inspectors decline or fail to attend, |
le president may appoint others to I'LL |
lch vacancies. The board of trustees thus
ected are to take their seats on the first
.Onday in June next ensuing after their |
ection, and to hold the same one year
lerefrom, or until others are elected in |
leir stead.
Those persons receiving a plurality of
Dtes shall be considered duly elected. In
le event of no election taking place on the
~ aforesaid, the president shall cause an
her election to take place within ten days
ON the SAID first Monday in April, and
We notice of the same by advertisement |
one or more of the public newspapers in
id city.
The board of trustees shall, at their first
Getting, elect president and vice presi-
mt, and thereafter annually, who shall,
their election, be ex-otficio mem bers of
id board OF trustees, and they shall hold
eir Office until their successors are elected.
be president shall preside at all meetings
the board OF trustees and at the meet
60 of the stockholders of the company,