New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-03-07
CORPORATIONS,
[ HARTER..''....: .....'''''''' 'CHARTEh'
STATE OF EOUISIANA-PARISH OF ORLEANS.

OUhI UNA 11ONOs
! 4 HARTER........ ...CHARTEh
STATE OF IoU1S1ANA-PARIsH OF ORLEANS
Be il known that on this twentieth day of jan
nary 1874 before me. Abel Dreyfeus. notary publ
| for the parish of Orleans and city of New Orlean
| therein residing, personally appeared Messrs Jaco
John Ulfers, Lawrence Hilbert Hamm, Fran
! Riehm, Cyrus Hunter Ross, James Newton, an
Sigmund Thuerkauf. all of this city: VII
| declared that awaiting themselves of tn
rights, powers and privileges conferred b
the laws of this State of Louisiana FOR the organ
| izaton of corporations in this state, they hav
| formed and instituted corporation for the pul
poses and objects, and under the stipulatiODs an
| regulations following to wit:
ARTICLE l.
This company shall be designated and formed
| under the style and name of the MERCHANTS
FIRE INSURANCE COMPANY OF NEW ORLEANS
and its domicile shall be and is hereby xed in thu
city OF New Orleans, parish of Orleans. State O
Louisiana, aid the president thereof, or, IN hi
absence, the secretary, shall be the proper office
upon whom may be served citations, notices an,
other legal process against the said corporation
| 1t shall commence business as soon as the re
quisites of the law shall have been complied with
and shall exist and continue for the full term 0
twenty-five years from the date of organization
during which time it shall have and enjoy succes
sion,, contract sue and be sued hold, receive
purchase, sell and otherwise convey, under 1T
corporate name, property both real and personal
shall establish such rules, by laws and regulation,
LOT lNt management OF Ine company as NAV ut
necessary, provided such bylaws shall not be con
trary to the stipuatiOns of this charter or the
laws of this State, and shall possess i'll general all
such powers and privileges as are given by law q
corporations. Said company shall use corporate
SEAL the device upon which shall be eagle with
the name OF the company around it.
ARTICLE H.
The purposes for which the said Merchants Fire
Insurance Company of New Orlea s is establis shed
and the nature of the business TO be carried on by
1t. are hereby declared to be-
i. 10 eject insurance dwelling hOusps at
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
=; 10 cause itself to be reinsured in part in
fall with any other companies against risks upon
which II shall have made insurance.
g. 10 establish agencies IN all the States and Ter.
ARTICLE Ill
The capital stock of the company is hereby f xed
at one hundred and fifty Thousand dollars; said
capital to be divided into shares 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, pay five
per cent, OF 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 20 be reduced and
fr ally xtlnSuished 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 OF assigns.
ARTICLE w.
!. The capital stock OF the company NAV at anv
time be 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
and until the stock is paid in full certificates
shall be issued without the consent and approva
OF the president and secretary of the company.
ARTICLE
The stockholders shall never be liable for the
losses of the company 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.
DeHclng on the fifteenth Gay of JANUARY 1875
showing up to date-l. The amount OF capital and
assets OF the company. 2. The amount of premiums
received and losses paid 3. The balance of profit a
and loss. The whole to be sworn to and sub.
scrlbed oy the president aud secretary. and TO be
newspapers OF the city of New Orleans.
ARTICLE VII.
The net profits arising from the business as
ascertained by the aforesaid publication shall
be appOrtiOned as follows to wit:
First-One fourth of the net profits shall be set
aside as a reserve fund for the purpose of in.
invested IN such securities, bonds or mortgages as
the finance committee may deem advisable
Secood-The remaining three fourths TO be di.
vided among the stockholders in due proportion
TO the amount of shares held by each to wit:
l. Ihe SAID profits to be PAYABLE in cash. annually,
and after the first day of March at the rate Of
hfteen 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 the
company, and certificates receipts to that effect
shall be issued to all stool holders demanding it,
z. As soon as the credits, Endorsed on the stock
notes accrung from the profits as above specified.
shali nave become equal IN amount to the face of
SAID notes, then the entire profits of the cempany
shall be paid i'll cash to the stockholders of the
company from and after the first day of March
each year. 1t is, however, expressly stipulated
that Tor the hrst two years viz: until the first day
OF March 1876, all interests accruing from the
capital and reserve fund shall be placed intact to
the reserve fund. and part Of said interests
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 protits and shall be
apportioned in the manner hereinbefore slim.
lated, namely-onefOurth to the reserve fund and
the BALANCE to the stockholders.
ARTICLE VIII.
ALI 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
hve shares IN their own name they shall be
elected a, a meeting of the stockholders Convened
for that purpose, at the office of the company on
the first Monday of December of every alternate
year, commencing in December, 1876, upon adver-
tseInent for ten DAYS IN two newspapers of the
city of New Orleans At said meeting and at ali
elections, each stakeholder holding five shares
or less III his own name shall be entitled either in
person or oy proxy to one vote, and every add.
tional five shares shall entltle the holder thereof
10 one vote. The members of the new board shall
take their seats on the Thursday next following
the elections i'll December 1876, and shall then
eject the president and secretary, who shall
held their seats, together with the mem
bers OF the board tor two years and un.
I'll others are qualified to act in their stead The
officers of the company shall consist of president
and a secretary who shall be elected by the Board
OF directors. The general agent, and such other
agents, clerks and employees may be necessary,
shall De appointed by the president and shall be
removable at his pleasure The Board of Direct.
ors shall Tx the salaries of all officers and EN-.
pioyes OF the company The first board shall con.
sist of six directors. who shall have the rioht
w 1rl.r aaafr, k.,,
number to any number not to exceed twelve. TIE
hrst president and secretary are hereby declared
to be as follows, to wit: J. W. Hamm president,
and 5. Saomon, secretary, who shall hold their
seats, together with the Board of Directors until
the first election in December 1876
The presence of four directors shall cor titute a
quorum for the transaction of business. The pres
ident may grant leave of absence 10 the directors
officers and employees of the company whenever in
his opinion it can be done without detriment W
the II terests OF the company. All vacancies in the
board shall be filled by the board Wv
ARTICLE TX.
The president, or in his absence ono of tho
directors elected for that purpose shall preside al
all meetings OF the board perform all the duties of
an executive officer, and shall conduct all the
business OF the company generally. The secretary
shall perform the duties usually appe rtaipinp m
such an o1icer. The general agent shall have
herenpioyes to be regulated by the president and
All policies checks and certificates M
STOCK TO be signed by the president and secretary
ARTICLE X
There shall be stated meeting of the hoard nm
the h1st Saturday in January, April July and Oc
tober OF each year, and also special meetjrgs
when yer the president may think proper or nav
oe requested IN whiting by majority of the BOARD
ARTICLE XII
rms charter may be altered amended or an
nulied and the company dissolved at any time AT a
general meeting of the stOc khoders Convened for
that purpose by the board upon a petition To said
board signed by the holders at least two thirds
OF the entire stock of the company, after thirty
days noLlce published in two newspapers in no
CITY or New Orleans, provided that a majority of
.wotnirds OF the entire stock of the company be
lep.esentea AZ sad meeting, and provided further
resented as be obtained for the meassre proposed
ARTICLE XII.
Al the expiration of this charter q, soone. IL an
ordered as provided in the foregoing article lie