New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-02-13
CORPORATIONS.
NHAkVEH. .........CHARTER.
STATE OF LOUISIANA-PARISH OF ORLEANS


Be it known that on this twentieth day of Jan
for the parish Of Orleans and city Of New Oreans.
therein residing, personally appeared Messrs. Jacob
William Hamn, Sigmond Salomon Albert Sadusky.
Riehm, Cyrus Hunter Ross, James Newton, Sig
mund ThUerkauf and Paul Louis Waldemar Riess.
all of this city, who declared that availing them
selves of the rights powers and privileges conferred
by the laws of this State of Louisiana tor fhe organ
ization Of corporations in this state, they have
formed and instituted corporation for the pGr-
poses and Objects and under the stipulationsSand
regulations following, to wit:
ARTICLE I.
This company shall be designated and formed
FIRE INSURANCE COMPANY OF NEW ORLEANS,
and its domice shall be and is hereby fixed in the
city OF New Orleans parish of Orleans, State of
Louisiana, aid the president thereof. or, in his
absence, the secretary, shall be the proper officer
upon whom may be served citations, notices and
other legal process against the said corporation.
1t shall commence business Is the
qulstes or the law shall have been compiled with
and shall exist and continue for the full term of
twenty-five years from the date of organization.
during which time 1t shall have and enjoy success
sion, contract, sue and be sued hold, receive.
purchase, sell and otherwise convey, under its
corporate name, property both real and personal;
shall establish such rules, by FLAWS 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 the
laws of this State, and shall possess ia general ali
such powers and privileges as given by law %
corporations Said company shall use corporate
u,
the name OF the company around it.
ARTICLE H.
The purposes for which the said Merchants Fire
Insurance Company of New Orleal is established
and the nature of the business to be carried on by
it, are hereby declared to be:
l. To effect insurance on dwelling houses stores.
sugarhouses cotton gins presses, and all other
buildings of every descriptions also, upon house
hold furniture, merchandise. and all other props
erty against loss or damage by fire or lightning.
2. To cause itself to be reinsured in part or ia
fun with any other companies against risks upon
which it shall have made insurance.
B. To establish agencies in all the st ates and Ters
reoriss OF the Union.
The capital stock Of the company is hereby fixed
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 como
pany shall, at the time Of subscr iption pay tive
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 extingushed by the annual credits there~
on OF their pro rata of the earnings OF the come
pany, and when 8" paid to be returned to tha
original subscribers OR their Heirs or assigns.
ARTICLE ".
I. The capital stock Of the company may at anS
time be increased to the amount of three hundred
Directors whenever deemed proper
D. Transfers of stock will be made only on thes
books Of the company at its office. in New Orleans.
and until the stock ia paid in full no certfcatess
shall be issued without the consent and approval
of the president and secretary of the company.
ARTTCLEv
The stockholders shall never be liable for ths
losses OF the company in any larger amount thax
what remains due on their stock notes.
ARTICLE W.
There shall be made a full and true statemepf
annually from the books of the company, como
meIcing the fifteenth DAY of January 1875
assets q the rhs Of Of eapsa ama
received and losses pad. g. The balance of profits
and loss The whole to be sworn to and sub
anryha Inv thn rAoiA nntn
published ten times during said month in twoa
newspapers of the city of New Orleans.
ARTICLE VII.
The net profits arising from the business, gvs
ascertained by the aforesaid publications, shalt
b. app0rtiOned 8s follows, to wit
Frst-One fourth Of the net profits shall be set
aside as a reserve fund, for the purpcse of in,
creasing the assets of the company, and shall be-
invested in such securities, bonds mortgages az
the finance committee may deem advisable.
SecOnd-The remaining three fourths to be die
vided among the Stockholders in due prOporti1;
The said profits to be payable in cash. annualiy,
at the ONCE OF the company. in New Orleans, ON
and after the first day of March, at the rate OF
fifteen per cent upon all cash payments made oe
their stock notes pro rata, and be balance of said
profits accrung to each stakeholder shall be in
dorsed on his stock note BY the secretary of the
company, and certificates or receipts to that effect
shall be issued to all stockholders demanding it.
2. AS soon as the credits, Endorsed on the stock
notes accIuing from the profits as above specified
shall have become equal i'll amount to the face of
said notes, then the entire profits of the company
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 accruing from the
capital and reserve fund shall be placed intact to
the reserve fund and no 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 part OF the Invisible profits, end shall bt,
apportonef IN the manner hereinbefore stipu-
lated, namely-one-fOurth to the reserve fund ana
the balance IS. the Stockholders
ARTICLE VIII.
Ali the corporate powers OF the COMPANY shas
be vested in, and its affairs administered bv a
Board Of Directors, who shall be selected frors
among the stockholders, holding not less than
five shares in their own name; thew shall he
elected az 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-
tisement for ten DAYS in two newspapers of the,
elections, each stakeholder holding five shares
or less IN his own name shall be entitled, either in
tionai five shares shall entlte the holder thereof
to one vote. The members of the new boaId shall
take their seats on the Thursday next following
the elections in December, 1876, and shall then
eject the president and secretary, who shall
hold their seats, together with the mem
til others 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 be appointed by the president and shall be-
ic"ONdOf at MS pltdbuI6. lne Board OF Direct
Cas- shall Ak the salaries of all officers and EN-
ployes of the company. The first board shall con,
sist OF six directors who shall have the right,
whenever they think proper, of increasing their
number to any number not TO exceed twelve. The
first president and secretary are hereby declared
to be as follows, to wit: J. W. Hamm president
and s. Salomon 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 stitute a
quorum for the transaction of business The pres
ldent may grant leave of absence to the directors,
onceIs anu eHpioyes OF the company whenever ira
MS opinion 1t can be done without detriment to-
the interests OF the company. All vacancies in th2
board shall be filled by the board.
ARTICLE TX
The president in his absence ~,le ~ sh.s
directors, elected for that purpose shall preside AZ
all meetings of the board perform all the duties OF
an executive officer, and shall conduct all the
business OF the com Dany generally. The secretary
anal perform the duties usually appertainng to
such an officer. The general agent shall have
charge OF the agents at home. The duties of all
other employees to be regulated by the president and
secretary All policies, checks and certificates of
stock to e signed by the president and secretary.
ARTICLE x.
$Thefe shall be stated meeting of the board on
the first Saturday in January April, July and Dee
toser OF each year and also special meetings
whenever the president may think proper OF may
be requested il writing by majority OF the Doards
ARTICLE XII.
This charter may be altered amended or an
nulled and the company dssol we'd at an time at a
general meeting of the stockholders con vened for
that purpose by the board upon petition to said
bIputu Dy HOdcTb OF at least two tHiIGA
OF the entire stock of the company. after thirty
days notice published in two newspapers in thes
city of New Orleans, provided that a majority %
two-thirds OF the entire stock of the com pany be-
represented at said meeting, and provided further
that majority of two thirds of the stock 40 rem
resented be obtained for the measure proposed
and voted OF.
ARTICLE IIl
At enc expiration of this charter %, sOts.cr % ,on
ordered, as provided in the foregoing article. thIs
affairs OF the company shall be 1udated be thre,,
comm sSioners to be elected by the board ar such
purpose. The board may cede to such commis-
sOners al! Mowers necessary to the lntid lion of