New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-04-17
CORPORATIONS,
UNITED STATES OF AMERICA.
STATE OF LOUISIANA.
PARISH OF ORLEANS, CITY OF NEW ORLEANS.

| STATE OF LOUISIANA.
PARISH OF ORLEANS, CITY OF NEW ORLEANS,
Be it known that on this twentieth day Of
the month of Merch, in the year Of our Lord one
thousand eight hundred and seventy.fOur ana q
the independence of the United States Of America
| the ninety -eighth. before me, Gustave LeGardeur
Jr., notary public, duly commissioned and sworn
residing, and in the presence of the witne ssee
hereinafter named and undersigned, personally
John B. Camors. Lemuel ] Webster, Abraham
Hirsch, Eustace +. Golsan. John Leisv Henry
abraham b.. Anthony : Gomila Ivory, K. Small
James Plaisent and Louis Schneider, all OF
this city, and composing the Board of Di.
rectors Of the New Orleans Mutual Insurance As.
sociation. corporation organized under the laws
OF TINS State AM having its demice in this parish
OF orleans. the said appearers herein acting III
he ihs capy ~ virtue Of
at their general meeting on the nineteenth day
OF March 1874 certified copy whereof is hereto
Which said appearers declared in their said ca.
pacity that IN order to carry into effect, and
general meeting of the stockholders OF the said
| corporation. held on the nineteeth dav of March,
1874, pursuant to call made by the Board of Di-
recioIs, specially for the purpose of taking into
consideration and voting upon the adoption of
amendments proposed to the charters or acts
Association, and New Orleans Mutual Insu ne
1 ance ASSOCIATION. by the Board of Directors at
their sitting on the thirteenth day of February.
1874 which said call was advertised by notices in
| the New Orleans Republican, Pcayune and Bee
newspapers published IN the city of New Orleans,
l from the fifteenth day of February last until the
day OF holding said general meeting as will more
fully appear by reference the annexed certified
copy OF 1he proceedings Of the said general meet
holders owning and representing in the ag-
gregate two thousand and twenty -four shares Of
the capital stock of the SAID corporation being
| more than the thIee-teurths required by law of
| the whole number of shares represented at said
general meeting, to wit Two Thousand and thirty.
| n he adO iOnO nj Tho
| sald amendments.
They, The said appearers acting in their a.ore
| SAID capacity. do by these presents in behalf of
| the stockholders of the said New Orleans Mutual
| insurance Association, declare proclaim and pub
! OF incorporation OF the New Orleans Insurance
association, and New Orleans Mutual Insurance
Association, which have been adopted at ,he said
general meeting Of the stockholders of the said
corporation. to DC henceforth binding and ohga-
tory upon the stockholders OF the said corporation
and all others " HON the same shall or NAV cor
Germ and that the charters acts of INCORPORATION
of the said New Orleans Insurance Assoc alton and
New Orleans Mutual Insurance Association are ac-
cOrClngIy amended 80 as to read as follows
ARTICLE
!. The domicil Of this corporation is established
in the said city of New Orleans and it shall here.
after be designated and known under the name of
the NEW ORLEANS INSURANCE ASSOCIATION.
2 1t shall exist for twenty-five years from the
date of the original charter Of the New OrieaDs In
surance Association, to witt from the seve nth aav
OF August 1863 unless its affairs should be sooner
Iquldafed and settled by order of three fOurths of
the stockholders, as provided in article eleven of
this charter.
3. 1t shall have corporate SEAL the device upon
which shall be crescent, encircled with the name
OF the association.
4 The president, or in his absence the secretary,
shall be the proper officer upon whom to serve
citations IN all suits against the association.
ARTICLE II.
The objects and purposes of this association are
declared to be:
/. To make insurance on dwelling bouses s.oras
BUILDINGS hRu6QhnG furv f,,ro
disc and other property against loss OF damage by
= To make marine and river insurance unon
vessels, freights. steamboats,, goods, wares.
merchandise specie, bullion, bills of ex-
aud Other of deb inm NOTES s.s
respondentia interests, and make all and every
insurance appertainiDg to or connected with ma.
rine or inland transportation risks In other
words, to effect fire. marine river and inland in.
surance of any hind Whatsoever with privilege of
state, or in any other State or TERRITORY Of the
United States. or in any foreign conutr
g. TO cause themselves to be reinsured against |
insurance
ARTICLE III
/. The capital stock of the association is hereby
reduced to three hundred thousand dollars, divided
into shares of thirty dollars each. Any and all |
sums except interest, realized from the assets of
the association over and above the reduced value
of thirty dollars per share, shall accrue and be ex
cusively applied as stock dividends to the holder
OF the stock so reduced.
Inc c3pitai STOCK may be increased not to ex.
coed three millions of dollars divided into shares
OF thirty dollars each to be paid for at the time
and in the manner hereinafter provided for in ar |,
tlcle four OF this charter.
Each fiscal year shall end on December 81.
3. No certificate Of stock shall be issued until |
the same is paid in full, and no transfer of less
sure OF the directors and the transferee assuming
all ndebtedness thereon.
OF the association at its office in the city of New
Orleans only, on demand of the legal holder there
of and surrender of certificate, but not while any
matu1ed indebtedness to the association exisss on
the part Of the holder.
S. In addition to the capital stock of the associa-
ton contingent fund shall be created to consist of
all interest," received, of profits on loans ana in
vestments, and of all amounts received from other
net profits on premiums appropriated in srt;c Ga
tive, section four, to the creation and maintenance
Of said contingent fund. From this fund divi
derds of interest shall be made to stockholders
6. At the close Of each fiscal year an interest |
dividend OF ten per cent shall be declared on the
anUual increase of the contingent fund
should be found Insufficient to pay the
said interest, then the de6c ency shall be made ,
Up and paid out Of the net profits Of the business of
he Year, and provided further that the interest
dividend on the capital stock may be declared and
oad semi annua if earned, at the option of the
lirectors but the amount OF same shall not exceed
en- per cent per annnm until the contingent fund
fter which extra interest dividends may be de- \
Jared from its earnings to stockholders. q
he profits of the association except as hereinafter
provided for in article i've, section four and section
ANY excess of the contingent fund, after nav. | +
nent of the interest dividend above provided for =
hall accumulate, and shall not be appropriated
kept for the payment of losses, after all other
nnds of the company Except the capital stock)
hall have been exhausted, and as is further pro-
barter. and stall always be held as a protec, ,no
IT the capital stock until the same shall amount |
, five hundred thousand dollars; the surplus be- |
htnhv hA a%nI l
ear the directors may deem expedient
The contingent fund shall never be invested in q
nythug but United states government securities. y
ARTICLE ". 81
l. All persons who may hereafter subscribe to :,
10 capital stock Of this association, shall pay ten a
Or cent or three dollars on each share in cash
issIng their notes, well, approved to the assoca,
on for the remaining ninety per cent or twenty.
ven dollars per share, payable at such times as m
lie board of directors may determine | II
T. Said notes shall contain a clause to the effect lii
at it. IN the Judgment Of the directors, the inter
is OF the association require it, these notes or OF
" portion OF them shall be due and PAYABLE in IL
ch sums and at such times as the directors may ST
termine, after thirty DAYS notice thereof pro. N
ded that not less than thirty days shall inter te
me between the time of payment Of each install.
3. The non payment of said notes or instaments
the same as above provided for, shall forfeit
entire stock to the association together with dc
accumulation thereon and all interest or bene- h.
9 thereuntO belonging or the association may tn
force the payment Of the stock. at its option Ia
OSlucu tudt tne bOarO OF directors extend -,
i'd payments for such time as they deem proper; ~
DIVIDED also the stock forfeited may be trans ~
red with the consent of the Board of Directors n
For the foregoing subscriptions, receipts (not r
signed by the president and secretary ~;
all be issued to subscribers, acknowledging the !"
lOunt paid in cash aud notes given which re- tb
pts snan be surrendered to the assoc iation on a..
ue OF certificates OF stock, as provided for in So
ctiOn three, article three % %
. No stakeholder shall, in any event, be made I'll
bic for the losses of the association in any
ger sum than the amount of his, her or their
descriptions TO the capital stock, and his her de