New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-02-28
CORPORATIONS.

the State of Louisiana for such purposes III ade ar
provided. they do by these presents. ferm organic
institute and found a corporation for the purp0s
ofesectipg fire, marine and river insurance, and fl
such other objects as shall hereinafter be en-
merated and set forth; and to that end they {
hereby covenant and agree to form and cons.
themselves and all such other persons as ma
| hereafter become associated with them, wheths
BY subscription, purchase transfer, succession
| otherwise. into body corporate" and thereUl
der bind Themselves, and all who ay hereafte
| become associated with them to be governed
the following stipulatons, obligations and regu!:
tlon, as articles OF the chaIe of said corporation
| ARTICLE
The name and title of said corporation shall b
| THE FlREMEN'S INSURANCE COMPANY OF NEW
CRLhANS' and its domicie is hereby established a
tne city OF New Orleans in the said State of Lou
| lsiana.
1t shall! have power and authority frst-to hav
| corporate existence, and 10 enjoy succession il
| It's corporate name, for and during the full tern
| and period of twenty five years from the date 0
| the execution of these presents> unless sooner
0lssolyeG In the manner hereinafter provided for
ana snail commence business as soon az one hun
dIsd thousand dollars of it's capital stock shall
have been subscribed and all requisites of the law
shall have been complied with.
1t shall have power and authOrity-secondly-tC
contract, TO sue ard be sued in its corporate name
and to that end the president of said company IL
hereby designated as the proper sticer upon whom
citation or other notices, in any legal process
brought against said corporation shall be served
1t shall have power and au,hority-thirdly-to
make, have and use q corporate seal and the seal
adopted for the use OF said corporation is hereby
declared to be All impress seal. circular in form
background in flames: ladder resting against the
front OF the main building, with hose leading I'D
the same; a fireman in the foreground. holding a
pipe, with steam engine, hand engine, hose car
rage, and section of truck. arranged roundabout
him. as Ifin service Encircling said device shall be
Ea the words. The piremen's insurance
Company of New Orleans" and inside of said in.
scr1ptlon shall be tho words, "1ncOrpOra ted Feb
ruary rs. 1875"
hold own and possess, receive purchase sell and
otherwise convey, oil kind of property, real. per.
sonal or mi xed, movable ard mmOvable.
1t shall have power and authOritv-fifthly-tO
name and appoint such managers directors and
officers as it's interest and convenience may re-
Guire.
And it shall have power and authori,y-sixth-
ly-to make and establish such rules and by la VS.
tor the proper management and regulations of its
and 1t shall possess generally all such powers and
privileges as are given by law to corporations
ARTICLE II.
The purposes for which the Firemens insurance
Company " New Orleans is established. and the
nature OF the business to be carried on by it, are
declared to be
First-To make insurance on dwelling houses.
sugar houees' cotton presses, and on all other
buildings OF every description; on household fur
nitu1e, goods. wares, merchandise and other prop
erty, against loss or damage by fire.
SeCOnd-TO make iusu trance ships and sea.
going vessels. on steamboats, and other vessels; on
frelghfs, goods, wares merchandise, specie bull.
lion comm issiOns, profits, bank notes. bills Of ex.
change, and other evidences OF debit and generally
all aud every insurance appertaining to and con.
neeted with maritime, inland and transportation
risks, bOttOmry and respondentls interest.
In other words, the purposes and business O, said
company shall be to effect fire marine liver and
inland insurance of all and every kind whatsoever
with privilege however, of exercising all or either
of said different kinds of insurance
During the first twelve months OF the existence
OF said company, its business shall be confined to
insurance against loss damage BY fire only
After that period the directors are empowered liz
they deem it wise) to extend the business of the
company to any or all of the branches of risk set
The said company shall also have power to cause
itself to be rensured against any risks upon which
assets, and to dispose of it's property and effects
III the manner AID for the purposes hereinafter
provided tor.
ARTICLE Ill.,
SgcroS J. The capital stock OF the said com
pany is hereby fixed at three hundred thousand
dollars, divided into six thousand shares Of tifiy
dollars each; subject, however to be increased
up to one million dollars. hereinafter provided
for under article eleven of this charter the COM
pany, however, is hereby empowered to commence
business as soOa as one hundred Thousand dol lars
OF its capital stock shall have been subscribed.
SEC. Z. Payment OF the capital stock of the said
company shall be made follows, to wit: Ten
per cent OF the subscribed stock shall be paid in
cash. For the remaining ninety per cent the sub
scriber shall furnish his promissory note payable
on demand, subject, however, to call payments
thereon to be madelwhenever in the opinion of the
may require it. Such calls when made shall be
pay able within ten days after written or printed
notices shall have been given to that effect Sub.
scrlbers, however. may at any time pay up the |
full amount OF their subscriptions in cash; in |
which event interest shall attach to such sub !
5criptons from the da that such full nav ments
shall have been made.
SIC: 3. Upon the failure of any stakeholder to |
comply with the calls made upon hun, al above
Iether with all dividends thereon due or increase
hereto accrued, shalt be Liable to forfeiture to the
company. BY a vote of the Board of Directors TO
hat effect; or the company may enforce at its Cd.
lon either the payment OF the stock in fun the
,as thereon made.
SIC. No stockholder shall ever be held liable or
for the contracts or faults of the eald
in any further sum than the unpaid bal
lrce due ON the shares Of stock owned by him and |
n tnch amounts as he may otherwise Dc indebted |
o the said company
SEc S. All transfers of stock to be valid shall he
made on the books OF the company; but stock
ioider shall have the rioht to transfer his stock |
IT to cause it to be transferred until all of his ma.
lred obligations to the said company shall have
been fully paid and discharged Should any stock
lolder, however. desire to transfer lis stock pre-.
los to its having been paid up in full he shall be
'e rmitted SO to do by sn5titutIns the obligations
provided, however, that the substituted obligation
70 satisfactory to the president of the company
SEC; D. The capital OF the company or any por-
ion thereof, once subscribed, shall never be used |
or the liquidation of losses for any other pur-
'ose until all other available of the com
ANY shall have been first exhausted. And when.
yer it shall have been necessary to use any |
'ortion OF the capital of the eaid company for |
he liquidation OF losses or otherwise, no dividend
hail 90 declared or paid until such Losses shall |
ave been made good and all earnings and profits,
rom whatever sources derived, shall be reserved
ntil the said capital shall have been fully re es-
abshed
ARTICLE ".
SECTION /. All corporate powers of the said com
any snail be exercised by Board OF Directors |
nd by such officers as the said board shall ap. |
oint.
sEc.2. The Board of Directors of the said com.
any shall consist of eighteen persons twelve of
Fhom shall be members of the Flremen's Chart
able Association of New Orleans; provided how.
yer, that no person shall be eligible as q member
1 the said board who does not at the time of his
lection, and during his continuance in Office hold
q hia own name. or in the name of the commercial
rm OF which he is a member. at least ten shares
+ the capital stock of the said company.
oEc. D. hlectlon OF directors. except for the pur
ose OF organization of the said company under |
his charter as hereinafter provided for, shal be
y ballot; and shall take place on the first Monday
any. in the city of New Orleans. In the event of |
% election taking place on the day above pre-
crlbed, another election shall be held ten days |
hereafter, and shall DO repeated consecutively at
intervals of ten days until an election shall have |
sen effected. Public notices of all such elections
nall be given, by advertisement, in English,
rench and German, i'll three stated daily news |
apers published IN the city of New Orleans for !
nd during the ten consecutive days preceding
ugh elections. |
SIC. 4. The Board Of Directors shall anpoint |
liee OF the stockholders of the said company in. |
pectors, to preside at and conduct such elections:
nd If any OF such inspectors shall decline or fail
} act or attend at such elections then and in |
nat event. the president OF the board shall an. |
pint. instanter, others to fill such vacancies. At
u elections each stakeholder shall be entitled |
ther in person or by proxy, to one vote on each !
lare OF the capital stock of said COMPANY which |
3, she or they may respectively own and hold; !
nc shall not be entitled to vote on any stock to |
I'M, her or them transferred, within three months
nor to such elections. Those persons receiving |
plurality OF the votes OF v0tsbe stock repre-. |
nted at the meeting at which cleo tons held,
lall be considered duly elected.
SKC ). The Board of Directors thus elected, |
a take their seats on the first Monday of the | .
onth OF February following such elections and |