New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-03-05
CORPORATIONS.

d
of effectDs fire. marine and river insurance, and 70
such other objects as shall hereinafter be emu
merated and set forth; and to that end. they d
hereby covenant and agree to form and cOnst1
tute and do by these presents form and constitute
themselves ana all such other persons as ma
hereafter become associated with them, whethe
by subscription, purchase, transfer, succession o
otherwise. into q body corporate" and theren1l
der bind themselves, and all who n ay hereafte
become associated with them: to be governed b!
the following stipnatiOns, obligations and reguia
lions as articles Of the chatter of said corporation
ARTICLE l.
The name and title of said corporation shall III
1.-THE FIREMEN'S INSURANCE. COMPANY OF NEW
ORLEANS and its dOmice is hereby established a
the city OF New Orleans in the said State of Lou
isiana.
1t shall have power aud authority tirst-to have
corporate existence. and TO enjoy succession in
its corporate name, for and during the full term
and period of twenty five years from the date OF
the execution of these presents, unless sooneI
dissolved. in the manner hereinafter provided for
aud shall commence business soon "a one hun
dred 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 aul hOrity-secOn0ly-fO
contract, to she and be sued in its corporate name
and to that end the president of said com panv il
hereby designated as the proper sfficer upon whom
citation or other notices. in any legal process
brought against said corporation, shall be served.
1t shall have power and au, Observation-Disclosures
make, have and use a corporate SEAL and the seal
adopted for the use of said corporation is hereby
declared TO be an impress seal, circular in form
which shall have for its de7ice. Buildings in the
background in flames; u ladder resting against the
front of the main building with hose leading NY
the same fireman in the foreground, holding a
pipe, with steam engine, hand engine, hose car
riage, and section of truck arranged roundabout,
hI. in service" Encirclins said device shall bt
inscribed the words, THE FiIemens insurance
Company OF New Orleans and inside of said in
scripton shall be the words, incorporated Feb
ruary Is, 1875"
1t shall have power and MISUNDERSTANDING
hold own and posse s. receive, purchase sell and
sona or mixed, movable and immovab!e.
1t shall have power and Observation-Disclosures
name aud appoint such managers, directors and
rihce's as Its interest and convenience may re
quire.
And it shall have power and authority-sixth-
ly-t) make and establish such rules and Oy la " .
TO the proper management aud regulations of it 8
corporate affairs as may be proper and necessary
and it sbal! possess generally all such powers and
privileges as are given BY law to corporations.
ARTICLE H.
The purposes for which the + remen's Insurance
Company Of New Orleans is establi> she'd. and tn.
nature of the business to be carried on by it, are
declared to be
First-TO make insurance on dwelling bou SEES
sugar houses, cotton presses, and on all other
buildings OF every description; on household fur.
nitnre. goods wares merchandise and other prop
erty, against loss or damage by fire.
Srcund-TO make insurance ships and sea-
going vessels, steamboats, and other vessels; on
treights, goods. wares. merchandise specie, bull
lion. commissions. profits bank notes, bills of
change, and other evidences Of debt; and generally
all and every insurance apperta,ning to and con
Eected with maritime, inland and transport al ion
risks bOttOmry and resp ,ndentla interest
In other words, the purposes and business Of said
company shall be to effect fire, marine. river and
inland insurance OF all and every kind wat sOever
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 con ined to
insurance against loss or damage by fire only.
After that period the directors are empO wered (if
they deem it wise) to extend the blu siness OF the
n an IT hA If ri
forth III this article
The said company shall also have power to cause
itself to be reinsured against any risks upon which
it shall have made insurance. and to invest it's
assets, and to dispose of it's property and effects
in the manner and for the purposes hereinafter
provided for.
ARTICLE III.
SEcTIoN !. The capital stock of the said com.
pany 10 hereby fixed at three hundred Thousand
dollars, divided into six thousand shares. OF fifty
dollars each; subject however, to be increased
up to one million dollars as hereinafter provided
for under article eleven of this charter the COM
pany, however is hereby empowered to commence
business as soon as one hundred Thousand dollars
OF its capital stock shall have been subscribed.
SEC. 2 Payment of the capital stock of the said
company shall be made follows, to wit: Ten
per cent OF the subscribed stock shall ba paid in
cash. For the remaining ninety per cent t ne snb-
sciber shall furnish his DrOm,ss0ry note, payable
on demand, subject, however, to call payment
thereon. to be made whenever in the opinion OF the
Board OF Directors the necessities of De company
may require it. Such calls, when Eade. shall be
payabl. within ten days after writtau printed
notices shall h ave been given to hat effect. Sub
scribers h. viewer. may at any time pay up the
full amount Of their subscriptions III cash; i'll
which event interest shall attach to such SUB
ScfiptiUnS from the date that sncn tul pay meEts
shah have been made.
sEU 3. Upon the tailura of any stockhoder to
comply with the calls made UPON him. as above
provided for, the stock owned by such holder It..
g+ther With ell GlYideiis thereon due increase
thereto accrued shall be Liable to forfeiture to the
pany by a vote of the Board of Dir c,ors 10
that effect, or the company may enforce. at its OPP
ton either the payment OF the stock in full or the
calls thereon made.
SEC. No stock Older shall ever be leia liable or
responsible for the contracts or fault, of the sand
company. in any further sum than the unpaid bal
ance due OH the shares of stock owned by him and
III such amounts as he may Otherwise be indebted
to the said company.
SEC 5. All transfers of stock TO he valid shall be
made on the booas of the company; but no stock
holder shall have the II hit To transfer his stock
or to cause it to be transferred, until all of his ma
tured obligations TO the said company shall have
bee fully paid and discharged. Shoud any stock
holder however, desire to transfer his stock pre-.
vous to its having been paid up in full be shall be
permitted go to do by suottuting the obligations
of the purchaser in the lieu and place of his own;
provided, however, that the substituted obligation
be satisfactory 10 the president OF the COMPANY,
SEC. 6. The capital of the company or any pOr-
ton thereof Once subscribed, shall never be used
for the liquidation of losses for any other pr.
pose until all other available resources of the com.
pany shall have been first exhausted And when.
ever it shall have been necessary to use any
the liquidation of losses or otherwise, no dividend
shall he declared or paid until such losses shall
Rave been made good; and all earnings aud profits
from whatever sources derived, sta | he reserved
until the said capital SHAH have been fully RS.
taolished.
ARTICLE w.
SECTIoS |. All corporate powers OF the said com.
pauy shah be exercised by Board OF Directors
and by such officers as the said board shall an.
point.
SEC. 2. The Board of Directors of the said com,
pany shall consist of eighteen persons, twelve of
whom shall bs members of the FIrem ems CHAR.
table Association Of New Orleans; provided how
ever. that no person shall be eligible as a member
of the said board who does not at the time OF his
election and during his continuance in uitice hold
m his own name or Ill the name Of the commercial
firm OF which he is a member. at least ten shares
OF the capital stock OF the said company.
SEC 3. Election Of directors, except for the pur.
pose OF organA alton OF the said company, under
this charter a. hereinafter provided for, ria!l he
by ballot and shall take place or the iiIat Monday
OF Deem ger of each YEAR. at the office of the com
paIy in the city OF New Orleans. In the event of
no election taking place on the day above pre-
scrbtd: another election shall be he'd ton days
thereafter and shall be repeated c,nsecutvely III
intervals OF ten days until an election shall have
been effected. Pub ic notice. of all such elections
shal! be given, by advertisement, in English
French and German in three stated daily news,
papers published IN the city of Now Orleans tor
and during the ten consecutive days preceding
SEC. T. The SOard of Directors shall appoint
three of the stock holders OF the sad company in
spectors, to preside at and conduct such elections;
ana # any of such Inspectors shall decline or fail
TO act or at end at sucn elections, then, and in
that event, the president of the board shall ap-
point, iRstanter, others to fill such vacancies At
al elections each stockho der shall be entitled,
i her III person or by proxy. to one vote on each
share of the capital stock of said COMPANY which
he, she on they may respectively own and hold;
out shall not be entitled to vote on any stock to
nm, her Or them transferred, within three months
prior to such elections. Those persons receiving
4 plurality of the votes of votaDle stock rel pre-
sented at the meeting at which eectio are held,
shall b. considered daily elected.
SIC. ). The Boald uf Directors, thus elected
shall take their seats the first Mondav OF the
month of February following tuch elections ard
hall hold the same one year theretroni or until
others elected ia their stead.
SEC. 6. The said Board OF Directors shall have
Ill administrative and, Though It's proper officers
Ill executive powers neCeS AIRY ior conducting AID
arriving the business OF the com ga v II sha
invest the profits aud funds OF the COMPANY from
me 10 tine. as her. naf.er proyiled tn, l. shall