New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-03-21
CORPORATIONS.

lite corporate name, for and during the full tern
ana period Of twenty five years from the date o
the execution Of these presents, unless sooner
dissolved. in the manner hereinafter provided for
and snail commence business as soon as one hun
have been subscribed and all requisites Of the Law
shall haze been complied with.
1t shall have power and au, hority-secondly-tt
contract. 70 sue and be sued in its corporate name
and to that end the president Of said company II
hereby designated as the proper officer upon whom
brought against said corporation, shall be served
1t shall have power and Observation-Disclosures
make, have and uss corporate seal; aud the sea
declared to be an impress seal, circular in form
which shali have for its device, Buildings in the
a Sa IN ladder resting agans.
the same; Q fireman in the foreground holding q
pipe, with a steam engine, hand engine, hose car
HIM. as fin service" Encirclpg said device shall be
inscribed the words. The FlIemens insurance
Company Of New Orleans" and inside of said in
ruary Is, 1875"
It. shall have power and authority-fourthlv-t to
otherwise convey, all kind of property real per.
sOnal or mixed, movable and immovAbie.
~ shall have powe and authority-ffthly-to
officers as its interest aud convenience may re-
quire.
And it shall have power and authoriry-sixth-
ly-to make and Of: ablish such rules and by la 8
for the proper management aud regulations of it's
corporate affairs as may be- proper and necessary;
privileges a. are given by law to corporations.
ARTICLE II.
The purposes for which the Fremen's Insurance
Company of New Orleans IL establis he'd, and the
nature Of the business to be carried on by it,
First-To make insurance on dwelling houses,
sugar b0uees, cotton presses, and ON all other
buildings Of every description; on household fur
erty, against loss OF damage by fire.
Second-TO make insurance on ships and sea
freiehts, goods, wares. merchandise specie bull
lion, commissions. profits bank notes. billy Of %x-
change, and other evidences Of debt; aud generally
nected with maritime inland and Transportation
risks, bottomry and respondentia Interest.
sns1 s. and Of said
inland insurance Of all and every kind what soever
with privilege, however. Of exercising all or either
Of said different kinds Of insurance. 4.
During the first twelve months If the existence
Of said company, its business shall be con aned to
insurance against loss or damage by fire oplv.
After that period the directors are empo wered (f
they deem it wise) to extend the business Of the
company to any or all Of the branches of risk set
forth in this article.
The said company shall also have power TO cause
itself to be reiDshred against any risks upon which
it shall have made insurance. and to invest it's
in the manner and for the purposes hereinafter
provided for.
ARTICLE III.
SECTION ]. The capital stock 'ef the said com.
d
dollars, divided into six thousand shares. Of fty
dollars each; subject. however. to b. 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 40 soon as one hundred Thousand dolars
of its capital stock shall have been subscribed
SEC. 2. Payment of the capital stock of the said
company shall be made as follows. to wit: Ten
psr cent Of the subscribed stock shall be paid in
scliber shall furnish his promrssory note PAYABLE
on demand, subject, however, to call payments
thereon to be madelwhenever in the opinion of the
Board of Directors the necessities Of the company
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
scribers however. may at any time pay up the
full amount Of their subscriptions IN cash; in
which event interest shall attach to such sub
scrptiOns from the date that such full pay meuts
shall have been made
SIC. B. Upon the failure of any stakeholder to
provided for the stock owned BY such holder. to.
eether with all dividends thereon due or increase
thereto accrued. shall be liable to forfeiture to the
company, by vote Of the Board of Dire ctors TO |
that effect; or the company may enforce at it's on.
ton either the payment Of the stock in full or the
SEC T. No stOckhOlder shall ever be hela liable or |
responsible for the contracts faults of the said
company, in any further sum than the unpaid bal !
nee due on the shares Of stock owned by him and
n such amounts as he may otherwise De indebted |
20 the said company.
made on the books of the company but no stock. |
FOLDER shall have the rip hit transfer his stock
IT to cause it to be transferred until all Of his ma
'een fully paid and discharged. Should any stock.
lolder, however, desire to transfer his stock pre-.
lons to its having been paid up in full be shall be
II the purchaser in the lieu and place OF his own;
provided, however, that the substituted obligation
SEC s. The capital Of the company or nny DOR.
ion thereof, once subscribed, shall never be used |
or the liquidation Of losses for any other pur-
ose until all other available resources of the com
any shall have been first exhausted. And when.
yer it shall have been necessary to use any
I. Of the capital Of the said company, for
he liquidation Of Losses otherwise, no dividend
hall De declared or paid until such losses shall
ave been made good; and all earnings and profits,
nil the said capital shall have been fully re.es-
ablished.
ARTICLE ".
SKCTloN !. All corporate powers Of the said COM
any shall be exercised by Board of Directors |
ONT.
sEc 2. The Board Of Directors of the said com.
,hn soa III On ." e,snCsen persons twelve Of
abe Association OF New Orleans; provided, how
yer. that no person shall be eligible as a member
lection, and during his continuance in office, hold |
I his own name, CT in the name of the commercial |
im OF which he is member: at least ten shares
the capital stock of the said company.
$40 3. Election of directors, except for the DUP |
ose of organization of the said company, under
his charter as hereinafter provided for shall be |
y ballot and shall take place on the first Monday |
December Of each rear at the Office Of the com. |
my in the city of New Orleans. In the event of |
o election taking place ON the day above pre- |
cribed. another election shall be he'd ten days
hereafter and shall be repeated consecutveiy at
cen effected. Pub ic notices of an such elections
hall be given, by advertisement, in English !
rencs and German In three stated daily news.
nd during the ten consecutive days preceding |
UGH elections.
SEC. L. The Board Of Directors shall appoint |
of the StOck hnldpra of the said in
pectors, to preside at and conduct such elections;
nd If any of such inspectors shall Decline or fail
hat event, the president of the board shall ap- |
pint instanter others to fill such vacancies. At |
4 elections each stakeholder shall be entitled, |
ther in person or by prsxy, to one vote on each |
lare of the capital stock of said company which |
3, she or they may respectively own and hold; |
ut 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 Notable stock repre-.
nted ut the meeting at which cleo tons are held,
lall b. considered duly elected.
SKc. 5. The Board Of Directors, thus elected, | .
onth Of February following such cleo and |
lall hold the same one year therefrom, or until |
hers are elected in their stead
SEC. 8. The said Board OF Directors shall have |
Administrative and, through its proper officers.
executive powers necessary Ter conducting and
irving on the business Of the company. 1t shall .
ne to tine, as hereinafter provided for. 1t shall
we full power and authority to make all requi.
adopt such by laws for the government Of the |
mpsny. for the transaction Of its business and |
r the regulations of it's affairs, and to amend
d alter the same; provided. that all such rules !
gulations and bylaws be not contrary to the |
DIVISIONS of this charter, to the laws of the !
ited States to the various acts of the Legfs- !
ure of this State providing for the org aniz alton
corporations, approved March 10, 1913, March
1885, aud March II, 1870.
ARTICLE Y.
sRcrIoN l. The first Board of Directors shall con.
It of the following stockholders Of the company, |
wit:
lAC n. MARKS. LOUIS A. WILT,
RD. DUDENHEFFR. JOHN FITZPATRICK. i
ARLINGTON MARKS, c. TAYLOR GAUCHE, ii
ARIES HEMARD, OTTO THOMAN.