New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-03-02
CORPORATIONS.

the State Of Louisiana for such purposes made an
provided they do by these presents fern, organize
institute and found a corporation for the purpose
of ehecting fire, marine and river insurance and TO
such other objects as shall hereinafter be enu
hereby covenant and agree to form and const
tute, and do by these presents form and CONSTITUTE
| themselves and all such other persons as ma
| hereafter become associated with them, whethe
! by subscription, purchase, transfer, succession o
| otherwise intOa body corporate and thereun
der bind themselves, and all who ay hereafte
| become associated with them. to be governed b,
| the following stipuatiOns, obligations and regula
tons as articles Of the char Of said corporation
ARTICLE /.
| The name and title of said corporation shall be
| THE FiREMEN'S INSURANCE COMPANY OF NEW
| ORLEANS and its dOmicile is hereby established a
| the city OF New Orleans. in the said State Of Lou
| isiana.
| 1t shall have power and authority fi-st-to have
corporate existence, and to enjoy succession in
| Its corporate name, for and during the full term
| and period of twenty-five wears from the date OF
| the execution of these presents, unless sooner
dissolved in the manner hereinafter provided for:
| and shall commence business soon one hun
died 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-tO
| contract 10 sue ard be sued in its corporate name
and to that end the president of said company is
hereby designated as the proper officer upon whom
citation or other notices, in any legal process
brought against said corporation shall be served
| 1t shall have power and Observation-Disclosures
| make, have and use 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 device, "Buildngs in the
front of the main building, with hose leading up
the same; fireman in the foreground, holding
pipe. with steam engine, hand engine, hose car.
riage. and section of truck arranged roundabout
him if in service" Encircllng said device shall be
inscribed the words, The FiIemen's insurance
scrlp:IOn shall be the words, "lncOI pOTated Feb
ruary Is, 1875"
1t Shall have power and authority-fourthly-
0Vd ao1, =
otherwise convey, all kind of property, real, per.
sonal or mixed, movable and inm0vable.
1t shall have power and Observation-Disclosures
name and appoint such managers, directors and
officers as its interest and convenience may re-
quire.
And it shall have power and authority-sxth-
ly-to make and establish such rules and by laws
for the proper management and regulations of its
corporate affairs as may be proper and necessary;
and 1t shall possess generally all such powers and
privileges as are given by law to corporations.
ARTICLE II.
The purposes for which the Firemen's Insurance
Company of New Orleans is established and the
nature OF the business to be carried on by it,
First-To make insurance on dwelling houses
sugar houses, cotton presses, and all other
buildings of every descriptions on household fur.
niture, goods. wares, merchandise and other prop
erty, against loss or damage by fire.
Second-TO make insurance on ships and sea-
going vessels. on steamboats, and other vessels; on
freights, goods wares. merchandise specie bull.
lion. commissions. profits bank notes, bills of ex
change, and other evidences of debt; and generally
all and every insurance appertalning to and con.
nected with maritime inland and transportation
risks bOttOmry and resp ondentla interest.
In other words, the purposes aud business Of said
company shall be to effect fire, marine. river 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 or damage by fire ONLY
After that period the directors are empo wered Gf
they deem it wise) to extend the bu sness of the
NON IN oil ,.ah
forth IN 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 its
assets, and to dispose OF its property and effects
in the manner and for the purposes hereinafter
provided for.
ARTICLE III
SECTION |. The capital stock OF the said com.
pany Is hereby fixed AT three hundred thousand
dollars, divided into SIX thousand shares Of fifty
dollars eaeh subject, however to be Increased
up to million dollars, as hereinafter provided
for under article eleven of this charter; the com
pany, however, is hereby empowered to commence
business as s0On as one hundred thousand do, lars
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 be paid in
cash. For the remaining ninety per cent the sub.
sc1iber shall furnish his Dromssory note, payable |
on demand, subject, however to call payments
thereon to be Madeswhenever in the opinion of the
Board of Directors the necessities of the company
may require it. Such calls when made shall ba |
payable within ten days after written printed |
notices shall have been gwen to that effect. Sub
scribers, however. may at any time pay up the |
full amount of their subsc, ptions IN cash: in |
which event interest shall attach to such sub
scriptions from the date that such full payments |
shall have been made.
SEC. 3. Upon the failure of any stockholder to |
comply with the calls made upon him. as above
provided for, the stock owned by such holder, to-
gether with all dividends thereon due or increase
thereto accrued shall be Liable to forfeiture to tie
by vote of the Board of Directors 10 |
that effect or the company may enforce at it's op.
ttart ha
calls thereon made.
SEC. 4. No stockholder shall ever be held liable or
sponsible for the contracts faults of the SAID
in any further sum than the unpaid bal
ance due on the shares OF stock owned by him and
in such amounts as he may otherwise De Indebted
to the said company.
SEC S. All transfers of stock to be valid shall be
made on the books of the company; but no stock
holder shall have the risht TO transfer his stock
to cause it to be transferred until all of his ma
tured obligations to the said company shall have
been fully paid and discharged. Should any stock.
holder however, desire to transfer his stock pre-
vOus to its having been paid up full he shall be
permitted so to do by su3ttuting the obligations
Of the purchaser in the lieu and place of his own
provided, however that the substituted obligation
be satisfactory to the president of the company.
SEC o. The capital OF the company or any por.
lion thereof once subscribed, shall never be used
FOR the liquidation of losses for any other pur-
until all other available resources of the com
pany shall have been first exhausted. And when
over 1t shall have been necessary to any
portion OF the capital of the said company, for |
he liquidation OF losses or OTHERWISE no dividend
save been made good aud all earnings and profits
rom whatever sources derived, sha I be reserved
anti the said capital shall have beea fully re-es
ablished.
ARTICLE ".
SFCrIoH |. Al! corporate powers of the said com
)any shall be exercised by Board of Direc tors |
md by such officers the said board shall APP
Joint.
SEC. 2. The Board of Directors of the said com
'any shall consist OF eighteen persons twelve of |
whom shall be members of the Firem ems Chair |
81 n trI III
ver, that no person shall be eligible as a member
i the said board who does not at the time of his |
a his 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 com any.
SEC. 3. Election of directors except for the pur- |
ose OF organization of the ead com pany, under |
his charter as hereinafter provided for shall be
y ballot; and shall take place the first Monday
I December of each year, at the Office of the com.
any, in the city of New Orleans. In the event of
o election taking place on the day above pre-
cribed, another election shall be held ten days
hereafter, and shall be repeated consecUtvely at
intervals of ten days until an election shall have
cen effected. Public notices of all such elections
hall be given by advertisement, in English, |
rench and German, in three stated daily news.
apers published in the city of New Orleans for
nd during the ten consecutive DAYS preceding |
lch elections. |
SEC. a. The Board of Directors shall appoint |
hree of the ocxholders of the said cOmnanv 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
i elections each stakeholder shall be entitled, |
ther in person or by proxy, to vote on each |
iare OF the capital stock of said company, which
E, she or they may respectively own and hold |
ut shall not be entitled to vote on any stock to
m her or them transferred, within three months |
rlor to such elections. Those persons receiving l
plurality Of the votes OF votable stock repre- | F
nted at the meeting at which cleo tions are held
la be considered duly elected.
SEC s. The Board of Directors, thus elected, | J
al take their seats on the first Monday of the J
0nth OF February following such elections, and | l
all hold the same one year therefrom, or until |
hers are elected in their stead.
SEC. 6. The said Board of Directors shall have | /