New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-03-14
CORPORATIONS,

CORPORATIONS. ..-,....
the State Of Louisiana for such purposes made an
provided, they do by these preeents fern, organic
institute and found corporation for the purpose
Of efecting fire. marine and river insurance and f
merated and set forth and to that end they
hereby covenant and agree to form and const
trte and do BY these presents form and conssitut
hereafter become associated with them, whethe
| by subscription purchase transfer, succession o
der bind themselves, and all who may hereafte
become associated with them: to be governed D.
the following stipulatons, obligations and regua
ARTICLE l.
The name and title Of said corporation shall b
1.-THE FIRENEN'S INSURANCE COMPANY OF NEW
ORLEANS end its dOmicile is hereby established
the city of New Orleans. in the said State of Lou
isiana.
It shall ha We power and authority first-to have
corporate g klstence, and to enjoy succession in
its corporate name, for and during the full term
the Execution Of tbese ryessnts unless
dissolved, ir the manner hereinafter provided for;
and shall commence business soon "a one hun.
have been subscribed and all requisites of the law
shall have been complied with
1t shall have power and neutrality-suspicious.
contract TO sue and 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 OF other notices In any legal process
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
which shall have for its device. Buildings in the
background ia fiames a ladder resting against the
the same; a fireman in the foreground, holding q
pipe, with steam engine, hand engine, hose car
and section Of
inscribed the words 1.-THE FiIemens insurance
Company Of New Orleans" and inside of said in
scription , shall be the words incorporated Feb
It shall have power and authorty-fourthly-t
hold own and possess receive. purchase, sell and
otherwise convey, all kind of property real, per
sOnal Or mixed movable and immtvAbie.
1t shall have power and MISUNDERSTANDING
name and appoint such managers, directors and
" Officers as its interest aud convenielmay re-
And it shall have power aud authority-sixth-
lv-to make and establish such rules and by Ia wa
fOf the proper management aud regulations of it's
corporate affairs as may be proper and necessary;
and it shall possess generally ali such powers and
privileges as are given by law to corporations.
ARTICLE II.
The purposes for which the Fremen's Insurance
Company of New Orleans is establis he'd and the
nsdre Of the business to be carried on by it, are
declared to be-
First-To make insurance on dwelling houses.
sugar houses cotton presses, aud on all other
buildings of every description; on household fur
nture. goods. wares, merchandise and other prop
S-cond-TO make insurance on ships and sea-
going vessels Oh steamboats, and other vessels on
treiehrs, goods, wares. merchandise specie, bull
lion, commissions profits, bank notes, bills of ex.
change, and other evidences of debit and generally
all and every insurance appertaning to and con-
nected with maritime inland and transportation
risks, bOttOmry and resp )ndentla interest.
In other words, the purposes and business of said
company shall be to effect fire. marine river and
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, it's business shall be nsned to
insurance against loss or damage by fire only.
After that period the directors empO wered (if
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
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 Ill.,
SECTION l. The capital stock of the said COM
pany is hereby fixed at three hundred Thousand
dollars, divided into six thousand shares OF fifty
dollars each ;,, snelect however to be increased
for under article eleven Of this charter; the COM
pany, however, is hereby empowered to commence
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 witt Ten
per cent of the subscribed stock shall be paid in
cash. For the remaining ninety per cent tine sub
scriber shall furnish his PRONE s0ry note. payable
on demand. subject, however, to call payments
thereon to be deiwhenever in the OpiGiOn of the
Board of Directors the necessities of the company
NAV require it. Such calls, when made shall be-
notices shall have besn given to that effect. Sub
scribers, II viewer, may at any time pay up the
full amount of their subscriptions in cash; in
which event interest shall attach to such sub
scriptons from u date that such full pay ments
shall have been made.
SEC g. Upon the failure of any stockho der to
-, <1a Hni,s do
provided for, the stock owned by such holder to.
sether 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 co npany may enforce, at it's Op
ton either the pay ment of the stock in full or the
calls thereon made.
SEC No stockholder shall ever be heli liable or
responsible for the contracts faults of the said
company, in any further sum than the unpaid bal
arce due on the shares Of stock owned by him and
in such amounts as he may otherwise De indebted
to the said company.
SIC. s. All transfers of stock to be valid shall be
made on the books of the company; but stock.
holder shall have the hit TO transfer his stock,
or to cause it to be transferred until all OF his
tured obligations to the said company shall have
been fully paid and discharged Should any stock
holder, however desire to transfer his stock pre-
v0us to its having been paid in full he shall be
permitted so to do by su5tituting the obligations
of the purchaser in the lieu aud place of his own;
provided, however, that the substituted obligation
be satisfactory to the president of the company.
SEC 6. The capital Of the company any pOr-
zion thereof, once subscribed, shall never be used
for the liquidation of losses for any other pur
pose until all other available resources of the com
pany shall have been first exhausted. And when
ever it shall have been necessary to any
portion of the capital of the said company, for
shall % declared paid until such losses shall
have been made good; and all earnings aud profits,
from whatever sources derived, sha ! be reserved
until the said capital shall have been fully rees-
tablished.
ARTICLE Nv.
SECTION l. All corporate powers of the said com.
pany shall be exercised by Board of Directors,
and by such officers as the said board shall ap.
point.
SIC. 2. The Board of Directors of the said com.
pany shall consist of eighteen persons, twelve of
whom shall be members Of the Fremens Chart
table Association of New Orleans; prOvi ded, how
ever, that no person shall be- eligible q member
OF the said board who does not at the time of his
election, and during his continuance in office, hold
in his own name, or in 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 organization Of the said company, under
this charter hereinafter provided for ehall be
by ballot; and shall take place on the first Monday
of December OF each YEAR at the office Of tho
psny, in the city of New Orleans. Iu the event Of
no election taking place on the day above pre-.
seribed another election shall be he'd ten DAYS
thereafter, and shall be repeated consecUtivey at
intervals of ten days until an election shall have
been effected Pubic notices of all such elections
shall be- given, by advertisement, IN English,
French and German in three stated daily news
papers published in the city of New Orleans for
and during tue ten consecutive days preceding
such elections
SEC. 4. The Board of Directors shall appoint
three of the stockholders of the said company in
spectOrs to preside at and conduct such elections
and if any of such inspectors shall decline, or fail
TO act or attend at such elections, then, and in
that event. the president Of the board shall ap-
point instanter, Others to fill such vacancies At
all elections each stakeholder shall be entitled,
either in person or by proxy. to one vote on each
share OF the capital stock of said COMPANY, which
he, she they may respectively own and hold;
but shall not be entitled to vote on any stock to
him. her or them transferred, within three months
prior to such elections. Those persons receiving
a plurality OF the votes OF votable stock repre-