New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-03-06
CORPORATIONS,

y CORPORATIONS.
the State Of Louisiana for such purposes made IN
provided. they do by these preeents form, or9sniz
Of enectirg fire, marine and Eiver insurance and fo
mereted and ct forth; and "a that end. they q
tute, and do by these presents form and constitut
themselves and all such other persons ~ ma
hereafter become associated with them, whethe
BY subscription, purchase, transfer, succession o
otherwise. into body corpOrate." and thereun
der bind Themselves and al who n az hereafte
become associated with them. to be governed b.
the following stipolstions, obligations and regua
lions as articles OF the charter of said corporation
ARTICLE l.
The name and title Of said corporation shall b
"TEB FlREMEN'S INSUR ANCE COMPANY OF NRV
ORLEANS" and it's dOmicile is hereby established q
isana-
1t shall have power and authority first-to hav.
corporate existence and to enjoy succession In
It's corporate name, for and during the full tern
the execution of those presents, unless soone,
dissolved, In the manner hereinafter provided for
and shall commence business as soon as one hun
dred Thousand dollars of its capital stock shall
have been subscribed, and all requisites Of the law
shall have beeh complied with.
1t shall have power and au,hority-secondly-tG
contract, to sue and be sued in its corporate name
and to that end the president of said company ID
citation or other notices, in any legal process
brought against said corporation. shall be served.
It shall have power and Observation-Disclosures
make, have and use corporate SEAL and the seal
adopted for the use OF said corporation 10 hereby
declared to be an Impress seal, circular in form
which shall have for its device. "Buildings in the
background in flames; . ladder resting against the
front of the main building, with hose leading up
the same; fireman in the foreground. holding q
riage and section Of truck, arranged round about
hi as ifin service Enoirc1ing said device shall be
inscribed the words, THE FIemen's Insurance
Company Of New Orleans" and inside Of said In
scription shall be the words, Incorporated Feb
ruary Is, 1875"
It shall have power and authority-fourthly- to
otherwise convey, all kind of property. real per.
sOnal or mixed, movable ard immuvAble.
1t shall have power and authority.-ffthly-to
officers as its interest and convenience may re-
quire.
And it shall have power and authority-sixth
ly-t0 make and establish such rules and bv la W
fOt the proper management and regulations Of its
corporate affairs as may be proper and necessary !;
privileges a. 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, are
declared to be
sugar houses cotton presses, and on all other
buildings of every description; on household fur.
niture. goods. wares, merchandise and other prop
erty, against loss or damage by fre.
Stcond-TO make insurance on ships and sea-
going vessels on steamboats, and other vessels; on
treignrs, 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 apperta,ning 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
inland insurance of all and every kind whatsoever
however. 0Y0rCiainv mr. nj hpr
of said different kinds of insurance.
During the first twelve months of the existence
insurance against loss or damage by fire Onlv
After that period the directors are empo wered iii
they deem it wise) to extend the usiness OF the
company to any or all Of the branches Of risk set
forth III this article.
The said company shall also have power to cause
itself to be reinsured against any risks upon which
assets and to dispose of it's property and effects
in the manner and for the purposes hereinafter
provided Tor.
ARTICLE Ill.,
SECTION !. The capital stock of the said COM
pany is hereby fixed at three hundred thou sand
dollars, divided into six thousand shares OF fifty
dollars each; subject. however. to be- increased
to one million dollars. as hereinafter provided
for under article eleven Of this charter; the com.
pany, however, is hereby empowered to com unence
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 as follows to wit: Ten
cash. For the remaining ninety per cent the sub
scriber shall furnish his prom ss0ry note payable
on demand, subject however, to call payments
thereon to be made,wheneyer in the opinion of he
Board of Directors the necessities of the company
may require it. Such calls, when made. shall be
payable within ten days after written or printed
scribers. h viewer, may at any time pay up the
full amount of their subscriptions In cash; in
which event interest shall at! ach to such sub.
scriptons from the date that such full pay ments
shall have been made
SIC. s. Upon the failure of any stakeholder 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 the
company, by a vote of the Board of Dir c,Ors TO
that elect or the company may enforce, at its op
ton, either the payment of the stock in full 0rthe
calls thereon made.
SEC. No stakeholder shall ever be heli liable or
spOnsibie for the contracts faults of the eald
company, in any further sum than the unpaid bal
aIce due on the shares of stock owned by him and
i'll euch 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 no stock
holder shall have the ri ht To transfer his stock
to 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.
vious to its having been paid in full he shall be
permitted SO to do by su5tituting 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 6. The capital OF the company Or any por-
ton thereof once subscribed, shall never be used
for the liquidation of Osses Or 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 use any
portion of the capital of the said company, for
the Liquidation OF losses or otherwise no dividend
shall 90 declared paid until such losses ehall
have been made good; and all earnings and profits,
from whatever sources derived, sha | be reserved
until tn. said capital shall have been fully rees.
tablished.
ARTICLE w.
SECTION l. All corporate powers of the said com.
paDy shall be exercised by Board of Directors,
and by such officers IS the said board shall ap-
point.
SEC. . The Board of Directors of the said com.
pany shall consist of eighteen persons, twelve of
whom shall be members of the Firenn en- q CHAIR
table Association OF New Orleans; provided, how
ever that no person shall be eligible as d ember
election and during his continuance in Office hold
in his own name, or in the name of the commercial
firm OF which he is member. Mt 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 as hereinafter provided for .hall be
BY ballOt and snail take place on the first Monday
or December of each year, at the office of the
psny, in the city of New Orleans. In the event of
no election taking place on the day above pre-
scribed. another election shall be he'd ton days
and shall be repeated consecutvely at
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 the ten consecutive days preceding
such elections
SEC. A. 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, insanter, others to fill such vacancies. At
all elections each stOckhO,der shall be entitled,
either in person or by proxy. to one vote on each
share of the capital stock of said company, which
he shs or they may respectively own and hold;
but shall not be entitled to vote any stock to
h m. her or them transferred, within three months
prior to such elections Those persons receiving
a plurality of the votes OF votable stock repre-