New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-03-07
CORPORATIONS.

UUkFOkATlUNS.
the State of Louisiana for such purposes made an
provided, they do by these presents, fern, organic
| institute and found corporation for the purpOs
Of effecting fire, marine and river insurance, and
| such other objects as shall hereinafter be en-
merated and set forth; and to that end they 4
/ hereby covenant and agree to form and cOnst
tute, and do by these presents form and cOnstitu,
| themselves AMI all such other persons ma
| hereafter become associated with them, whe thu
by subscription, purchase transfer, succession G
otherwise. into body corporate" and therein
der bind themselves and all who nay hereafts
| become associated with them. to be governed
the following stpnations, obligations and regui,
tous as articles Of the chatter of said corporation
ARTICLEL
| The name and title of said corporation shall
| 1.-THE FlREMEN'S INSURANCE COMPANY OF NEV
| ORLEANS" and its domice is hereby established a
the city OF New Orleans in the said State of Lou
| isana.
1t shall have power and authority frst-to hav
corporate existence, and to enjoy succession il
ana period of twenty five years from the date o
| the execution of these presents, unless soOne
dissolved in the manner hereinafter provided for
and SHALL commence business as sOou as 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 sl,all have power and aulhOrity-secondly-tt
contract, 10 sue and be sued in its corporate
and to that end the president Of said company i.
hereby designated the proper fficer upon WHOM
citation or other notices. in any legal process
brought against said corporation shall be served
1, sha all, nave power and au,horiiy-thiIdy-tt
adopted for the use of said corporation ia hereby
declared to be an impress seal, circular in form
which shall have for its device, Buildings in the
background ia tiames ladder resting against the
front of The main building, with hose leading Ut
the came: fireman in the foreground holding a
pipe, with u steam engine, hand engine, hose car
rage. and section OF truck, arranged roundabout
hi as If in service" Enrirclg said device shall be
inscribed the words, '.The TfIemen's INSURANCE
Mt Nav (br1a md insiH do NS Il
ruary rs. 1875"
II shall have power and authOrity-fourthly-t to
hold own and posse. g. receive. purchase, sell and
oherwis- convey, all kind of property, real, per.
sOnal pr mi xed, movable and immvvable.
1t shall have power and Observation-Disclosures
name and appoint such managers directors and
Ulcers a. it's interest and convenience may re-
And it shall have power and authority-sixth.
v-tI make and establish such rules and by la W 8
10 thh proper management and regulations Of it 8
corporate affairs AS may be proper and necessary
ana u snail possess seneoally all such powers and
privileges as are given BY law to corporations
ARTICLE II.
The purposes for which the Firemens Insurance
Company OF New Orleans is established, and the
nature OF the business to be carried OIL by it, are
First-TO mako insurance on dwelling houses,
sugar houses, cotton presses, and ON all other
build ngs of every description; on household fur
niturt goods. wares, merchandise and other prop
erty, AGAINST iOss OF damage by fire.
S.clnd-TO make insurance on ships and sea.
going vessels, on steamboats, and other vessels;
freiaHts, goods wares merchandise, specie, bull
lion. commissions. profits, bank notes. bills of tx.
change aud other evidences of debt; and generally
necttd with maritime, inland and transportation
risks bottomry and resp 'Ddentla interest.
In other words, the purposes and business of said
coMI!any shall be to effect fire, marine river and
inland insurance OF all and every kind wha ts0ever
wlthprivlege, however. Of exercising all or either
Of said different kinds OF insurance
hs4 raj fyya n,np flsp
OF SAID company, its business shall be confined to
insurance against loss or damage by fire Onlc.
they deem it wsel to extend the business of tue
COMPANY to any or all of the branches Of riak set
FORTH III this article.
Thb said company shall also have power to cause
itsel to be reinsured against any risks upon which
il shall have made insurance, aud to invest its
asset and to dispose of its property and effects
provided for.
ARTICLE III.
SKfTloN ]. The captal stock of the said com
paMH Is hereby fixed at three hundred thousand
dol!d each; subject, however, to be increased
up b one million dollars, hereinafter provided
for lader article eleven of this charter the com
pant, however, is hereby empowered to commence
business as soOu as one hundred Thousand dol lars
of itf capital stock shall have been subscribed.
sr|c 2. Payment of the capital stock of the said
company small be made as follows, to wit: Ten
per tent of the subscribed stock shall be paid in
casli. FOR the remaining ninety per cent the sub
ScflWT S!Iiu IuIi'Sn Ills prom Siory note, paTADe
on demand, subject. however, to call payments
tte4eon. to be made whenever in the Opnon of the
Boa d OF Directors the necessities OF be company
may require 1t. Such calls, when made, shall b.,
pay hb. within ten days after written or printed
not ices shall ave been given to that Effect. Sub
sciipers viewer, may AT any time pay up the
full amount of their subscription in cash. in
which event interest shall attach to such sub.
scrptions from the date that such full pay Inents
shall have been made.
size 3. Upon the iailnre of any stakeholder to
comply with the calls made upon INN "a anoya
provided for, the stock owned by such holder. to.
q, ther with all dividends il,ereon due or Increase
hebeto accrued shall h l.h to f,rfitnr., n, IA
corn pany, by vote of The board of dr. cyors ~
thai effect: or ,he 70 ,,pnnv may enfrc ~ ~. w
tioI either The payment Of the stock in fun or III.
calls thereon made - N
sic. No stakeholder shall ever be hels liable or
bonsbe for the contracts or fault. of the sand
in spy further sum than the uupaid hi
aEde due On the shares o. stock owne,, by him and
in Iuch amounts as he may otherwise be Indebted
to Jhe said COMPANY
size s. All transfers of stock To he valid shar ba
male on the books of the comnany. hut M stn.L
hoIier sI,all have the ri lit IN trarsfr he s,oon
Or 10 cause it to be transferred until ali of hs ms
luiEd obligation. to the said cOnnanv shall II .va
bedn fully paid and discharged Should nm v stocL
holder however desire to transfer his stock nre
viols to its having been paid up in full he shall be
pe imitled so to do by sustitufinp the obgations
Of 1.-The purchaser in the leu and place of his own.
provided however that the substituted oII;na,inn
De Is satisfactory to the president of the comnsnv
dEC 6. The capital of the company or anv nnr
tioh thereof once subscribed shall never he ,ised
Olj the liquidation of losses or for any other mr..
,oke nnti all other available rasnnrc.S az a. -
Daby shall have been first yhaustad A nd WV,
.vtr it shall have been pecessarv tn usa .nv
,oEtion of the capital of the said con,Danv "a
lib liquidation of losses or otherwise no d;v;dand
,lhl De declared or paid until such loses shall
lave been made good: and all earnings aud nroiits
rdm whatever sources derived ana he reserva3
lijl the said apital shall have been fuIlv re as
ablished.
| AprrCIrYv
SECTION |. All corporate powers of the said COM
Ddny shan be exercised by a Board of Directors,
ND by such officers as the said board shall ap.
)qiht.
hHC 2. The Board of Directors of the said com.
odny shall consist of eighteen pers Dns twelve of
Sfi0m shall he members of the Flremens Char
"toe ASSOCIATION OF New Orleans; provided, how
'yer, that no person shall be eligible member
u Inc said board VINO does not at the time OF his
'FecllO, ana during his continuance in ice hold
~ his own name OF in the name of the CON mercial
iEni OF winch he 10 member. at least ten shares