New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-01-26
CORPORATIONS.
CHARTER. ........... CHARTER.
STATE OF LOUISIANA, CITY OF NEW ORLEANS.

STATE OF LOUISIANA, CITY OF NEW ORLEANS.
Be it known, that on this thirtieth day of De-
cember, in the year one Thousand eight hundred
and seventy four, before me. Marcel T. Ducroa, .
Orleans. State OF Louisiana. aforesaid. duly COM
mssoned and sworn. personally came and ap.
Rsassd Samuel Manning TqdS president Ct and
LIFE Insurance COMPANY = corporation duly or
gained under the laws of this State per act passed
1863 who declared that pursuant to the above
mentioned act of incorporation, three several gen
eral meetings Of the stockholders Of said company
were convened and held at the Office of said COM
pany in this city for the purpose of voting upon
certain amendments proposed to said act Of incor'
Wit: The first. on wednesday. the third dsy Of
January 1872. after thirty days notice in the kng
lish and French languages, published in the New
Bee the second on Tuesday, the sixteenth day Of
September, 1873, after thirty days notice. in the
English and French languages published in the
Daily Bee and the third on Monday. the fourteenth
Of December 1874 after thirty days notice, in the
New Orleans Daily Picay une and New orleans
Daily Bee-all said newspapers being published
daily in the city Of New Orleans
And that. at each OF said meetings atOc khOlders
holding and o ~ning the whole of the stock pres
ent and Represented have voted for the adoption
poration, AZ the whole viii more fully appear by
reference to a certified copy of the process verbal
of said meetings, annexed to the margin OF this
And the said Samuel Manning Todd, acting as
aforesaid, declared that by virtue of the powers
in him vested. and in order more fully to carry
into effect the said amandments and of causing
the same to be recorded he does hereby publicly
declare and proclaim the changes, additions, al
teratiOns and notifications maze to the charter
of the Louisiana Equitable Life Insurance Com.
pany to be as follows, to wit:
Article third is amended so az to read as fol.
ARTICLE III.
after the words "official papers, fnsert) The
stock of the company Increased four thou.
sand shares, of fifty dollars each Subscribers shall
the time of subscription, and for the remainder OF
said subscription, shall give their stock notes.
Calls OH said stock notes may be made by the
directors, from time to time, necessity may
qu:re: provided, no call shall exceed five dollars
per share-thirty days published notice Of which
be made oftener that once in ninety days. This
increased stock shall be preferred stock; the
amount thereon paid in cash. and all future divi.
dends, as hereinafter named, to be credited said
stock notes. shall be entitled to eight per cent
annuR interest from the respective dates of pay.
ments, or dividend credits, which interest shall
be calculated to the first day Of January, in each
year. and payable on the first Monday in February,
commencing in February, 1876. All said preferred
stock shall be entitled participate in the profits
of the company to the extent or the same percent.
age as dividends declared on premiums on Ord-
nary life MUTUAL policies of three years standing
and such profits shall be credited, when declared
on the stock notes held by the company, 80 long
said stock notes, or any part thereof, remains un-
pdu. pdlu pToItTTtO bJOck bUaIl receive OlVl-
dends in cash. The preferred stock, to the extent
paid, shall be first claim on the assets OF the
company after the payment of its Indebtedness.
Article fourth is amended 80 to read fol-
lows to wit:
ARTICLE ".
The Board of Directors of this company, on and
after the first day Of May next. 1872 shall consist
OF twenty-four members, six OF whom shall con.
stitute a quorum.
Article seventh is amended so as to read as fol.
lows to witt
ARTICLE VII.
(After the words their Office therein" insert)
The Board of Directors shall also have power to
invest the amount of its reserve on premiums
earned in such places and States where the com
pany shall have established agencies and branch
Boards OF Directors, in loans on unncumbered and
improved real estate, or invest the same in bonds
and stocks created by or under the laws Of the
States wht re such premiums shall have been &C.
qulred.
Article ninth of the original charter, and amend
ment thereof made on che eighth of July, 1870 is
lieu and place:
ARTICLE TX
In the month of December In each year, the
president and directors of the company shall
make or cause to be made by the proper off rs
OF the company, an annual statement of the af-
fairs OF the company, which statement shall be
verified BY affidavts and filed with the papers Of
all parties Interested; first statement to be pre-
scented to the regular board meeting in January,
1876 actuary calculation of the net reserve re-.
auired On policies in force, determined by the
American table of morality and six per cent inter.
est snail also be presented to the regular board
the duty of the board to apart from the assets
OF the company
Flrst-A sufficient amount to cover the net re-
serve required by insurance law according to
the American experience table Of mortality and six
per cent interest.
Secoud-A sufficient amount TO paw the interest
on the preferred stock set forth in article third
Thfrd-A sufficient amount to pay interest
OF i've per cent per annum on all the original full
from the first Of January, 1875, and to be calc,,.
lated yearly from January 10 January, and to be
payable on the first Monday IN February Of each
year, and if it shall appear after the net reserve
has been set apart, and the interest herein named
has been provided for, that the profits OF the com.
pany do exceed its l0sses by more than ten per
cent of it's capital stock, then, at said January
board meetings, the president and directors shall
declare such dividend to be paid on premiums on
and credits to be entered pre- erred stock notes
or dividends paid on full paid preferred stock as
set forth in article az third as they may deem ad.
visabe; but If it shall appear that the profits do
not exceed losses BY more than the said ten Der
cent no dividends shall be declared
Of mus zone ana PASSED in my office at the city
the day, month and year first above written. and
2o 31esence OF Messrs. Louis N. Ducros and An
their names with said appearer and me
Original signed:
SAMUEL NJ. TODD,
L. N. DUCROS,
A. MARMONGET,
NJ. T. DUCROS,
Notary Public.
certify the foregoing to By true copy of the
original act extant in my current register.
New Orleans, December 30, 1874.
N. T. DCCROS. Notary Public.
l, theSnndersigned, deputy recorder Of mort
cages for the parish of Orleans. do hereby certify
that the foregoing act was this day duly recorded
in my office IN book No. lls, folio $40 and seq.
New Orleans, December 81, ls74.
c. DARCANTRL
jal9 rs fe2sl Is Deputy Recorder.