The New Orleans Democrat. (New Orleans, La.) 1875-1876, 1876-07-05
CHARTER.

Il
In the year OF our Lord one thousand eight hun
OF The United States q America tho one hun
dredth. before ire. Andrew Hero. Jr.. Notary
Public in and for the parish and city Of New
Orleans, State Of louisiana. duly Commissioned
nesses hereinafter named and Undersigned
personally came and appeared the several par
| ties whose names are hereunto subscribed. who
the provisions of the laws OF this State relating
to the orga nization Of Corporations for Works OF
Public improvements and other purposes. they
have covenanted and agreed and do BY these
presents covenant and agree. and bind them
selves az well as such other persons as may
hereafter be associated with them, to form them.
selves into and constitute a corporation and
body polite In law for the objects and purposes.
and under the conditions. stipulations and regu-
ARTICLE FIRST.
| This company shall be domiciled In the city
| Of New Orleans. parish OF Orleans. State Of Lou
lsiana; shall be known end dssignatsd ~ the ne
NEW ORLEANS" It shall have a seal, the do
vice thereon TO be the American insignia. with
The president and in his absence the vice
president or secretary OF the company: shail De
the proper officer upon whom al citations or
other legal process shall be served
ARTICLE SECOND
The objects and purposes Of this company. for
which it is established, are hereby declared TO
be.
First-To make insurance on dwelling
houses, stores and other buildings. household
furniture. merchandise and other property,
against loss or damage by fire.
Second-TO make marine insurance upon
vessels, freights. steamboats, goods. wares, Her-
chandise. specie. bullion, commissions; profits.
bank notes, bills OF exchange. and other ep1-
dences Of debt. bottomry and respondencia in
terests, and to make all and every insurance APP
pertaining to or connected with marin or IN
land transportation risks.
Third-Ihey may cause themselves to be re-
insured against any risks upon which they may
have made or shall make insurance.
The capital stock of the company is hereby de-
clared to be the sum of four hundred thousand
dollars divided into ten thousand shares Of forty
o ription. WITH R The privilege q increasing said
capital stock To one million dollars, as herein
after provided for
to purchase stock of the company at such price
as they may deem advisable for the interest 81
the company.
The company may from time to time issue
new stock. at not less than par in order to in
crease the capital stock of the company to one
million dollars. by vote of the majority OF the
directors at a meeting Of the board. convened
and held for that purpose.
The company may, at the request OF the as
sured grant such rebate III lieu Oh ulNloenu us IL
may deem advisable.
No stakeholder shall. in any event, be held or
made liable for the losses OF the company " any
larger sum than the amount OF stock held by
him :,
Dividends of profits shall be declared upon the
net earned premiums: transfers of stock shall |
its consent and Oh the demand of tho legal holder
thereof and surrender of the certificate.
ARTICLE FOURTH.
All the powers of said Company shall be ever |
cised by a Board of Directors and such officers |
and clerks rs they may appoint.
The Board of Directors shall consist OF twelve
persons, five of WY pm shall constitute quorum |
for the transaction OF business: which board
shall be elected by the stockholders on the hrs |
Monday in January u each year at the d9miclle
of the company in this city, Of which election t
they shall give at least fourteen days notice Ia |
two of the public newspapers published IN TINS
city. The Board of Directors shall appoint |
three stockholders as inspectors 70 preside at
such election, and if any OF the said inspectors
decline or fail to attend the President may ap,,
of Directors thus elected, to take their seats on
the second Monday of January next ensuing
after their. election. and to, hold the same one
their stead.
The persons receiving plurality OF votes
shall be considered duly elected. In the event
of no election taking place ON the day aforesaid
the President shall cause another election TO
take place within ten days from the s 81 hrst
Monday OF January. and give notice Of the same
by advertisement in one or more OF the pubic
newspapers in this city.
meeting elect President and Vice President,
and thereafter annually. who shall. on their
election. be OK officio members Of said Board 81
Directors and they shall hold their offices until
their sue .essorS are elected.
The President shall preside at all meetings of
the Board of Directors and of the stockholders
Of the company; he shall sign all policies and
shall conduct the business Of the company gen
orally. under the supervision OF the Board OF
The Vice President, in the absence Of the
President. shall preside at the meetings afore.
said. and shall sign the policies and chooks OF
The Hoard OF Directors shall fix the. oom-
pensation of all the officers and employees
of the company: they may invest the funds
of the company from time to time. as herein
after provided for. They shall haye power TO
adopt such bylaws as they may deem neces;,
aar anil ax,ny for n
regulation OF the company. not inconsistent
with this charter and not contrary TO the laws
of this State or Of the United States and they
shall have power to do ali acts necessary to
carry out the objects of this corporation in this
STATE and elsewhere, and to fill all vacancies
that may occur in their board.
No person shall be director of the company
who q es not a, the time Of his election and
during his contin4ance in office hold , n M
firm of which he may be q partner. at least five
shares of the capital stock thereof.
ARTICLE FIFTH
1t shall be lawful for the Directors to inv,st
the capital stock and other moneys OF the COM
pany in bonds or mortgages. and unineunbered
and improved real estate situated IN the parishes
of Orleans and Jefferson to an amount not eS-
ceedng one-fourth of the profits of the com
pany and in each case the property shall be
deemed worth twice the amount loaned thereon;
The, may also invest the capital stock and
other cash funds of the company in any bonds
or stocks created by or under the laws Of the
United States or either of the States of the Union
or corporations chartered thereby, or loan its
fumes on pledge Of any of the aforesaid securi
ties. bonds or stocks or on pledge of cotton
press receipts and on warehouse receipts Tor
produce stored therein.
The company may hold real estate to an
amount not exceeding one-fourth Of its net
to purchase in addition thereto, any property
which may be mortgaged to the company at any
forced sale of the same II, in their opinion. the
interests of the company would be promoted
thereby.
They shall have power to dispose Of all mort
obi oil hy xyuu al "a r. |
chandise pledged for security, or of property
conveyed to them in satisfaction of debts due
the company purchased at forced sales.
or of any property, movable or immOyable.
which may have been abandoned to the COM
pany. - 49, -
ARTICLE SIXTH.
The following persons have been selected as
the Board of Directors hereunder. viz.
james y. Woods Thomas Seton.
Charles Il. Alter, John J. Gidiere
William Il. Hardie. john j. Barr.
Rohart 4 Howard Edmuud II Rriups