The New Orleans Democrat. (New Orleans, La.) 1875-1876, 1876-07-06
CHARTER.

STATE OF LOUISIANA, fhhl5H " on
that on the fifteenth day OF the month q June.
in the year of our Lord one thousand eight hun
Of the United States Of America the one hun
dredth before me. Andrew Hero. Jr Notary
Public in and for the parish and city 81 New
Orleans State Of Louisiana. duly commissioned
and qualified. and in the presence Of the wit
nesses hereinafter named and undersigned,
personally came and appeared the several par
scveraly declared that ayailing themselves ol
the provisions Of the laws OF this state relating
to the organization of Corporations Tor WORKS OF
Public improvements and other purposes. tnsy
have covenanted and agreed ana 90 1y THESE
presents covenant and agree, and BIND them
selves as well as such other persons ms a. ny
selves into and constitute corporation ~
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 CT Orleans, state % LOU
isiana; snail be known and dessgnnteea ~ VI, T
NEW ORLEANS" 1t shall have seal the de-
vice thereon to be the American ms igna with
the name of the company enclrcllng tne . same ';o
president or secretary OF the company. 5nah %
the proper officer upon whom all citations OF
other legal process shall be served.
ARTICLE SECOND.
The objects and purposes of this company. for
which it is established are hereby declared 10
be: ,,t...
First-To make insurance. on dwelling,
houses stores and other buildings. houSenOiu
furniture merchandise and other property.
against loss or damage by fire.
Second To make marine in5u,a ,ar.. u n,er
chandise, specie. bullion, commissions; pronIs5.
bank notes. bills OF exchange, and other evi-
dences Of debt bottomry ana responuenela ,n
terests and to make all and every Insurance ap-
pertajping to or connected with marlne or IN
land transportation risks.
Third-They may cause themse tyea " ~ re-
insured against any risks upon when they may
have made or shall make insurance.
ARTICLE THIRD.
The eaptal stock of the company is hereby de-
clared to be the sum OF four hundred thous sun
dollars divided into ten thousand shares q lortN
dollars each payable in full at the time OF sup,
scription. with the privilege OF increasing sald
capital stock 10 one million dollars. as herein
Tho Finance Committee shall have the. power
to purchase stock Of the company at sueh price
as they may deem advisable for the interest o
The company may from time to time issut
new stock at not loss than nar, II oruef 70 II
crease the capital stock OF the company W q,
million dollars by a vote of the majority oil the
directors at "a meeting OF the buard conFehoc
and held for that purpose. IL
The company may; at the. feaussl u M II
Sured. grant sueh renate IN liGu VI hi'it9h" % -
may deem advisable. -,
No stakeholder shall. in any event. DO helu OF
made liable for the losses OF the company III any
' dividends of profits shall be declared upon the
net earned premiums transfers oi etoeh 9 III
only be made on ths books OF the company WIZ
its consent and on the demand of the legal holder
thereof and surrender Of the certificate
ARTICLE FOURTH.
All the powers of said Company shall be eXer-
cised by u Board of Directors ana Such olllcefs
and clerks as they may appoint
The Board of Directors shall CONSIST OF twelve
persons five of whom shall constitute quorum
| - ht.atn
stall lee elected by the stockholders on the mrs
Monday in January If each year, at inc domlclit
Of the company in this city, of when eiecuQl
they shall give at least fourteen days notlce II
two of the public newspapers published in TINS
city The Board Of Directors shall appoIn
three stockholders as inspectors % preslue a
such election and ii any of the SAID inspectors
decline or fail to attend. the President may AZ
point others to fill such vacancies me boart
of Directors, thus elected to axe tnelr seats y,
after their election. and TO- hold tlo same Oll'
year therefrom or until others are elected u
their stead.
shall be considered duly elected. In the even
of no election taking place on the day aforesaid
the President shall cause another eieGtlon v
take place within ten days from the said mrs
Monday of January, and give notice d the sam
by advertisement in one or more ol tne pupii'
newspapers in this city. -
meeting elect President and vice President
and thereafter annually. who shaii on tnel
Directors, and they shall hold their Offices ulti
their sue essors are elected;
The President shall preside at al meetings
| the Board of Directors and of the stockholderi
| of the company; he shall sign all policies an'
| shall conduct the business Of the company gen
| orally, under the supervision OF the board 0
The Vice President. In the absence Of tn
| President shall preside at the meetings alore
said and shall sign the policies anu checks o
The Board of Directors shall ax the com
pensation Of all the officers and employee
Of the COMPANY .ney may to tine AZ s' herein
after provided for. They shall have power t.
adopt such bylaws as they may deem neces
sary and convenient for the government an
regulation of the company. not lnconsisteh
! with this charter and not contrary 10 the law
of this State or of the United states ana the
| shall have power to do all acts necessary
carry out the objects Of this corporation IN thu
State and elsewhere, and TO Hi ali vaeancie
that may occur in their board.
| who Il es not a, the time of his election an
during his continuance IN Office, hol1 IN "a
own name or in the name Of the comneroii
firm of which he may be partner Al teas' NV
shares of the capital stock Thereon.
ARTICLE FIFTH.
1t shall be lawful for the Directors % inv';
the capital stock and other moneys u the con
pany in bonds or mortgages. and unlneunlDere
and improved real estate situated IN the pariSht
of Orleans and Jefferson, to an amount not 20
ceeding one-fourth Of the profits Of the con
| V.
deemed worth twice the amount loaned thereof
The, may also invest the capital stock an
other cash funds of the company IN any bone
or stocks created by or under the laws Of /
United States or either Of the States OF the Unlq
or corporations chartered thereby. or loan i
funts on pledge of any of the aforesaid 5ecur
ties bonds or stocks. or on pledge 0i cottO
press receipts and on warehouse receipts K
| produce stored therein.
The company may hold real estate 10
| amount not exceeding one-fourtn OF It's n
profits, though it may be lawful for the direeto
to purchase In addition thereto, any proper
which may be mortgaged to the company at az
forced sale Of the same, III. in their opinion. y
interests of the company would be promote
thereby.
They shall have power to dispose OF all MOI
, | cages obtained by way ot security, or Of me
J chandse pledged for security, or Of proper
, conveyed to them in satisfaction OF debts u
the company or purchased at forced sale
or of any property. movable or immoyab
which may have been abandoned y the cpl
pany. rr :, .,,x-r-r
The following persons have been selected
, the Board of Directors hereunder. VIZ:
james b. Woods, Thomas Seton,
. | Charles I'll Alter. John j. trlQIpFP,