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

= leans. city OF New Orleans.-Be it known
that on the fifteenth day Of the month Of June
| of the United States of America the one hun
dredth. before mo. Andrew Hero. Jr.. Notarl
| Public In and for the parish and city Of New
| Orleans State Of louisiana duly Commissioned
and qualified. and In the presence Of the wit
Desses hereinafter named and undersigned
ties whose name are hereunto subscribed. who
| severaIly declared. that availng themselves oil
the provisions OF the laws Of this State relating
| 70 the organization of Corporations for Works oi
/ Public improvements and other purposes. they
! have covenanted and agreed and do by these
presents covenant and agree. and bind them
selves as well as such other persons as may
hereafter be associated with them. to form them
selves into and constitute corporation d
body polite In law for the objects and purposes
and under the conditions stipulations and regtl-
lasions following, viz:
ARTICLE FIRST.
This company shall be domiciled in the city
Of New Orleans. parish Of Orleans. State Of Lou
n9 name o. HOME . INSURANCE COMPANY OF
vice thereon to be the American Insignia. with
the name OF the company encrcling the same.
The president and IN bis absence the vice
presden, Or Secretary Of the company gha be-
other legal process shall be served.
ARTICLE SECOND.
The objects and purposes of this company. for
which 1t is established. are hereby declared to
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, frcghts. steamboats, goods, wares mer
chandise. specie, bullion, commissions, profits,
bank notes, bills Of exchange and other evil
dences Of debt. bottomry and respondenca in
forests. and to make all and every insurance APP
pertaining to or connected with marin or in
land transportation risks.
Thirl--fIhny mag pnIlEp them al VOC To he re
insured against any risks upon which they may
have made or shall make insurance.
ARTICLE THIRD.
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
dollars each, payable in full at the time of sub.
scription. with the privilege Of increasing said
capital stock To one million dollars, us herein
after provided for.
The Finance Committee shall have the power
to purchase stock OF the company at such price
AZ they may deem advisable for the interest Of
the company.
The company may from time TO time issue
new stock. ut not less than par, in order to in
crease the capital stock Of the company to one
million dollars. by a vote Of the majority OF the
at a meeting of the board. convened
and held for that purpose
The company may, al the request Of the as
sured. grant such rebate in lieu Of dividend as it
may deem advisable.
No stakeholder shall. in any event. be held or
made liable for the losses Of the company in any
larger sum than the amount of stock held BY
him.
only be made on tbs books of the company with
It's 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-
sised by Board Of Directors and such officers |
and clerks rs they may appoint.
The Board Of Directors shall consist OF twelve |
persons. five of whom shall constitute quorum |
Tor the transaction OF business: which board |
shall be elected by the stockholders on the first |
Monday IN January q eaeh year q ne d9mifle
hey shall give at least fourteen days notice ~ \
wo OF the public newspapers published in this |
hree stockholders as inspectors to preside at
luch election, and II any Of the said inspectors
iecine or fail to attend, the President may 90,
,oint others to fiji such vacancies. The Board |
If Directors, thus elected to take their seats on
he second Monday of January next ensuing
lfter their election. and to hold the same one
rear therefrom or until others are elected In
heir stead.
The persons receiving a plurality Of votes
hall be considered duly elected. In the event
4 no election taking place on the day aforesaid,
he President shall cause another election to
AXE place within ten days from the said first
1onday Of january. and give notice 81 the same
" advertisement in one more OF the public
newspapers in this city.
The Board of Directors shall. at their first
Meeting, elect President and Vice, President,
nd thereafter annually. who shall, on their
lection. be ex officio members of said Board OF
Directors and they shall hold their offices until
heir sue 'es5ors are elected.
The President shall preside at all meetings OF
he Board of Directors and Of the stockholders
I the company; he shall sign all policies and
hall conduct the business Of the company gen
rally. under the supervision Of the Board Of
directors.
The Vice President. in the absence Of the
resident. shall preside at the meetings afore-
aid, and shall sign the policies and checks of
ne company.
The Board Of Directors shall fix the com
an atin ~ pIl thn nf1i md NJ |
the company; they may invest the funds
I the company from time TO time. as herein |
lter provided for. They shall have power to
lry and convenient for the government and
equation Of the company, not inconsistent t
18th this charter and not contrary to the laws 9
I this State or of the United States and they !.
nall have power to do all acts necessary to :
irry out the objects of this corporation in this
tate and elsewhere, and TO fill all vacancies
lat may occur in their board.
No person shall be director Of the company
no d es not a. the time OF his election and
uring his continuance in Office hold in his
gn name or. in the name of the commercial
RIM OF which he may be partner, ut least five 7
iares of the capital stock thereof !
ARTICLE FIFTH
1t shall be lawful for the Directors to invest
e capital stock and other moneys of the com !
any in bonds or mortgages. and unincumbered
nd improved real estate situated IN the parishes
Ufeans ana JEFFERSON 81, , to an amount not ex-
my, and in each case the property shall be a
semed worth twice the amount loaned thereon. v
They may also invest the capital stock and d
her cash funds Of the company in any bonds
stocks created by or under the laws of the
nited States or either of the States of the Union
corporations chartered thereby. or loan its
N IS on pledge Of any of the aforesaid securi-
rs, bonds or stocks. or on pledge OF cotton r
'ess receipts and on warehouse receipts for
'oduce stored therein.
The company may hold real estate to an
aount not exceeding one-fourth of its net
ofts. though it may be lawful for the directors
purchase in addition thereto, any property
1ch may be mortgaged to the company at any
reed sale of the same. If, in their opinion, the
terests of the company would be promoted
ereby.
They shall have power to dispose of all mort
ges obtained by way of security. or Of mer- 8
andse pledged for security, or Of property AZ
nveyed to them in satisfaction Of debts due o.
g company % purchased at forced sales,
of any property, movable or immovable o.
lich may have been abandoned to the COM
n.y. r
ARTICLE SIXTH. II
The following persons have been selected as | =,
g Board of Directors hereunder viz:
lanes b. Woods, Thomas Seton,
Charles r. Alter John r Cidferp r.