The New Orleans Democrat. (New Orleans, La.) 1875-1876, 1876-07-08
CHARTER.

~ leans, city OF New Orleans.-Be IL known
4 that on the fifteenth day OF tho month Of June
| In the year of our Lord one thousand eight hun
dred and seventy six. and OF the Independence
q The United States e america n the one hun
| Public In aud for the parish and city OF New
Orleans. State Of Louisiana. duly commissioned
and dnaIiled and IN tho presence q the wit
personally came and appeared the several par
ties whose names are hereunto subscribed who
sevoraIly declared. that availing themselves OF
| the provisions Of the laws OF this State relating
| to the organization 81 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 assocated with them. to form them.
| selves INTO and constitute a corporation a I'd
body polite IN law fpr the objects and purposes.
and under theeopditions. stlpuations dnd regu-
| laiions following viz.
ARTICLE First.
| This company shall be domiciled IN the city
| OF New Orleans, parish cf Orleans State Of Lou
siana; snail be known and designated BY the
9nEG 2AE NSqs ha Says sn Ia Or
| vice thereon 10 be the American Insignia, with
| the name Of the company encircling the same.
! president or secretary Of the company. shall be
the proper officer upon whom oil citations or
other legal process shall be served.
ARTICLE SECOND
The objects and purposes of this company for
which il Is established, are hereby declared 10
be:
Frst-To make insurance on dwelling
houses stores aud other buildings, household
furniture. merchandise and other property,
against loss or damage by lire.
Second-To make mar inc insurance upon
vessels freights. steamboats, goods. wares. rner-
chandisc. specie bullion, commissions profits,
bank notes, bills Of exchange. and other evi-
dences Of debt. bottomry and reepondeneia in
terests. and to make all and every Insurance ap-
pertaining to or connected with marin or in
land transportation risks.
Third-They may cause themselves TO be re-
have made or shall make insurance.
ARTICLE THIRD.
The capital stock OF the company is hereby de-
cnred 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 tho privilege Of increasing said
capital stock To one million dollars. us herein
after provided for
The Finance Committee shall have the power
10 purchase stock Of the company at such price
as they may deem advisable for the interest of
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 q vote Of the majority OF the
directors at a meeting of the board. convened
and held for that purpose.
The company may. Mt the request Of the as
sured. grant such rebate in lieu Of DIVIDEND as It
may deem advisable.
No stakeholder shall, i'm 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.
net earned premiums. transfers of stock shall
only be made on ths books of the company with
its consent and on the demand OF TIE legal holder
thereof and surrender of the certificate.
ARTICLE FOURTH.
All the powers Of said Company shall be eNer
csed by u Board of Directors and such officers
and clerks as they may appoint.
The Board Of Directors shall consist OF twelve
persona five of whom shall constitute quorum
Tor the transaction Of business which board
snail be elected by the stockholders on tho hrsi
.lay i'm Ia ytfpl
Of the company in this city. OF which election
they shall give at least fourteen days notice IN
two Of the public newspapers published In THIS
city The Board of Directors shall appoint
three Stockholders Ms Inspectors 70 preside At
such election, and If any Of the SAD inspectors
decline or fail 10 attend. the President may ap,
point others to fiji such vacancies. The Board
Of Directors, thus elected, to take their seats on
tho second Monday Of January next ENSUING
year therefrom or until others are elected IN
their stead.
The persons receiving a plurality Of votes
shall DO 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 sald nrst
Monday of January and give notice OF the same
by advertisement in one or more ol the pubic
newspapers In this city.
meeting. elect President and vice President.
and thereafter annually. who shall on their
election be ex oifcio members OF said Board 81
Directors. and they shall hold their Offices until
their SUCCESSORS are elected.
The President shall preside at all meetings 0i
the Board of Directors and of the stockholders
Of the company; he shall sign all policies ana
shall conduct the business OF tho company gen
orally. under the supervision Of the Board OF
The Vice President in the absence Of the
President shall preside ut the meetings afore.
said and shall sign the policies and checks OF
The Board Of Directors shall fix The, com
peDsaton Of all the officers and employees
Of the company. they may invest the funds
Of the company from time TO time. IA herein
after provided for. They shall have power to
adopt such bylaws ~ they may deem neces,,
sary and convenient for the government and
regulation Of the company. not inconsistent
with this charter and not contrary 10 the laws
Of this State or Of the United states and they
shall have power to do all acts necessary to
carry out the objects of this corporation In this
State and elsewhere, and TO ill all vacancies
that may occur in their board.
No person shall be II director of the company
who % not AZ the time Of his election and
during his continuance in Office. hold In his
firm Of which he may be a partner. at least five
shares of the capital stock thereof.
ARTICLE FIFTH.
1t shall be lawful for the Directors to invest
the capital stock and other moneys OF the com
pany in bonds or mortgages. and nnincumbored
and improved real estate situated In the parishes
of Orleans and Jefferson. to an amount not ex-
ceeding 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
or stocks created by or under the laws Of the
United States either Of the States Of the Union
or corporations chartered thereby or loan its
funds on pledge of any Of the aforesaid securi
ties, bonds or stocks. or on pledge OF cotton
press receipts and on warehouse receipts for
produce stored therein.
The company may hold real estate to an
amount not exceeding one-fourth of its net
profits. though it may be lawful for the directors
to purchase In addition thereto, any property
which may be mortga9ed to the company at any
forced sale of the same, If. in their opinion. the
interests Of the company would be promoted
thereby.
They shall have power to dispose Of all mort
Cages obtained by way OF security. or Of mer-
chandise pledged for security, or OF property
conveyed to them In satisfaction OF debts due
the company or purchased at forced sales.
Of any property. movable or immovaDie,
which may have been abandoned to the COM
pany. - -
ARTICLE SIXTH
The following persons have been selected rs
the Board OF Directors hereunder. viz:
james b. Woods, Thomas Seton.
Charles h. Alter, John J. Gidiere,
William r. Hardie John j. Barr
Robert s Howard Edmund Il Briggs