The New Orleans Democrat. (New Orleans, La.) 1875-1876, 1876-07-25
CHARTER.


-GTATE OF LOUISIANA, PARISH OF Or
that On BE ftssel asy Il he month 4 jane
dred and seventy SIX and Of tho undergraduates
Of III the United si,.tes n America the one hum
-dredttl. before mo, Andrew Hero. ,Jr.. Notary
Ptffdic In aud for tho parish and city OK New
Orleans. State of Louisiana. duly commissioned
and qualified. and ia the presence 81 tho WIT
nssaes hereinafter named ana undersigned,
personally came and appeared the several par
ties whose name are hereunto subscribed, VINO
severally declared. that availing themselves Of
the provisions of me laws o. tns s s ~
Public I'm improvements and other purposes, they
have coyenanted and agreed and do by these
presents covenant and agree. and BIND thcfl-
selves AS we'll AS such other persons rs may
hereafter be- associated with them 10 form them,
selves into and constitute a corporation "a
body politie in law for the objects and purposes.
and under theconditions. stlpulations aud regu-
IaiOns following. viz: tt
as3 ARTICLE FIRST
This company shall be domieied in the. city
Of New Orleans parish 81 Orleans State Of Lou
iaana; snail b. known and designated by the
name % HOME INSURANCE COMPANY OF
NEW ORLEANS II shall have a seal. the de-
vice thereon 10 be the American Insignia. with
the name ri tlie company eneircling the same.
The. president, and IN his absence the wee
president OF secretary of the company. shall BIS
the proper officer upon whom Oil citations or
other legal process shall be served.
ARTICLE SECOND.
The objects ;tnd purposes of this company, tor
which IL il established, are hereby declared 10
First--To make insurance on dwelling
houses. Stores and other buildings, household
furniture. merchandise and other properly,
against loss or damage by fire.
Sccond-Io make marine insurance upon
vessels, frcRlts stealnboats, goods. wares, Iner-
bank notes. bills Of exchange. and other EVIL
dences of debt, bottomry and rcspondencIa IN
terests and to make all aud every insurance ap-
pertaining TO or connected with marin or IN
land rnuSportAtiD risks. 70.
Third~-lhsy may cause Themselves to be re-
insured against any risks upon which thcy may
have made or shall make insurance.
ARTICLE THIRD.
The capital stock of the company is hereby der
clared 10 be the sum of four hundred thousand
dollars, divided into ten thousand shares Of forty
dollars EACH payable in full at the time oil sub.
scription, with the privilege Of increasing said
capital stock 10. one million dollars. as herein
after provided for.
The rinance Committee shall have the power
to purchase stock of the company at such price
as they may deem advisable for the interest OF
the company.
new stock at not less than par. In order to IN
crease the capital stock OF the company TO- one
million dollars, bya vote Of the majority OF the
directors, at o meeting oil the Doard, conVeheu
and held for that purpose.
The company may, at the request OF the as
sured. grant such rebate In lieu oil dividend as IL
may deem advisable.
No stockbo1der shall in any event. be held or
made liable for the losses Of the company In any
larger sum LndH TIC dulOubt Va StoSh hDAo ~
him. ~
Dividends of profits shall be declared upon the
net earned premiums; transfers OF stock shali
only be made on the books OF the company ~ita
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 a Board OF Directors and such officers
and clerks as they may appoint.
The Board of Directors shall consist OF twelve
persons. five Of whom shall constitute quorum
for the transaction oil business: Which board
snail be elected by the stockholders on the iirst
Monday In january pt eacn year, at the donleiie
of the company in this city, OF which Gle ton
they shall give at least fourteen DAYS notice ~
two of the pubic newspapers published in THIS
city The Board of Directors shall appoint
three stockholders as inspectors g preside at
such election, and il any OF the said inspectors
decline or fail to attend. the President may ap,
point others to fill such vacancies. The board
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
year therefrom or until others are elected IN
their stead.
The persons receiving u plurality Of votes
shall be considered duly elected. In the event
of election taking place on the day aforesaid,
the President shall cause another election 10
take place within ten days from the SAID nFst
Monday of January. and give notice of the same
by advertisement in one or more oil the public
newspapers in this city. .
The Board of Directors shall, at their first
meeting, elect "a President and Vice President.
and thereafter annually VINO shall On tdolt u
Directors and they shall hold their Offices until
their sue essorS are elected.
The President shall preside ut oil meetings OF
the Board Of Directors and Of the stockholders
of the company; he shall sign ali policies ana
shall conduct the business Of the com pany gen
orally. under the supervision OF the Board OF
| The Vice President, in the absence Of the
President, shall preside at tue meetings afore-
said, and shall sign the policies and checks OF
= Yhe board Of. Directors shall Ak the, COM
pensation of all Ahe 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 have power to
adopt such bylaws as they may deem neceS-
sary and convenient for the government and
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 all acts necessary TO
carry out the objects of this corporation in this
State and elsewhere, and to fiji ali vacancies
that may occur in their board
No person shall be director OF the company
who d IS not a. the time Of his election and
during HIS Continuance i'll office. hold IN nus
own name or in the name OF the commercial
firm of which he may be- u partner at least i've
shares of the capital stock thereof.
,rrzr7Jogf ARTICLE FIFTH.
1t shall be lawful for the Directors to invrst
the Ca pital stock and other moneys OF the com.
pany in bonds or mortgages. and unncumbered
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:
They may alss invest the capital stock and
other Gosh funds OF the company in any bonds
or stocks created by or under the laws Of he
United States. or either OF the States OF the Union
or corporations chartered thereby. or loan it's
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
Narnotint- not exceeding one-fourth OF its net
profits, though it1may be lawful for the directors
to purchase in addition thereto. any property
which may be mortgaged to the company at any
forced sale OF the sane. If. in their opinion. the
interests Of the company would be promoted
thereby. $50 f..srlsat.r.- ssaE., =,
sThey shall have power to dispose of all mort
cages obtained by way of security, or OF mer-
, chaAdse pledged for security or Of property
conveyed to them in satisfaction of debts due
the company or purchased at forced sales,
or of any property, movable or immovable,
nh may have been abandoned To the COM