The New Orleans Democrat., 1876-07-11
CHARTER.

= ieai,s. city OF New Orleans Be it known.
that "a the fifteenth day Of the month of June,
Il, the year OF our Lord one thous nd eight nun
drei ai, d seventy ak and OF the Independence
of the Untel States Il America the one nun
dredth. before. me. Andrew Hero. Jr.. Notary
Puhiic in and for the parish aud city OF New
Orleans State OF Louisiana, duly commlsslQnsd
and uualihed. and In the presence Of the Wit
nesses hereinafter named ana underslgnea
personally came and appeared the several par
ties whose name hereunto subscribed, VINO
severally declared that availing themselves OF
the provisions OF the laws of this State relating
to the Organization 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 as we'll as such other persons as may
hereafter be associated with them. To form them,
selves into and constitute q corporation 2 q
body polite in law for the objects and purposes,
and under the conditions stlpuiations ana regu-
lations following, VIZ:
ARTICLE FIRST.
This company shall be doniciled in the city
,siana; snail b. known and designated by the
name o. hOME INSURANCE COMPANY OF
NEW ORLEANS" 1t hall have q seal. the de-
vice thereon to be the American Insignia, with
the name of the company enclrclng the same.
The president, and N his absence the vice
president or secretary of the company shall be
the proper officer upon whom al cithtons OF
other legal process shall bo served.
ARTICLE SECOND.
The objects and purposes of this company for
Nhicb it il established, are hereby declared 10
First-To make insurance on dwelling,
houses. stores and other buildings. household
furniture, merehandlse ana ana other propeiV'
Second-To make marine Insurance. upon
vessels freights. steamboats,, goods, wares, mer-
chandSse specie. bullion. commissions; pronts
bank notes bills of exchange, aud other eyi-
dences Of debt. bottomry and respondencla IN
terests. and to make all and every insurance ap-
pertaining to or cOnnected WIN marin OF III
land transportation risks.
Third-ihey may cause thems elves TO be re
insured against any risks upon when they may
nave made or shall make insurance.
ARTICLE THIRD.
The eapital stock of the company Is hereby de-
clared to be the sum of four hundred thousand
dollars divided into ten thousand shares oi lorty
dollars each PAYABLE III full at the time OIL SUP
scrsrtion with the privilege of increasing SAID
capital stock TO one million dollars, as herelh-
after provided Tor. - 49,. .,,, .....,.
to purchase stock Of the company at Such price
as they may deem advisable Tor the interest ol
the company. Il. -.
new stock at not less than par. IN ORDER 70 IN
crease the capital stock OF the company 70 one @
million dollars, bya vote 81 the majority el eue
directors, al Il meeting OF tne Doara' cohFeheu
and held for that purpose.
The company may, at the request Of the as
sured grant such rebate III leu Oh ulFluehu DO ~
may deem advisable.
No stockhoder shall. in any event, be held or
made liable for the losses OF the company III any
larger sum than the amount of STOCK heio pS
him. - -, A. 80
net earned premiums; transfers oil STOCK sliall
only be made on tn 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-
clsed by n Board of Directors and sueh olncers
and clerks as they may appoint.
The Board Of Directors sh III coz slst OF twelVt
| persons, five of whpm shall constitute quorum
| Tor the transaction Oh business. whlch Doard
suall be elected by the stockhol iera on the hrs
| Monday in January # each year, at the d2lnlche
! Of the company in this citg, OF which Gle u -
| they shall give at least fourteen DAYS noice H.
| two of the pubic news gapets phoilshed IN tnls
| eity The Board of Directors shall appoint
| Chree stockholders as inspectors " pfesiue y,
| such election and If any Of the SAID inspectors
decline or fail to attend the President may ap-
| point others to fill such vacaneies. Ihe 1joaru
| Of Directors, thus elected to axe thelr seats Oh
| tho second Monday OF January next ensuin4
after their election and to hold the same one
year therefrom or until others are elected IN
1 their stead. -. g
| 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 said first
| Monday OF January, and give nolce 81 Iils same
| by advertisement in one or more OF the pubic
The Hoard Of Directors shall, at their first
| meeting elect President ana wee PRESIDENT,
and thereafter annually, VINO shaIl' On u Lheli
! election be ex ofiiclO membefs o1 sald boafu q
! Directors and they shall hold their offices until
| their sue essors are elected
| The Pres dent shall preside at all meetings OF
| the Board of Directors and of the stockholders
4 Of the company; he shall sign all policies ana
| shall conduct the business of the com Dany gen,
| orally. under the supervision ot the board OF
The Vice President. in the absence of the
President shall preside at the meetings atore-
said. and shall sign the policies and checks oil
The Board of Directors shall fix the, con
pensation of all the officers ana employees
1
| of the company from time to time. rs herein
| after provided for. They shall have power to
adopt such bylaws as they may deem neces1
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 uned states ana .llfy
carry out the objects of this corporation IN tnls
state and elsewhere and to I'LL all vacancies
| that may occur in their board.
No person shall be director OF the company
who d es not a the time OF his election and
during h s continuance in otiice. holu IN nus
own name or in the name OF the commercla
firm of which he may be a partner. at least 1--WE
| shares Of the capital stock thereof.
ARTICLE FIFTH.
IF shall be lawful for the Directors to invrs
the capital stock and other moneys oi tne com
pany in bonds or mortgages, and unlncumDeret
| and improved real estate situated IN the parishes
| If Orleans and Jefferson. to an amount not eX
ceeding one-fourth of the profits OF the com
pany and in ach ease the property Shall b'
deemed worth twice the amount loaned thereon
The, may also invest the capital stock an'
other cash funds OF the company IN any bond
or stocks created by or under the laws u h
United States. or either OF the States OF the Unloi
or corporations C artered thereby, or loan 1T
fun On pledge of any OF the aforesaid securl
ties bonds or stocks, or on pledge o. cottoi
press receipts and on warehouse receipts 10
produce stored therein.
i he company may hold real estate to al
amount not exceeding one-fourth OF It's ne
profits though it may be lawful for the director
| to purchase in addition thereto, any propert
which may be mortgaged to the company at an
!. forced sale of the sa e. ii, in their opinion, tn
interests Of the company would be promotes
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 propert
conveyed to them in satisfaction OF debts du
the company or purchased at forced sales sale,
or OF any property, movable or immoyablt
which may have been abandoned to the CON
pany. ,c, :, ,rvrrr
The following persons have been selected a
the Board of Directors hereunder. VIZ:
James B. Woods, Thomas Sefton,
tharles r. Alter John J. Gidiere,
William 4. Hardie. John J. Barr,
Drfr