The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-06-04
CHARTER.

| CTATE OF LOUISIANA, PARISH OF Oh
| - leans city of New Orleans-Be it known thai
on this eighth day OF May in the year Thousand
eight hundred and seventy-fve, before me, join
Bendernagel notary public in and for the parish
Orleans State aforesaid duly commissioned and
qualified and in the pres ence of the witnesses here
| matter named and undersigned
Personally came and appeared Joseph Smith
Pierre Coutolon Michael J. Pons, Pierre Canterou
John Riehm, Domingo Negrotto Jr., David Leubrie
Paul Rousset, Charles H. Mill, Lawrence Merz, Val
entine Fabian Charles A. Stein, Patrick Clark, Har
ing attorney in fact of Auguste Vitter, as per
letter of attorney dated sixth May 1875, hereunto
attached, all Of this city
the rights and privileges conferred by the laws OF
this State relative to the organization Of corpora
tons, they have formed and organized and by these
presents do form themselves into and constitute
corporation for the objects and purposes and under
the stpulations, regulations and obligations follow
'ns' ARTICLE FIRST.
The name and tita of said corporation shall be the
LOUISIANA BENEVOLENT LIVE STOCK IN
SURANCE COMPANY OF NEW ORLEANS u
and its domice shall be in the city of New Orleans
State of louisiana 1t shall exist for the period OF
twenty-five years from the date of this char. en- and
shall have power and authority to contract, sue and
be- sued in its corporate name All citations, notices
or other legal process wherein the said company
be interested shall be served upon the President OF
said com any. The seal of said corporation shall
have for its device the picture of horse with the
motto Benevolence I" underneath; encircled shall
be the words Louisiana Benevolent Live Stock In.
surance Company of New Orleans. La.
ARTICLE SECOND.
The objects and purposes for which said corpora
ton is established and the nature Of the business to
be carried on are hereby declared to be:
First-TO make insurance upon horses, mules,
cows and other live stock
Secondy-To indemnify the owners of such live
stock who have effected insurance in said company
against any loss of said live stock either BY accident
or in the event. of death.
Thrdly-To secure better care and attention to
working stock.
Fourthly-To give medical or surgical relief to all
live stock insured in the company.
ARTICLE THIRD.
The Capital Stock of said Company is hereby fixed
at Twenty five Thousand Dollars, divided into
twenty five hundred shares Of Ten Dollars each,
with the privilege Of increasing said capital stock to
empowered to commence business so soon as five
Thousand dollars of its capital stock shall have been
subscribed and the requisites OF the law complied
with. The payment of the capital stock shall be
made as follows: Fifty per centum in cash and for
the balance each subscriber shall furnish his proms
sorry note payable the nrst day of May, 1876 said
note shall be subject to ca payments at any time,
should the Board of Directors deem the same neces
sary. No stakeholder shall in any event be made
liable for larger amount than the unpaid balance
of his her their subscription to the capital stock,
or their Indebtedness to the Company. Subscribers
may at any time pay up the full amount OF their
hereinafter provided shall attach to such subscrip
lions from the date that such full payments shall
have been made. A II transfers of stock shall be
made the books of the Company at its office only.
Transferees of stock not fully paid up shall assume
all indebtedness thereon and the same shall be ap
proved by the Board of Directors Upon the failure
Of any stakeholder to comply with the calls made
upon him, the stock owned by such holder, with
all the Accommodations thereon shall be liable to for.
fixture to the Company by vote OF the Board OF
Directors to that effect provided that the Board of
Directors may extend said payment for such time as
they may deem proper, or the Company may enforce
the payment thereof.
;n+arast d;y;dapd oft mar cant on the amount
paid in shall be payable annually on the first Monday
in May Of each year commencing with the year 1o76
the profit remaining to the company shall be a. pro-
priated as follows: Ten per cent shall 60 toward
the creation of Reserve Fund.-" stock dividend
of ten per cent shall be payable to the stockholders
on their paid up stock and the balance shall be di-
vided pro rata amongst the policy holders of the COM
pany. All interests received or profits realized on
loans and investments shall also be placed in the
made out of the Reserve Fund unless all other
funds of the company excepting the capital stock
shall have been exhausted.
ARTICLE FOURTH.
All the corporate powers of this Company shall be
vested in and exercised by the President Superin-
tendent and Board of Directors composed of seven
Stockholders /, Guiding the President. Each of the
Board Of Direc1rs in order to be eligible shall hold
in his own at least ten shares Of the Capital
Stock Of the said Company. The officers OF the Com
intendent and Inspector who shall be elected apnu-
ally and hold their Offices for the period Of one
year. Until the first election, to be held in the
shall have been duly elected and qualified, D. Ne
grotto, Jr., shall be President, A. ii. Pons, Vice
President; Charles H. Mill, Secretary; d. Leubrie
Superintendent and DIR. Charles A. Stein, Inspector
of the said Company.
The first Board Of Directors shall consist of the
following stockholders Of the Company to-wit:
d. Negrotto Jr, Pierre CanterOu, p. Coutelon
L. Merz a. H. Pons Joseph Smith, and d. Leubrie
The said Board shall continue in office until the
first Monday of the month of December, in the year
fx--tx a,drn fhair
successors shall have been duly elected and qualified
The President shall preside at all meetings of the
Board of Directors and Stockholders of the Com
pany. He shall sign all policies, checks and certii
Gates and generally do and perform all executive
required for the transaction OF the business of
the Company. In case Of the absence OF the Presi
dent the Vice President shall take his place. act in
his stead and exer else all his powers and functions
The Vice President shall be the Chairman of the FL
Committee. 1t shall be the duty of the Super
intendent to transact the business of the Company
appertaining to his department He shall in con-
junction with the Inspector, make monthly tour of
inspection of the live stock insured in his Company
to observe their condition and treatment. He shall
report any violations of the rules of the Company
and shall upon the death of any animal insured by
the Company, make careful inquiry, and ascertain
the nature and cause Of DEATH He shall appoint
all agents subject to the Presidents approval
1t shall be the duty of the Inspector to examine all
animals offered for insurance report their condition
and value and in case of death. the cause thereof
aud furnish such statements to the Superlp tendent
and President of the Company. The Inspector, with
the Superintendent, snail make mOntnly d OiuU III
specton of all animals insured in this company. The
Inspector shall also promptly attend with medical or
surgical relief to all animals insured in the company
and which have been reported sick and render such
aid until their restoration to health.
ARTICLE FIFTH.
All assurances effected in this Company shall be
upon the basis of twO-thirds value OF less, but no
insurance upon any single animal shall amount to
over one hundred and fifty doaJs. There shall be
a specific amount stated upon each animal insured
Upon the death of any live stock insured in this
Company it shall be the duty of the owner thereof
to give Immediate notice not exceeding five hours if
occurring iu the day. and>fteen hours if happening
at night to the Company. The Inspector shall make
a gid examination of such deceased Live Stock, in
yesigating fully the cause of DEATH whether by acct
dent natural causes cruelty fraud and no policy
holder shall demand claim or recover from said Cor
poration any payment of loss without first having
obtained and presented a certificate signed by the
Inspector and Superintendent, and approved by the
President of the Company.
ARTICLE SIXTH.
There shall be general meeting of the Board of
Directors on the first Monday in May, September and
January of each year Four Directors shall consti-
tute a quorum for the transaction of business.