The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-06-01
CHARTER.


| eight hundred and seventy five, before me, John
Bendernage notary public in and for the parish OF
Orleans, State aforesaid duly commissioned and
qualified, and In the pre- ence of the witnesses here
matter named and undersigned
Personally came and appeared Joseph Smith,
Pierre Coutolon Michael J. Pons, Pierre Canterou,
Paul Rousset, Charles H. Mill, Lawrence Merz, Val.
entine Fabian Charles A. Stein, Patrick Clark Har
w Salisbury, Andrew H. Pons, Charles H Nil, act
letter of attorney dated sixth May 1875, hereunto
attached all of this city
Who severaly declared that awaiting themselves Of
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
corporation for the objects and purposes and under
the stipulatons regulations and obligations follow
ing, tO-wit:
The name and title Of said corporation shall be the
LOUISIANA BENEVOLENT LIVE STOCK IN
SURANCE COMPANY OF NEW ORLEANS "
and its domicile 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 er, 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 may
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 Beneyoence" underneath en eli! ID, shall
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.
Secondly-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.
Thirdly-To secure better care and attention to
working stock. :,
liva az insured N the COmD0ny
ARTICLE THIRD.
The Capital Stock Of said Company is hereby fixed
at Twenty five Thousand Dollars, divided into
twenty i've hundred shares of Ten Dollars each
with the privilege of increasing said capital stock to
Fifty Thousand Dollars. The Company is hereby
empowered to commence business soon 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 follows Fifty per centum i cash and for
the balance each subscriber shall furnish his proms
sorry note payable on the nrst day OF May SO 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 hr or their subscription to the capital stock.
or their indebtedness to the Company. Subscribers
| may at any time pay up the full amount of their
herein fter provided shall attach to such subscrip
tions from the date that such full payments shall
| have been made 2 II transfers OF stock shall be
made the books OF the q mpany 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
| Ut any stockhoder to comply with the calls made
upon him, the stock owned by such holder, with
all he Accommodations thereon shall be liable to for
FIXTURE to the Company by vote cot Of the Board OF
Directors may extend said payment for such time as
they may deem proper, or the Company may enforce
the payment thereof
An interest dividend of ten per cent the amount
paid in shall be payable annually on the first Monday
in May Of each year, commencing with the year 1e76;
priated as follows: Ten per cent shall go towsrd
the creation Of Reserve Fund, stock dividend
of per cent shall be payable to the stockholders
their paid up stock, and the balance shall be di-
vided pro rata amongst the policy holders of the COM
pany. All interests received 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 ia and exercised by the President, Superin-
tendent and Board of Directors composed of seven
Stockholders i,eluding the President Each Of the
Board of Directors 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, VIII shall be elected aDnu
ally, and hold their offices for the period Of one
year. Until the first election, to be Leld in the
month Of December 1875 and until their successors
shall have been duly elected aud qualified. d. Ne
grotto Jr., shall be President, A. II. Pons, Vice
President; Charles H. Mill, Secretary; d. Leubrie
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, ?. COutelon
L. Merz, A. H. POns Joseph Smith, and d. Lenbr e.
The said Board shall continue in office until the
first Monday of the month of December in the year
Eighteen hundred and Seventy five, and until their
successors shall have been duly cleo ed and qualified
The President shall preside at all meetings OF the
- and hn1f Of fha nm
pany. He shall sign all policies checks and certi-
Gates and generally do and perform all executive
required for the transaction Of the business OF
Jne Company. In case of the absence of the Presi
dent the Vice President shall take his place, act in
his stead and exercise all his powers and functions
The Vice President shall be the Chairman OF the FL
ntendent to transact the business of the Company
appertaning to his department: He shall. in con,
inspection Of the live stock insured in his Company
to observe their condition and Il eatment 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 Of death the cause thereof
al furnish such statements to the super. tcndent
and President of the Company The Inspector, with
the Superintendent. shall make monthly iont in
spection of all animals insured in this company. The
Inspector shall also promptly attend with medical or
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 twothrds value OF less but no
insurance upon any single animal shall amount to
over one hundred and fifty dollars. There shall be
specific amount stated upon each animal insured.
Upon the death Of any live stock insured in this
Company 1t shall be the duty Of the owner thereof
to give Immediate notice mot exceeding five hours if
occurring in the day, andhfteel hours if happening
gid examination Of such deceased Live Stock in
igating 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
poraton, 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 constl-
tute quorum for the transaction Of business
ARTICLE SEVENTH.
It shall be the duty of the President to to be