The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-06-17
CHARTER.

Qualified and in the presence Of the witnesses here
matter named and undersigned- -,
Pierre Coutolon Michael j. Pons Pierre Cameron
John Riehm, Domingo Negrott0, Jr, David Leubr1e
Psul Ronsset, Charles a. Mil, lawrence Merz Val
w Salisbury. Andrew II. Pons, Charles H. Mil, act
ing as attorney in fact of Auguste Vitter, as per
letter Of attorney dated sixth May, 1875 hereunto
who severaly declared that availing themselves Of
the rights and privileges conferred by the laws OF
this State relative to the organization OF cor pora
tione they have formed and organized and by these
presents do form themselves into and constitute a
Corporation for the objects and purposes and under
the stipulations regulations and obligations follow
ins' ''-"''' ARTICLE FIRST.
The name and title Of said corporation shall be the
LOUISIANA BENEVOLENT LIVE STOCK IN.
STRANGE COMPANY OF NEW ORLEANS"
and its domce shall Be IN ne C;sy q new s r.
twentvve wears from the date of this char or, and
shalI have power and authority to contract sue and
sSss
he interested shall be served up0h the President Of
said com any The seal of said corporation shall
have it, device the Of sSsTsa
be the words, Louisiana Benevolent Live Stock In.
surance Company Of New Orleans La"
ARTICLE SECOND.
The objects and purposes for which said CORPORA
tion ia established and the nature of the business to
he carried on are hereby uoCiaItO W 10.
First-To make insurance upon horses, mules,
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
Fourtnlv-To give medical or surgical relief to all
hyestsck 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,
Fifty Thousand Dollars. The Company is hereby
empowered to commence business SO coon as hve
thousand dollars Of it's capital stock shall have been
with. The payment of the capital stock shall be
made az follows: Fifty per centum 10 cash, and for
the balance each subscriber shall furnish his promis,
sory note PAYABLE he rrst 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 stockholder shall in any event be made
liable for a larger amount than the unpaid balance
Of his her or their subscription to the capital stock
or their indebtedness to the Company subscribers
may at any time pay up me tu o. .e,
hereinafter p.svided shall attach to such subscrip
tons from tho date that such full payments shall
have been made u transfers OF stock e; snam De
Transerees of stock not fully paid up shall assume
all indebtedness thereon and the same shall be ap
By the Board Of % Ptbs mads
mon ny him fhs stock owned by such holder, with
All the accumalations thereon shall be liable to for.
Directors to that eject provided that the Board Of
Directors may extend said Tor such tlme as
they may deem proper, or the Company may enforce
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 1916;
the profit remaining e ne n4 .sa 90 90
the creation of " Reserve Fund stock dividend
of ten Der cent shall be payable to the
on their paid up stock and the balance shall be di
yided bro rata amongst the policy holders Of the
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 E, ia
ssA ARTICLE FOURTH
An the corporate powers Of this Company shall be
vested in AMI exercised by the President, Superin
tendent and Board of Directors composed OF seven
Stockholders. Guiding the President Each OF the
Board of Directors in order to be eligible shall hold
in his own name at least ten shares OF the Capi'al
Stock of the said Company. The officers OF the Com
ntendep1 and Inspector " b. shall be elected annu-
allv and hold their Offices for the period OF one
year. Until the first election, to be ted in the
shall have been duly elected and qualified, d. Ne
grotto Jr shall be President, A. FL. Pons, Vice
President; Charles H Mil, Secretary; u. Leubrie,
superintendent and DR.. Charles A. STEIN, inspector
The first Boar, Of Directors shall consist of the
following stockholders Of the Company. to wit:
d. NegrottO Jr., Pierre Canterou, F. COuteOn,
T. Merz, A. I'll. Pons Joseph Smith, and d. Leubre O..
The said Board shall continue in office until the
first Monday of the month OF December, in the year
Eighteen hundred and Seyenty-fye, and until their
successors shall have been duly cleo ed and qualified
The President shall preside at all meetings OF the
Board of Directors and Stockholders OF the Con-
pany. He shall sign all Iolicies checks and certit
Gates, and generally do and perform all executive
acts required for the transaction of the business OF
the Company. In case Of the absence Of the Presl
his stead and exercise all his powers and functions.
The Vice President shall be the Chairman OF the FL
nance Committee It 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
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 d. ascertain
all agents subject to the Presidents approval.
It shall be the duty OF the Inspector to examine all
animals offered for insurance report their condition
AID furnish such statements to the Super1e tendent
and President of the Company. The Inspector, with
the Superintendent, shall make monthly ONT IN,
Inspector shall also promptly attend with medical or
surgical relief all animals insured in the company
and which have been repOrt* sick, and re1der such
aid until their restoration to health.
W ARTICLE FIFTH.
All assurances effected in this Company shall be
mon the basis of twothrds value or 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 it shall be the duty of the owner thereof
to give immediate notice mot exceeding five hours
occurring in the day, and fifteen hours if happening
at night to the Company. The Inspector shall make
rigid examination of such deceased Live Stock, in
igating fully the cause of DEATH whether by acci
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 tho Company.
ARTICLE SIXTH.
There shall be general meeting of the Board o.
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 cause to bt
prepared and published statement OF the business
Of the Company at the end of the year, which shat
contain: The amount Of premiums received during
the year. the amount of losses incurred the amount
L - m INV