The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-12
CHARTER.

eight hundred and seventy.five before me, John
Bendelnags notary public in and for the parish Of
qualified and in the presence Of the witnesses here
| matter named and undersigned
Pierre Coutolon Michael j. Fons, Pierre Canterou,
John Riehm. Domingo Negrotto Jr, David Leubrie,
Paul Rousset Charles Il. Nil, Lawrence MeIz, Val.
Wy Salisbury Andrew II. P0ns Charles H. Nill act
ing as attorney in fact of Auguste Vitter, as per
letter of attorney dated sixth May 1875, hereunto
Who severalIy declared that awaiting themselves Of
the rights and privileges conferred by the laws of
TONS they have formed and organized and by these
preeents do form themselves into and constitute
corporation for the objects and purposes and under
the stipulations regulations and Obligations follow
ARTICLE FIRST.
The name and title of said corporation shall be the
SURANCE COMPANY OF NEW ORLEANS ~
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 err and
shall have power and authority to contract sue and
be sued in its corporate name. All citations. notices
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 Oft horse with the
| 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 IN 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.
Fourtnly-To give medical or surgical relief to all
| live steck 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 incl easing 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
with. The ayment of the capital stock shall be
made follows: Fifty per centum 10 cash, and for
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 a 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
| subscriptions in cash, in which event interest, as
hereinafter provided shall attach to such subscrip
lions from the date that such full payments shall
| have been made III transfers of stock shall be
made on the books of the Company at its Office only
Transferees of stock not fully paid up shall assume
all indebtedness thereon, and the 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 a vote OF the Board OF
Directors to that effect provided that the BoardOf
| they may deem proper, 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 1o76;
the profit remaining to the company shall be a! pro.
of q RA,ap dividend
of ten per cent shall be payable to the stockholders
the If paid up stock and the balance shall be d
vded 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
serve Fund" No payments OF losses shall De
funds of the company excepting the capital stock
shall have been exhausted
ARTICLE FOURTH.
All the corporate powers of this Company shall be
vested 10 and exercised by the President Snperin-
tendent and Board of Directors composed of seven
| Stockholders including 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 Capital
Stock of the said Company. The officers OF the Com
pany shall consist of President, Secretary, Super
intendent and Inspector, VIII shall be elected annu
ally snd hold their offices for the period OF one
year Until the first election, to be held in the
month OF December, 1875 and until their successors
| shall have been duly elected and qualified d. Ne
grotto, Jr., shall be President, A. H. Pons Vice
Superintendent and DR.. Charles A. Stein, Inspector
of the said Company.
The first Board Of Directors shall consist of the
following stOckholderssOf 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 Seyenty.five, and until their
successors shall have been duly cleo ed and qualified
Board of Directors and Stockholders Of the Com.
pany. He shall sign all Iolicies checks and certif
| Gates and generally do and perform all executive
the Company. In case of the absence of the Presi-
dent the Vice President shall take his place, act in
his stead and else all his powers and functions
The Vice President shall be the Chairman of the Fl
nance 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,
AID furnish such statements to the Superintendent
and President of the Company. The Inspector, with
the Superintendent shall make monthly q Joint in
specton of all animals insured in this company. The
Inspector shall also promptly attend with medical
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 less but no
insurance upon any single animal shall amount to
over hundred and fifty dollars. There shall be
a specific amount stated upon each animal insured.
Upon the desth 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 If
occurring in the day, and fifteen hours if happening
at night to the Company The Inspector shall make
a rgid examination Of such deceased Live Stock in.
yes igang fully the of death whether by acct
dent natural causes, cruelty fraud, and no policy
holder shall demand. claim 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 the first Monday in May. September and
January of each year. Four Directors shall consti.
tute quorum for the transaction Of business.
ARTICLE SEVENTH.
It shall be the duty of the President to cause to be
prepared and published statement of the business
Al or of fho hill