The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-06-05
CHARTER.

CTATE OF LOUISIANA, PARISH OF Ok
on this eighth day of May, in the year one thousand
| eight hundred and seventy-fve, before me, John
BendeInagel notary public in and for the parish OF
Orl. ans State aforesaid duly commissioned and
qualified and in the of the witnesses here
| matter named and undersigned
came Mch ana sDsepe
John Riehm Domingo NegrottO Jr., David Leubrie,
Paul Rousset Charles II. Mill, Lawrence Merz, al
entne Fabian, Charles A. Stein, Patrick Clark, Har-
w Salisbury Andrew II. Pons Charles II. MIL act
ing as attorney in fact of Auguste Vitter as per
letter of attorney dated sixth May, 1873, hereunto
| Who severally declared that awaiting themselves Of
the rights and privileges conferred by the laws Oh
this State relative to the organization OF COZ Por
TONS they have formed and organized ana Oy tnese
present do form themselves into and constitute o
corporation for the objects and purposes and under
the stipulations regulations and ebhgatlons loho"
A1s' ''"'' ARTICLE FIRST.
The name and ttl4 of said corporation shall be the
| LOUISIANA BENEVOLENT LIVE STOCK IN,
SURANCE COMPANY OF NEW OKLG GAis.
| and its dOmcile 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
he sned in It's 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 .Benevolence underneath; enclrcled shail
| be the words Louisiana Benevolent Live Stock In
]
ARTICLE SECOND.
| The objects and purposes for which said corpora
ton il established and the of the business to
be carried ON 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 y.
| Thrdly-To secure better care and attention 10
working stock. ,,,s ~
| 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 incl easing said capital stock 10
| Fifty Thousand Dollars. The Company is hereby
| empowered to commence business so soon as i've
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 Ior
the balance each subscriber shall furnish his promls
sorry note payable he Drst 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 OF their subscription to the capital stock
| or their Indebtedness to the Company SUBSCRIBERS
may at any time pay up the full amount OF Ihelr
subscriptions in cash, in which event interest, as
| hereinafter divided shall attach to such subscrlp
| tions from the date that such full payments shall
have been made All transfers of stock shall be
made on the books of the Company at its Office only
Transerees 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 he accumaatOns thereon, shall be liable to for.
| fixture to the Company by vote OF the Board Oh
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.
An interest dividend of ten per cent on the amount
paid in shall be payable annually on the first Monday
in Nav of each year commencing with the year 1o16
the profit remaining to the company shall be arpro,
priated as follows Ten per cent shall go toward
the creation of Reserve Fund, a stock dividend
of ten per cent shall be payable to the stockholders
on their paid up stock and the balance shall be dl-
vded pro rata amongst the policy holders of the com
pany All interests received or prohts reazea . on
| Reserve Fund" No payments OF losses snail be
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 SupeTln-
tendent and Board of Directors composed of seven
Stockholders i, Guiding the President Each OF the
Board of Direc.rs in order to be eligible shall hold
Stock Of the said Company The officers OF the CON-
pauy shall consist of President, Secretary Super
intendent and Inspector who shall be elected annu-
| aIy and hold their offices for the period of one
| year. Until the first election to be teld in the
month Of December 49,, and until their successors
| crotto Jr shall be President A. III. POns, Vice
| President; Charles II. Mil Secretary d. Leubrie,
Superintendent and DR.. Charles A. Stein, Inspector
| of the said Company.
The first Board of Directors shall consist of the
| following stockholders of the Company, tOwit:
| d. Negrotto Jr. Pierre Canterou p. Coutelon,
T.. Merz. a. I'D Pons Joseph Smith, and D. Leubre
| 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 elected and qualified.
The President shall preside at all meetings OF the
| Board of Directors and Stockholders OF the Con-
pany He shall sign all policies, checks and certt
Gates, and generally do and perform all executive
acts required for the transaction OF the business OF
| the Company. In 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
nance Committee 1t shall be the duty of the Super
intendent to transact the business OF the Company
appertainng 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 nature and cause Il death He shall appoint
| 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
and value and in case of death, the cause thereof,
a. d furnish such statements to the superintendent
and President of the Company. The inspector, Win
| the Superintendent shall make monthly ONT IN
spection of all animals insured in this company. The
Inspector shall also promptly attend with medical or
and which have been repOrtfd sick, and render such
| aid until their restoration to health.
| ARTICLE FIFTH.
All insurances effected in this Company shall be
upon the basis of two-thirds value or less but no
|! insurance upon any single animal shall amount to
| over one hundred and fifty doa's. 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 mot exceeding five hours, if
occurring in the day, andffteen hours if happening
at night to the Company The Inspector shall make
| a gid examination of such deceased Live Stock in
gatng 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 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.
| Sbau ha he dutv Of tho President tn cauSe be