The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-06-16
CHARTER.

on this eighth day Of May in the year one thousand
eight hundred and seventy five, before me, John
Orleans State aforesaid, duly commissioned and
qualified and in the presence Of the witnesses here
matter named and Undersigned
Pierre Coufolon Michael J. fons, Pierre Canterou
john Riehm, Domingo Negrotto, Jr., David Leubrie
Paul Rousset, Charles a. Nil. Lawrence Merz Val
entine Fabian Charles A. Stein Patrick Clark, Har-
Wy Salisbury. Andrew H. Pons, Charles Fl. Mil, act
ing as attorney in fact of Auguste Vitter, as per
letter Of attorney dated sixth May. 1875 hereunto
Who ssveraly declared that availing themselves Of
the rights and privileges conferred BY the laws OF
TONS 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 siipulations regulations and obligations follow
'-'s' ARTICLE FIRST
The name and title Of said corporation shall be the
LOUISIANA BENEVOLENT LIVE STOCK IN
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 er and
shall have power and authority to contract and
be sued in its corporate name. All citations, notices
or other legal process wherein the said company may
shall be served upon la the President Sf
have for its device the picture of horse, with the
motto Benevolence" 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.
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.
Fourtny-To give medical or surgical relief to all
live stack injured in the cOmDany
ARTICLE THIRD.
Tho CAPITAL Stock of said Company il hereby fixed
at Twenty.f Thousand Dollars, divided into
twenty five hundred shares of Ten Dollars each.
with the privilege Of easing said capital stock to
Fifty Thousand Dollars. The Company is hereby
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 promis
cory note payable the day of May, 1876 said
note shalt 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 Ct any time pay up the iuii amount n o. .ne,r
hereinafter provided, shall attach to such subscrp
tons 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
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
VI any stakeholder to comply with the calls made
upon him. the stock owned by such holder, with
all he accumalations 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.
An interest dividend Of ten per cent on the aOunt
paid in shall be payable annually on the first Monday
In Nav of each year. commencing with the year 1876;
the profit remaining to the company shall be a, pro
priated as follows: Ten per cent shall 60 toward
the creation Of Reserve Fund 7 stock dividend
on their 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
Reserve Fund" No payments Of losses shall 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 Superin
tendent and Board of Directors composed of seven
Stockholders I, GLIDING the President. Each of the
Board Of Directors in order to be eligible shall hold
Stock of the said Company The officers of the Com.
pany shall consist of President. Secretary Super
intendeps and Inspector h" shall be elected annu
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 |
Presidents Charles H. Mil Secretary: d. Leubrie |
Superintendent and DR.. Charles A. Stein, Inspector
The first Boar. of Directors shall consist of the
following stockholders of the Company, towit:
D. Negrotto, Jr., Pierre Canterou, ?. Couteion,
L. Merz A. II. POns Joseph Smith, and d. Leubr'e
The said Board shall continue in office until the
first Monday of the month OF December in the year
Eighteen hundred and Seventy i've and until their
The President shall preside at all meetings of the
Board Of Directors and Stockholders Of the Con-
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-
his stead and exc, else all his rOwers and functions.
The Vice President shall be the Chairman of the FL
nance Committee 1t shall DO 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 t.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
and value and in case of death. the cause thereof
10 furnish such statements to the superintendent
md President of the Company. The Inspector, with
,pection 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
I'D until their restoration to health.
ARTICLE FIFTH.
All assurances effected in this Company shall be
lpon the basis Of two thirds value OF less, but no
insurance upon any single animal shall amount to
'ver 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
give Immediate notice mot exceeding five hours, if
occurring in the day. and fifteen hours, happening
It night to the Company. The Inspector shall make
rigid examination of such deceased Live Stock, in.
es igatng fully the cause Of DEATH whether by acct
lent natural causes, cruelty fraud, and no policy
older shall demand claim recover from said Cor.
,oration, any payment of loss without first having
btained and presented certificate signed by the
Inspector and Superintendent, and approved by the
resident Of the Company. Ia
ARTICLE SIXTH.
There shall be a general meeting of the Board Of
directors on the first Monday in May. September and
anuary of each year. Four Directors shall consti-
ute Q quorum for the transaction of business.
ARTICLE SEVENTH.
It shall be the duty of the President to cause to be
repaired and published statement of the business
A. loG% I,on