The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-13
CHARTER.

on this eighth day Of May in the year one thousand
Bendernagel notary public in and for the parish Of
Orls ans State aforesaid duly commissioned and
qualified and in the pre- enc- Of the Witnesses here
matter named and undersigned
Personally came and appeared Joseph Smith,
Pierre Coufolon Michael j. Pons, Pierre Canterou,
John Riehm. Domingo NegTotto Jr., David Leubrie,
entine Fabian Charles A. Stein, Patrick CLARK Har-
Wy Salisbury. Andrew H. Pons Charles II. MIL act
ing as attorney in fact Of Augaste vitter as per
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
tiOns they have formed and organized, and by these
presents do form themselves into and constitute
corporation for the objects and purposes and under
the siipulatons, regulations and obligations follow
ing. towit:
ARTICLE FIRST.
The name and ttls Of said corporation shall be the
LOUISIANA BENEVOLENT LIVE STOCK IN
SURANCE COMPANY Of NEW ORLEANS"
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
be sued in its corporate name. All citations notices
other legal process wherein the said company NAV
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; 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 sad live stock her by accident
or in the event of death.
Thirdly-To secure better care and attention to
working stock.
Fourthly-To give medical or surgical relief to all
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 inc easing said capital stock to
Fifty Thousand Dollars The Company is hereby
empowered to commence business soon as five
subscribed and the requisites of the law complied
with. The payment OF the capital stock shall be
made as follows Fifty per centum i cash, and for
the balance each subscriber shall furnish his pr0mis
sorry note payable he nrst day of May, S76 said
note shall DO 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
iabla for larger amount than the unpaid balance
of his h. their subscription to the capital stock,
may at any time pay up the full amount of their
subscrip hons in cash. in which event interest
herein .fter ovded shall attach to such subscrip
riOns from the date that such full payments shall
have been made. II transfers of stock shall be
made the books of the Company at its office only.
Transterees of stock not fully paid up shall assume
proved by the Board of Directors. Upon the failure
" any stockholder to comply with the calls made
upon him. the stock owned by such holder, with
all he accnmaatOns 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 amount
paid in shall be payable annually on the first Monday
in May Of each year, commencing with the year 1e76
the profit remaining to the company shall be arpro-
Priated as follows: Ten per cent shall 60 toward
the creation Of Re- erve Fund, +" stock dividend
Of ten per cent shall be payable to the stockholders
on the r paid up stock, and the balance shall be di
vided pro rata amongst the policy holders Of the com
loans and investments shall also be placed in the
Reserve Fund" No payments of losses shall be
funds of the company excepting the capital stock
shall have been exhausted.
ARTICLE FOURTH.
vested 10 and exercised by the President, Superin
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
ntendent and Inspector VIII shall be elected annu.
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
shall have been duly elected and qualified, D. Ne
grotto Jr. shall be President A. H. Pons, Vice
President Charles II. Mill Secretary d. Leubrie,
Superintendent and Dr. Charles A. Stein, Inspector
The first Board Of Directors shall consist of the
following stockholderslof the Company, owit:
L. Merz, A. II. POns Joseph Smith, and d. Leubr g.
The said Board shall continue in Office until the
first Monday Of the month OF December, in the year
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 Com
mai He sha n heel andC
Gates, and generally do and perform all executive
acts required for the transaction of the business of
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
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 teatment. 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.
shall Re the DUTY OF the TO-, 70 examine al
and value and in case of death, the cause thereof
furnish such statements to the SUPERB. tondent
the Superintendent shall make monthly q ;oipt in.
spectiOn 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 report< SICK and re1der such
aid until their restoration to health.
ARTICLE FIFTH.
All assurances effected in this Company shall be
upon the basis Of two-thiras value less but no
insurance upon any single animal shall amount to
over one hundred and fifty dola's. There shal. be
specific amount stated upon each animal insured.
Upon the death Of any live stock insured in this
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
n Uid Of auc dec ives in