The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-15
CHARTER.

4uaneo ana IN the pre- encs of the witnesses here
m2Iter named and undersigned
Pierre Contolon Michael j. Pons Pierre Canterou
l pe15 P Rehm Domingo Negrctto Jr, David Leubre
entne Fabian, Charles A. Stein Patrick CLARK, Har-
Wy Salisbury. Andrew H Pons, Charles H Mil, act
letter of attorney dated sixth Nav 1875 berenpto
attached all of this city
Who severaly declared that availing 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 40 form themselves into and constitute
corporation for the objects and purposes and under
me silpuations, regulations and Obligations follow
ing, to-wit:
ARTICLE FIRST.
The Dame and title Of said corporation shall be the
LOUISIANA BENEVOLENT LIVE STOCK IN
SURANCE COMPANY OF NEW ORLEANS
and its domieile 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
or other legal process wherein the said cOmpanv NAV
be interested shall be served upon the President 81
said com any. The seal of said corporation shall
nave Tor ITS device the picture of 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 on al hereby declared to be:
F1rst-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
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 easing said capital stock to
Fifty Thousand Dollars. The Company is hereby
empowered to commence business soon five
thsusand dollars of its capital stock shall have been
subscribed and the requisites of the law complied
with. The payment Of the capital stock shall DO
made as follows: Fifty per centum j. cash. and for
sorry note payable on the nrst day of May 1916; said
note shall be subject to ca payments at any time
should the Board of Directors deem the neces-
sary No stakeholder shall in any event be made
liable for 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 the full amount of their |
SUBSCRIPTIONS in cash, in which event interest as
hereinafter provided, shall attach to such subscrp
lions from the date that such full payments shall
made on the books of the c, mpany at its office only
Iransferees of stock not fully paid up shall
all indebtedness thereon and the same shall be an
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 |
teiture 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.
interest dividend of ten per cent on the amount
paid In shall be payable annually the first Monday
in May Of each year. commencing with the wear 1915
'he proht remaining to the company shall be a. pro
pTiated as follows: Ten per cent shall go toward
the creation OF a Reserv Fund - stock dividend
Of ten per cent shall be payable to the
DID TIT If paid up stock and the balance shall be di
vded pro rata amongst the policy holders of the
pany All interests received profits realized ON
oans and investments shall also be placed in the
" Reserve Fund" No payments Of losses shall be
funds of the company excepting the capital stot
shall have been exhausted.
ARTICLE FOURTH.
All the corporate powers of this Company shall be
Vested 10 and exercised by the President, Superin |
endent, and Board of Directors composed of seven
kholders including the President. Each of the
Board OF Directors in order to be eligible shall hold
n his own name at least ten shares of the Capt. al |
stock Of the said Company. The officers of the Com
ntendent and Inspector, VIII shall be elected annu-
lily, and hold their offices for the period Of one
7ear. Until the first election, to be cid in tho
nonta Of December 1875 and until their successors
hall have been duly elected aud qualified, D. Ne.
srotto, Jr., shall be President A. H. P0ns Vice
resident; Charles Il. Mil, Secretary; D. Leubrie,
# the said Company.
The first Board Of Directors shall consist Of the
GLOWING stockhOldersOf the Company, to wit:
u. NegrOttO Jr. Pierre CanterOu p. COutelon |
:. Merz, A. II. Pons Joseph Smith, ard D. Leubr e.
The said Board shall continue in office until the
rsi Monday Of the month Of December, in the year
Eighteen hundred and Seventy ive and until their
uccessors shall have been duly cleo ed and qualified
The President shall preside at all meetings of the
any He shall sign all ocios, checks and certia.
ates, and generally do and perform all executive
cts required for the transaction of the business of
he Company. In case of the absence of the Presi-
emit the Vice President shall take his place. act in
is stead and exc: else all his powers and functions
he Vice President shall be the Chairman of the Fl
ance Committee. 1t shall be the duty of the Super
ltendent to transact the business Of the Company
pertaining to his department He shall in con
motion with the Inspector. make monthly tour of
lspecton OF the live stock insured in his Company
observe their condition and I, eatment. He shall |
port any violations of the rules of the Company,
nd shall upon the death of any animal insured by |
le Company make careful inquiry and ASCERTAIN |
le nature and cause If DEATH He shall appoint O
! agents subject to the Presidents approval. Il
1t shall be the duty of the Inspector to examine all
limas offered for insurance report their Condition |
I'D value and in case of death. the cause thereof Ii
q furnish such statements to the Snperi tendent
I'd President OF the Company. The Inspector with | .
10 Superintendent shall make monthly q ;ont in | o
'ection OF all animals insured in this company The
lspector shall also promptly attend with medical or
rglcal relief to all animals insured in the COMPANY ~
ID which have been repOrtx sick, and render such "
d until their restoration to health.
ARTICLE FIFTH.
All insurances effected in this Company shall be
>h 'hO Onsio VI tWOtHlFi y value or less, but
suranee upon any single animal shall amount TO |
er one hundred and fifty doll. s. There shall be (
specific amount stated upon each animal insured | Y
pom the de tn of any live stock insured in this |
'mpany 1t shall be the duty of the own r thereof
give Immediate mott not exceeding five hours If I
curing Ii the day and fifteen hours, if happening
night to the Company. The ms ectOr shall make
rg1d examination Of such deceased i've Stock in |
- igating fully the cause of DEATH wheth, by acct
mt natural causes, cruelty or fraud, and policy
lder shall demand, claim recover from said Cor |
ration, any payment of loss without first having
tanned and presented certificate signed by the
spector and Superintendent and approved by the Q,
esident of the Company. IA
ARTICLE SIXTH. T
There shall be general meeting of the Board of W
rectors on the first Monday in May September and 80
nuary of each year. Four Directors shall eonsti.
to quorum for the transaction of bushes 49, le
ARTICLE SEVENTH n
shall be the duty of the President to cause tn he 81
epared and published statement of the business 10
the Company at the end of the year, which shall
1tain: The amount of premiums received durinv
year. the amount of losses incurred the amount 10
expenses and the net earnings Of The COMPANY, ST
Oh fiscal year shall end on the 3ist day of MAJ |