The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-28
CHARTER.

4 Orleans State aforesaid duly commissioned an
qualified, and in the of the witnesses her
matter named and undersigned
Personally came and appeared Joseph SmitI
Pierre Coutolon, Michael j. Pons, Pierre Canteror
Paul Rousset Charles Fl. Mill Lawrence Merz Va
tentine Fabian, Charles A. Stein Patrick Clark Ha,
w Salisbury. Andrew H. Pons Charles H Mil, ae
ing as attorney in fact of Auguste Vitter as pc
letter of attorney dated sixth May 1875 hereunt
attached all of this city
Who severay declared that availing themselves Q
the rights and privileges conferred by the laws O
this State relative to The organization of corpora
tions they have formed and organized and by thes
l. presents DO form themselves into and constitute
| corporation for the objects and purposes and unde
the sipuations, regulations and obligations follow
ing, to-wit:
The name and title of said corporation shall be thu
"LOUISIANA BENEVOLENT LIVE STOCK IN
ISURANCE COMPANY OF NEW ORLEANS.
and its domicile shall be in the CITY of New Orleans
State OF Louisiana: 1t shall exist for the period Of
twenty years from the date of this char en- and
shall have power and authority to contract sue and
De sued IN Its corporate NAME All citations notices
or 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 " Benevoence ," underneath; eneircled 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
|
| 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.
Fourthy-To give medical or surgical relief to all
| live stsck 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 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
sorry note payable on the FIRST 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 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 subscrip
mons from the date that such full payments shall |
have been made. A Ii transfers of stock shall be |
made on the books of the Company at its office only
Iranserees of stock not fully paid up shall assume
all Indebtedness thereon and the same shall be an |
proved by the Board of Directors. Upon the failure
Of any stockholder TO comply with the calls made
an he accommodations thereon, shall be liable to for
TEXTURE to the Company by vote of the Board of |
directors to that effect provided that the Board of
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 the first Monday
in May of each year. commencing with the year 1876
the profit remaining to the company shall be a,pro-
pllated as follows: Ten per cent shall 20 toward |
the creation of a " Reserve Fund.-" stock dividend
OF ten per cent shall be payable to the stockholders
on their paid up stock and the balance shall be di-
vded pro rata amongst the policy holders of the com
pany All interests received profits realized on |
oans and investments shall also be placed in the
" Reserve Fund" No payments of losses shall he
made out of thu Reserve Fund" unless all other
unds of the company excepting the capital stock
snail nave been exhausted
ARTICLE FOURTH.
All the corporate powers of this Company shall be
-ested in and exercised by the President Snperin |
endent and Board of Directors composed of seven
,tockholders, including the President Each of the |
'oard OF Directors in order to be eligible shall hold
4 his own name at least ten shares Of the Capt. al
ANY shall consist of a President Secretary Super
ntendent and Inspector, " he shall be elected annu
lily, and hold their offices for the period of one
ear. Until the first election, to be reid in the
1onth of December, 1875 and until their successors
ball have been duly elected and qualified d. Ne.
rotto, Jr, shall be President, A. H. Pons Vice
resident; Charles H. Mill, Secretary; D. Leubrie.
superintendent, and DR.. Charles A. Stein Inspector
the said Company.
DC nTst Board OF Directors shall consist of the
Moving stockholders of the Company, to wit:
u. NegrottO Jr. Pierre Canterou P. Coutelon
Merz, A. Fl. Pons Joseph Smith, and D. Leubr e. |
The said Board shall continue in office until tba |
rst Monday of the month of December in the wear
Eighteen hundred and Seventy five and until their
lccessors shall have been duly cleo ed and qualified
GARD Of Directors and Stockholders of the Cor.
any, de shall sign all policies checks and certifi-
ties, and generally do and perform all executive
ITS required for the transaction of the business of
10 Company. In case of the absence of the Presi-
snt the Vice President shall take his place. act in
he Vice President shall be the Chairman of the FL
nce Committee. 1t shall be the duty of the Super.
tendent to transact the business of the Company
pertaining to his department He shall in con |
notion with the Inspector, make monthly tour of
spection of the live stock insured in his COMPANY |
observe their condition and t. eatment He shall
port any violations of the rules of the Company |
ID shall upon the death of any animal insured by
9 Company make careful inquiry, and ascertain
agents subject to the Presidents approval
1t shall be the duty of the Inspector to examine all
imas offered for insurance report their condition
d value and in case of death the cause thereof :.
q furnish such statements to the Superb tendent
d President of the Company The Inspector with r
. Superintendent, shall make monthly a ioint in
ection of all animals insured in this company. The
spector shall also promptly attend with medical or
rgca relief to all animals insured in the company
q which have been repOrttd sick and render such
until their restoration to health. l:
ARTICLE FIFTH. l:
Al |
on the basis of twOthirds value or less but no IL
urance upon any single animal shall amount to -.
II one hundred and fifty dollars There shall be III
peciic amount stated upon each animal insured | Il
on the cath of any live stock insured in this =,
npany it shall be the duty of the owner thereof IL
give immediate notice not exceeding five hours if IA
urIing In the day. andffteen hours if happening +,
light to the Company. The Inspector shall make ~
gid examination of such deceased Live Stock in
igating fully the of death whether bv acct IA
t natural causes, cruelty or fraud, and no policy -
der shall demand claim recover from said Cor. IA
alton, any payment of loss without first having tx
aimed and presented certificate signed by the -
pector and Superintendent and approved by the 10
sident of the Company. *15
ARTICLE SIXTH. o.
here shall be general meeting of the Board of o,
ectors on the first Monday in May September and q
uary OF each year. Four Directors shall consti FL
a quorum for the transaction of business. OF
ARTICLE SEVENTH
shall be the duty of the President to cause to be 40
Jared and published a statement of the business 20
he Company at the end of the year, which shall %.
ain: The amount of premiums received during o..
year, the amount of losses incurred the amount Ao-
expenses and the net earnings of the Company 49,
b fiscal year shall end on the 3lst day of NAV cor