The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-25
CHARTER.

- leans, city of New Orleans.-Be it known, that
on this eighth day OF May in the year one thousand
eight hundred and seventy five before me, John
Bendernagel notary public in and for the parish OF
Orleans. State aforesaid, duly commissioned and
qualified and in the pres encs Of the witnesses here
Personally came and appeared Joseph Smith,
Pierre Coutolon. Michael J. Pons, Pierre Canterou,
PanI Ronsset Charles a. Mil, Lawrence Merz, Val.
entine Fabian Charles A. Stein Patrick Clark, Har-
W Salisbury Andrew II. Pons, Charles H. Nlli act
ing as attorney in fact of Auguste Vitter, as per
letter of attorney dated sixth May, 1875, hereunto
attached all of this city
Who severally declared that availing themselves Of
the rights and privileges conferred by the laws OF
this State relative the organization of corpora
TONS they have formed and organized and by these
presents do form themselves into and constitute
corporation the objects and purposes and under
the slpulations, regulations and obligations follow
'' ARTICLE FIRST.
The name and title of said corporation shall be the
LOUISIANA BENEvoLENr LIVE STOCK \. ~ IN |;
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 TINS cnar er ana
be sued in its corporate NAME All citations, notices
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 "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
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.
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 cleasing 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 promls
sorry note payable on the trst 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
in cash IN which event nc as
lions from the date that such full payments shall
have been made. A II transfers of stock shall be
made on the DOCKS OF the company dt ouCo OHly
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
Ut any stakeholder to comply with the calls made
upon him. the stock owned by such holder, with
all he Accommodations 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 az pro,
priated as follows: Ten per cent shall go toward
the creation of "Rese rve Fund, stock dividend
of ten per cent shall be payable to the stockholders
on their paid up stock and the balance shall be d.
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 ont 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 10 and exercised by the President, Snperin-
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 Capt. al
Stock Of the said Company The officers OF the Com
pany shall consist of President Secretary Super
intendent and Inspector, VIII shall be elected annu
ally, and hold their offices for the period OF one
year Until the first election to bel be hed IN the
shall have been duly elected and qualified, d. Ne
grotto, Jr., shall be President, A. H. Pons, Vice
President; Charles H. Mill, 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 Coutolon,
L. Merz, A. H. 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 five and until their
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 Cor
pany. He shall sign all policies checks and certf
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 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 end cause. If death. He shall appoint
all agents subject to the Presidents approval.
1t 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
az furnish such statements to the Superb tendent
and President of the Company. The Inspector, with
the Superintendent, shall make monthly :ont in
spectiOn of all animals insured in this company. The
Inspector shall also promptly attend with medical or
surgical relief all animals insured in the company
and which have been reported sick, and render such
aid until their restoration to health.
ARTICLE FIFTH.
All assurances effected in this Company shall be
upon the basis of two-thirds value OF less but no
insurance upon any single animal shall amount to
over one hundred and fifty dollars 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 thereof
to give Immediate notice lnot exceeding five hours if
occurring in the day. andfteen hours, if happening
at night to the Company The Inspector shall make
Gid examination of such deceased Live Stock, in.
gatng fully the cause OF death whethsr by ACCT
holder shall demand claim or 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 a general meeting of the Board of
Directors the first Monday in May September and
January of each year. Four Directors shall consti-
tute quorum for the transaction of business.
ARTICLE SEVENTH.