The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-21
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 Of the witnesses here
matter named and undersigned
Personally and appeared Joseph Smith,
Pierre COutOlOn Michael j. Pons, Pierre Canterou,
John Riehm Domingo Negrotto, Jr., David Leubrie,
Paul Rousset Charles H. Nil, Lawrence Merz, Val.
w Salisbury. Andrew H. Pons, Charles H Mill act
ing as attorney in fact of Auguste Vitter, per
letter of attorney dated sixth May, 1875, hereunto
Who severaIy declared that availing themselves of
the rights and privileges conferred by the laws Of
this State relative to the organization of pora-
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 sipuatons, regulations and obligations follow
ARTICLE FIRST
The name and title of said corporation shall be the
LOUISIANA BENEVOLENT LIVE STOCK IN
SURANCE 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 five years from the date of this char err and
shall have power and authority to contract and
be sued in its corporate ALI citations notices
other legal process wherein the said company may
be interested shall be served upon the President of
said any. The seal of said corporation shall
have for its device the picture of horse with the
motto 'Benevolence' 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.
Fourtnly-To give medical or surgical relief to all
live st5ck 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 increasing 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,
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
hereinafter provided, shall attach to such subscrip
lions 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.
Transerees of stock not fully paid up shall assume
all indebtedness thereon and the same shall be ap
OF any stakeholder to comply with the calls made
upon him, the stock owned by such holder, with
all The accommodations thereon shall be liable to foI.
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 pro-
priated as follows: Ten per cent shall 90 toward
the creation of " Reserve Fund" stock dividend
of ten per cent shall be payable to the stockholders
on the r paid up stock and the balance shall be d.
vided pro rata amongst the policy holders of the
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, 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.
Stock of the said Company The officers OF the Com
and Inspector VIII shall be elected annrl-
ally and hold their Offices for the period Of one
year. Until the first election, to be ED in the
shall have been duly elected and qualified, ID. Ne
grotto, Jr., shall be President, A. Ell. Pons, Vice
President; Charles H. Mill, Secretary; D. Leubrie
and DR.. Charles A. Stein Inspector
Of the said Company.
The first Board of Directors shall consist of the
following stockholders.of the Company to wit:
D. NegrOtto, Jr, Pierre Canterou, p. COutelon
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 81 Directors and OF t9e C3
Gates and generally do and perform all executive
acts required for the transaction of the busne>s of
the Company. In of the absence of the Pres
dent the Vice President shall take his place, act in
his stead, and exercise all his 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 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 y 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 a oint in
spection 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
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 twOthrds value OF less, but no
insurance upon any single animal shall amount to
over ore 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
10 give immediate notice mot exceeding five hours, if
occurring in the day. and/ifteen hours if happening
1t night to the Company. The INSPECTOR shall make
gid examination OF such deceased Live Stock in.
YES gating fully the of DEATH whether by acct
Dent natural causes, cruelty fraud, and policy
holder shall demand claim recover from said Cor
poration any payment of loss without first having
1btained and presented certificate signed by the
Inspector and Superintendent and approved by the
President of the Company.
ARTICLE SIXTH.
There shall be general meeting of the Board of
Directors the first Monday in May September and
January of each year. Four Directors shall consti-
ute quorum for the transaction of business
ARTICLE SEVENTH
1t shall be the duty of the President to cause to be
prepared and published statement of the business