The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-06-10

"In M ISIe BENEVOLENT LIVE STOCK IN
SURANCE COMPANY OF NEW ORLEANS"
and its domice shall be in the city OF New Orleans
state of Louisiana 1t shall exist for the period of
twenty-five wears 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, notlces
or other legal process wherein the said company may
he 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; enelrcled shall
he 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 norses, muies
Secondlv~To indemnify the owners of such live
stock who have effected insurance in said company
against loss OF SAID Ave stock ELMER ny accloent
or in the event of death.
Thirdly-To secure better care and attention 10
working stock. <,
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 Inc Company IS hereby et
Thousand dollars of its capital stock shall have been
subscribed and the requisites OF the law complied
with, The payment OF Uuc Cdptdl stOCh Sudil Uc
made as follows: Fifty per centnm in cash, and for
the balance each subscriber shall furnish his promis
sory note payable the rst day OF May, 1876; said
note shall be subject to ca payments a at any tlme'
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 interest, as
provided shall attach to such subscrip
4; dcfa that Such fulI DaymeutS shall
have been made. All transfers OF stock shall be
made on the books of the Company at its office only
TTansferees Of stock not fully PAD up sn a ISL
proved by the Board of Directors. Upon the failure
Of any stakeholder to comply with the calls made
upon him, the stock owned by such holder WITH l
fixture to the Company by a vote OF the Board OF
Directors to that effect provided that the Board OF
Directors may extend said payment for such time as
the payment thereof
An interest dividend Of ten per cent on the amount
paid in shall be payable annually on the first Monday
in Nav of each year commencing with the year 1870;
the profit remaining to the company shall be arpro
priated as follows Ten per cent shall go toward
the creation of Reserve Fund stock dividend
their paid up stock and the balance shall! be dl
vided pro rata amongst the policy holders OF the COM
pany. All interests received or profits realized on
" Reserve Fund" No payments OF losses shall be
made out of the Reserve Fund unless all other
funds of the company excepting Inc capital SuOck
shall have been exhausted
ARTICLE FOURTH.
All the corporate powers of this Company shall be
vested in and exercised by the President, Superin-
tendent and Board of Directors composed of seven
Stockholders, /, Guiding the President Each OF the
Board of Drectvrs in order to be eligible shall hold
in his 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
and Inspector who shall be elected annu-
ally, and hold their offices for the PERIOD OF one
year. Until the first election, to be Ield in the
month of December. 1875, and until their successors
shall have been duly elected and qualified, ID. Ne
grotto, Jr., shall be President, A. d. Pons, vice
Charles Fl. MIL Secretary; d. Leubrie,
and DR.. Charles A. Stein Inspector
Of the said Company.
The first Board of Directors shall consist of the
stockholders of the Company to wit:
d. NegrOttO, Jr., Pierre CanterOu, p. COut0on,
L. Merz, A. II. Pons Joseph Smith, and D. Leubre.
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
pany. He shall sign all policies checks and certi
Gates and generally do and perform all executive
required for the transaction OF the business Of
the COMPANY. In case 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
appertaining to his department He shall, In con-
junction with the Inspector, make monthly tour OF
nspection of the live stock insured in his Company,
to observe their condition and 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 Ct 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 of death, the cause thereof,
AID furnish such statements to the Superb tendent
and President of the Company. The Inspector, with
the Superintendent, shall make monthly ioint in
,pection 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
md which have been reported sick and render such
nd until their restoration to health.
ARTICLE FIFTH.
All assurances effected in this Company shall be
mon the basis of twOthirds value less, but no
insurance upon any single animal shall amount to
,ver one 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
% give immediate notice mot exceeding hve hours II
occurring in the day. and fifteen hours, if happening
It night to the Company. The Inspector shall make
rigid examination of such deceased Live Stock, in
yesgating fully the of DEATH whether by acct
lent natural causes, cruelty or fraud and no policy
holder shall demand claim or recover from said Cor
)Oration any payment of loss without first having
obtained and presented a 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 constl-
ute quorum for the transaction of business.
ARTICLE SEVENTH.
It shall be the duty of the President to to be
prepared and published statement of the business
If the Company at the end of the year, which shall
contain The amount of premiums received during
he year. the amount of losses incurred. the amount
If expenses and the net earnings of the Company.
Each fiscal year shall end on the 3lst day of May,
commencing with the year 1876.
ARTICLE EIGHTH.
Election of Officers and Directors shall be by bal
OF and shall take place on the first Monday in De-
,ember in each year, commencing with the year
ISIS at the office of the Company. At all elections
zach stockhoder shall be entitled, either in person
,r by proxy vote each share of the capital
stock of the Company which he she or they may
own and hold but shall not be entitled to
rote on any stock to him. her them transferred
within three months prior to such elections. Those
persons receiving plurality of the votes shall be
considered as duly elected.
ARTICLE NINTH.
The Board of Dire ctors are hereby empowered to
tip,e the profits funds