The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-06-18
CHARTER.

Orle ans. State Aforesaid, duly commissioned and
qualified and in the Of the Witnesses here
Personally came and appeared Joseph Smith,
Pierre Coutolon Michael j. fons, Pierre Canterou
John Riehm, Domingo Negrott1 Jr DAVID Ne Lsu1 W
entine Fabian, Charles A. Stein Patrick CiaI bar
w Salisbury Andrew H. Pons, Charles d. Mil, act
ing :oney in fact Of Augqse , v1sT as psp
attached all Of this city
Who severaly declared that availing themselves OF
the rights and $ '1 of
TONS they have formed and organized ana oy tnese
presents do form themselves into and constitute
for the follow
''s' ARTICLE FIRST.
The name and title Of gid sha Be the
LOUIsLANA BEN.v0L1MNTE LIVE 6 Sr0Ck Ne ~
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 o. TINS cnar er ana
he sued in its corporate name All citations, notices
or other legal process wherein the said company may
be shall be ss
have for its device the picture Of horse with the
motto I" Benevolence" underneath; encircled shall
be the words. Louisiana BenevoientLlve Stock IL
surance Company of New Orleans. La"
ARTICLE SECOND.
The objects and purposes for which said CORPORA
tion is established and the nature of the business to
be carried on are hereby declared to be:
First-To make insurance upon horses, mules,
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
ThirdIv-To secure better care and attention to
FourtniyMTo give medical or surgical relief to all
live stock insured in the company
ARTICLE THIRD
The Capital Stock Of said Company is hereby fixed
ct twenty-five Thousand Dollars, divided into
twenty five hundred shares of Ten Dollars each,
with the privilege Of nci easing said capital stock to
Fifty Thousand Dollars. The Company is hereby st,S
Thousand dollars Of its capital stock shall have been
subscribed and tho requisites of the law complied
wsas Ihs # sess
the balance each subscriber shall furnish his prOmis
sory note payable the rrst day Of May 1876: said
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
or their indebtedness to the Company. Subscribers
may ct any time pay up the full amount of their
subscriptions in cash, in which event interest as
tions from the date that such full payments shall
have been made. an transfers Of stock shall be
nns Of stock not fully paid up shall
all indebtedness thereon, and the same shall be ap-
proved by the Board Of Directors Upon the failure
al
upon him, the stock owned by such holder, with
al 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
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 shnn be a,prosi
the creation of a Re-erve Fund" stock dividend
Of ten per cent shall be payable to the stockholders
their paid up stock and the balance shall De dl
vided pro rata amongst the policy holders OF the COM
pany All interests received or profits realized on
loans and investments shall also be placed in the
Reserve Fund" No payments Of losses shall t Dc
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 AMI exercised by the President, Superin-
tendent and Board Of Directors composed OF seven
Stockholders i Guiding the President. Each Of the
Board of Directs rs in order to be eligible, shall hold
in his own name at least ten shares OF the Capital
Stock Of the said Company The officers OF the Com.
intendeps and Inspector, VIII" shall be elected annu
ally and hold their offices for the period of one
year. Until the first election to be held in the
shall have been duly elected and qualified D. Ne
grotto, Jr., shall be President A. II. Pons Vice
President; Charles 81. Mill Secretary; ID: Leubrie,
The first Boar, 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 o.
The said Board shall continue in Office until the
first Monday of the month Of December in the year
successors shall have been duly cleo and qualified
The President shall preside at all meetings Of the
Board of Directors and Stockholders OF the Com
pany. He shall sign all policies checks and certif
Gates and generally do and perform all executive
acts required for the transaction Of the business of
dent the Vice President shall take his place. act in
his stead, and exetcise all his powers and functions
The Vice President shall be the Chairman OF the Fl.
nance Committee It 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
inspecton of the live stock insured in his Company,
to observe their condition and Treatment. He shall
report any violations Of the rules Of the Company
and shall upon the death of any animal insured by
the nature and cause Of 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
and furnish such statements to the Superb tendent
the superintendent shall make monthly :oint in
spectOn of all animals insured in this company The
inspector shall also promptly attend with medical or
and which have been repors sick, and render such
aid until their restoration to health.
ARTICLE FIFTH.
All assurances effected in this Company shall be
upon the basis of twothirds value OF less, but no
insurance upon any single animal shall amount to
over one hundred and fifty dollars. There shall be
q 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
to give immediate notice mot exceeding five hours if
occurring in the day, and hours, if happening
at night to the Company The Inspector shall make
q rigid examination of such deceased Live Stock, in.
vesigating fully the Of DEATH whether by acct
dent natural causes cruelty or fraud and no policy
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 general meeting of the Board Of
Directors on the first Monday in May. September and
January of each year. Four Directors shall consti
tute 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
of the COmpany at the end of the year, which shall