The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-27
CHARTER.

CsTATE OF LOUISIANA, PARISH OF OR
| = leans city of New Orleans.-Be it known, that
on this eighth day of May in the year thousand
eight hundred and seventy-iv before me, John
Bendernagel notary public in and for the parish of
Orleans State aforesaid, duly commissioned and
qualified and in the of the witnesses here
matter named and undersigned
| Personally came and appeared Joseph Smith,
Pierre Coutolon Michael J. Pons, Pierre CanterOu,
John Riehm, Domingo Negrotto, Jr David Leubrie,
Paul Rousset Charles Il. Mil, Lawrence Me1z Val
entine Fabian Charles A. Stein Patrick Clark, Har
w Salisbury Andrew II. Pons, Charles H. MIL act
ing as attorney in fact of Auguste VItter as per
letter of attorney dated sixth May, 1919, hereunto
Who severaly 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
'e ARTICLE FIRST.
The name and title of said corporation shall be the
"LOUISIANA 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 years from the date Of this char er, and
he snad in ts cornorate name Ali citations notices
other legal process wherein the said company
be interested shall be served upon the President of
have for its device the picture of horse with the
motto Benevolence !" underneath encirced 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.
Secondlv-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.
lv-
working stock.
Fourtnly-To give medical 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 i've 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 soon five
Thousand dollars of its capital stock shall have been
subscribed and the requisites of the law complied
with The Paymert Of the capital stoek shall ad f pc
the balance each subscriber shall furnish his prOms
sorry note payable the rrst day OF May, s76 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 hur 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
herein sfter provided shall attach to such subscrip
tons from the date that such full payments shall
have been made. III transfers of stock shall be
made the books of the Company at its office only.
Transferees of stock not fully paid up shall assume
all indebtedness thereon and the shall be ap-
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
all he accumalations thereon, shall be liable to for.
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
they may deem proper OF the Company may enforce
the payment thereof
An interest dividend of ten per cent the amount
paid in shall be payable annually the first Monday
in May of each year. commencing with the year lo76;
the profit remaining to the company shall be arpro
priated as follows: Ten per cent shall go toward
the creation of Res Fund" stock dividend
of ten per shall be payable to the stockho ders
on their paid up stock and the balance shall be di-
pany All interests received or profits realized on
loans aud 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.