The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-06-09
CHARTER.

CHARTER.
CTATE OF LOUISIANA, PARISH OF OR
- leans city Of New Orleans.-Be it known, that
on this eighth day of May in the year one thousand
Bendernage notary public in and for the parish OF
Orleans. State aforesaid, duly commissioned and
qualified and in the pres encs 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 Leu6 %n
entine Fabian Charles A. Stein, Patrick ClaIk bar
w Salisbury. Andrew H. Pons Charles IL MIL act
ing as attorney in fact Of Augaste vltter as per
attached all of this city
Who severaly declared that awaiting themselves OF
the rights and privileges conferred by tne laws o.
this State relative to the organization OF corpora
tions they have formed and organized ana Dy tnese
presents do form themselves into and constitute
corporation for the objects and purposes and under
''k' ''""' ARTICLE FIRST.
The name and titla of said corporation shall be the
| LOUISIANA BENEVOLENT LIVE STOCK IN.
and it's 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
shall have power and authority to contract, sue and
he sued in It's corporate name All citations notices
or other legal process wherein the said company may
be interested shall be served upon the President OF
said com any 1He e0dl VI sdlu oOi Vi"eon ohoh
have for its device the picture of horse with the
motto "Benevoence" underneath encircled 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 10
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 ana attenuon 10
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 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 promis
sorry note payable the prst day of May, 1876 said
note shalt 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 their subscription to the capital stock
or their Indebtedness to the Company. Subscribers
NAV at any time pay up the full amount of their
subscriptions in cash, in which event interest, as
hereinafter divided, shall attach to such subscrip
lions from tho 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
Transferees 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
Of any stakeholder to comply with the calls made
upon him. the stock owned by such holder with l
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
the payment thereof.
An interest dividend Of ten per cent 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 a. pro-
priated as follows Ten per cent shall go toward
the creation of " Res erve Fund stock dividend
of ten per cent shall be payable to the stockholders
on their paid up stock and the balance shall be di
vided pro 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 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 i, Guiding the President. Each of the
Board Of Direcsrs 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
intende9t and Inspector wha shall be elected apna
year Until the first election to be leld 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. II. Pons Vice
President; Charles Fl. Mill Secretary d. Leubrie,
Superintendent and Dr. Charles A. Stein, Inspector
The first Board Of Directors shall consist of the
following stockholders of the Company, towit:
d. Negrotto, Jr., Pierre Canterou T. Coutelon,
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 Com
pany. He shall sign all policies, checks and certifi-
Gates, and generally do and perform all executive
acts required for the transaction of the business of
the Company. In case of the absence of the Presl-
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. 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
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 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 furnish such statements to the SUPERB" tendent
and President Of the Company. The Inspector, with
the Superintendent shall make monthly '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 two-thirds value less, but no
insurance upon any single animal shall amount to
over one hundred and fifty dOllaIs. 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 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
rigid examination of such deceased Live Stock, in
igating 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.