The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-29
CHARTER.

| - leans city of New Orleans.-Be it known, that
on this eighth day OF May in the year one thousand
| eioht hundred and seventy-fve, before me, John
Rendernage notary public in and for the parish OF
Ori, ans, State aforesaid, duly commits stoned and
qualified, and in the Of the witnesses mere
Per sonally came and appeared Joseph Smith
Pierre Coutolon Michael j. Pons Pierre Canterou,
John Riehm, Domingo Negrotto, Jr, David Leu6Iie
| PanI Rousset Charles Fl. Nill Lawrence Merz, Val
entine Fabian Charles A. Stein, Patrick Clark, Har
w Salisbury. Andrew H. Pons, Charies - MI, act
mo rs attorney in fact of Auguste Vitter, as per
letter of attorney dated sixth May 1879, hereunto
| attached all Of this city r
Who severally declared that avallng themselves OF
the rights and privileges conferred by the laws OF
this State relative to The organization OF cor pora
tions thew have formed and organized and by these
presents do form themselves INTO anu
corporaton for the objects and purposes anu unaer
The sripuations, regulations and Obligations follow
ing, tO-wit: urnrr
The name and title of said corporation shall be the
LOUISIANA BENEVOLENT LIVE STOCK in.
| SURANCE COMPANY OF NEW ORLEANS
and its domicie shall be in the city OF New orleans
State of louisiana 1t shall exist for the period OF
twentvfve years from the date of this char en- and
shall have power and authority to contract sue ana
be sued in its corporate name All citations notices.
or other legal process wherein tne saiu cGnpa1y may
| said com any The seal of said corporation shall
have for its device the picture Of horse with the
motto Benevoence " underneath; enelrcled snail
! 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 are hereby declared to be:
First-TO make Insurance upon horses muies
cows and other live stock -
Secondly-To indemnify the owners of such live
stock who have effected insurance in sad company
or in the event of death.
| Thirdly-To secure better care and attention TO
working stock. =,
Fourthly-To give medical or surgical relief to all
| live ste ok 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 ncl easing 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 cash, and for
sorry note payable The nrst day of May, e76 said
note shall be subject to Ca payments at any oime
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. 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
hereinafter provided shall attach to such subscIP
| tons from the date that such full payments shall
have been made. a IL 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
Ut any stakeholder 10 comply with the calls made
upon him. the stock owned by such holder, with
all he accommodations thereon, shall be liable to for
fixture to the Company by a vote of the Board OF
Directrrs 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 the first Monday
4 in of aap commencing
the profit remaining to the company shall be pro,
priated as follows: Ten per cent shall go tow" I'd
| the creation of Reserve Fund, stock dividend
of ten Der cent shall be payable to the stockhO ders
on their paid up stock and the balance shall be di-
vided pro rata amongst the policy holders OF the COM
pany Ali 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 tia Reserve Fund unless all other
| funds of the company excepting the capital stO,k
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 irlcuding the President Each OF the
Board of Directors in order to be eligible shall hold
| in his own at least ten shares OF the Capl al
Stock of the said Company The officers OF the CON-
pany shall consist of President, Secretary Super
ntendent and Inspector, VIII shall be elected annu-
ally snd hold their Offices for the period OF one
| year. Until the first election to be cid in the
month of December 1875, and until their successors
| shall have been duly elected and qualified, d. Ne
| grOtto Jr. shall be President A. III. Pons, Vice
President; Charles II. Mill Secretary d. Leubrie,
Superintendent and Dr. Charles A. Stem, Inspector
The first Board of Directors shall consist of the
| following stockholders of the Company, to wit:
| d. Neprotto 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 of Directors and Stockholders OF the Cor
pany He shall sign all JolicO checks and cer1lfi-
Gates, and generally do and perform all executive
acts required for the transaction of the busnes OF
the Company. In case of the absence of the Presi-
dent the Vice President shall take his place, act in
his stead and else 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
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 value. and in case of death the cause thereof
a, furnish such statements to the SUPERB tendent
and President of the Company. The Inspector, with
| tbe Superintendent shall make monthly a ONT in
specton of all animals insured in this company The
Inspector shall also promptly attend with medical OF
|
and which have been reporttd sick, and render suct
aid until their restoration to health.
ARTICLE FIFTH.
All assurances effected in this Company shall bt
upon the basis of twothirds value OF less but NJ
insurance upon any single animal shall amount t.
over one hundred and fifty dOlla's. There shall bt
a specific amount stated upon each animal insured
Upon the esth of any live stock insured in this
Company it shall be the duty of the owner thereo
to give immediate notice mot exceeding five hours
occurring in the day, dffteen hours if happening
at night to the Company The INSPECTOR shall make
a gid examination of such deceased i've Stock, In
YES gatng fully the of death whether by acct
dent natural causes, cruelty fraud, and no policy
holder shall demand, claim or recover from said Cor
poration, any payment of loss without first havln!
Inspector and Superintendent, and approved by tn
President of the Company.
| ARTICLE SIXTH.
There shall be general meeting of the Board o
Directors on the first Monday in May September ant
January of each year. Four Directors shall consti
tute quorum for the transaction OF business.
n