The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-19
CHARTER.

this eighth day OF May in the year one thousand
| eight hundred and seventy five, before me, John
BendeInagel notary public in and for the parish of
| Orlt ans. State aforesaid duly commissioned and
qualified and in the pre- of the witnesses here
| matter named and undersigned
Pierre Coutolon Michael ]. Pons, Pierre Canterou,
| John Riehm Domingo Negrotto, Jr., David Leubrie
Paul Rousset. Charles Il Mil, Lawrence Merz Val
Wy Salisbury. Andrew H. Pons, Charles H. Nil act
| ing attorney in fact OF Auguste Vitter, as per
letter of attorney dated sixth May, 1875 hereunto
| attached, all of this city
Who severaly declared that availing themselves of
the rights and privileges conferred by the laws of
this State relative to The organization of corpora
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
ARTICLE FIRST
The 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 en- and
shall have power and authority to contract and
be sued in its corporate name All citations notices
or other legal process wherein the said company may
be interested shall be served upon the President of
said any. The seal of said corporation shall
have for its device the picture of horse, with the
motto "Beneyolence 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
be led 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
Thirdy-To secure better care and attention to
working stock.
Fourthly-To give medical or surgical relief to all
live stSck 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 The Company is hereby
empowered to commence business five
thousand dollars of its capital stock shall have been
subscribed and the requisites of the law complied
made as follows: Fifty per centum in cash. and for
the balance each subscriber shall furnish his promis
sorry note payable The nrst day of May, 1885, 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 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
hereinafter provided shall attach to such subscrp
tons from the date that such full payments shall
have been made. II 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 same shall be APP
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 accommodations thereon shall be liable to for
teiure 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.
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 1876;
the profit remaining to the company shall BIO pro
priated as follows Ten per cent shall go toward
the creation of Res erve Fund a stock dividend
of ten per cent shall be payable to the stockholders
on tht II paid up stock and the balance shall be di
vided pro rata amongst the policy holders of the
pany All interests received profits realized on
loans and investments shall also be placed in the
- Reserve Fund" No payments of losses shall be
made ont of tia 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, Superin-
tendent, and Board of Directors composed of seven
Stockholders including the President Each of the
Board of Directors 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
pany shall consist Of President Secretary, Super
intendent and Inspector, VIII shall be elected
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. d. Ne
"A IL.
President; Charles H Mil, Secretary; D. Leubrie
Superintendent, and Dr. Charles A. Stein Inspector
of the said Company.
The first Board of Directors shall consist of the
following stockhoders.of the Company to wit:
ID. Negrotto, Jr., Pierre Canterou, p. Coutelon,
l.. Merz, A. H. Pons Joseph Smith, and D. Leubr c.
The sad Board shall continue in office until the
first Monday of the month of December in the year
Eighteen hundred and Seventytive, and until their
The President shall preside at all meetings of the
Board of Directors and Stockholders Of the Con-
pany. He shall sign all Iolices checks and certii
Gates, and generally do and perform all executive
acts required for the transaction of the business of
the Company. In of the absence of the Prcsi- |
dent, the Vice President shall take his place 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
ntendent to transact the business of the Company
appertaning to his department. He shall i'll 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 Of death. He shall appoint |
Ill agents subject to the Presidents approval.
1t shall be the duty of the Inspector to examine all
animals offered for insurance report their condition
md value, and in of death the cause thereof |
u furnish such statements the SUPERB, tendent
md President of the Company. The Inspector, with
he Superintendent, shall make monthly :ont in
pecton 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
nd WINCH nave been repOrted SICK, and render such
I'd until their restoration to health. |
ARTICLE FIFTH.
All assurances effected in this Company shall be
lpOn the basis of two thirds value less but no
Insurance upon any single animal shall amount to
ver hundred and fifty dsllas There shall be
specific amount stated upon each animal insured
Jpon the death of any live stock insured in this
company, it shall be the duty of the thereof
give immediate notice mot exceeding five hours if
occurring ia the day, and fifteen hours it happening
t night to the Company The Inspector shall make
gid examination OF such deceased Live Stock in. |
es gating fully the of DEATH wheth,r by acci
ent natural causes, cruelty fraud, and poicyI
older shall demand claim recover from said Cor. |
oration any payment of loss without first having |
btained and presented certificate signed by the |
Inspector and Superintendent, and approved by the
resident of the Company. 4
ARTICLE SIXTH
There shall be a general meeting of the Board of
directors on the first Monday in May September and
anuary of each yesr. -Four Directors shall consti.
Ite a quorum for the transaction of business. 8
ARTICLE SEVENTH.
1t shall be the duty of the President to cause to be
repaired and published a statement of the business
the Company at the end of the year which shall
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