The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-06-03

~ leans, city OF New OrleAne.-Be it known, that
eight hundred and seventy-ave, before me, Johr
Bendenagel notary public IN and for the parish Of
Orl.a ns, State Aforesaid duly commissioned and
mater named and undersigned-
Pierre Ccufolon Michael J. fons, Pierre Canterou'
Paul Rousset, Charles d. Nil, Lawrence Merz, Val
entine Fabian Charles A. Stein, Patrick Clark Har-
w Salisbury. Andrew B. Pons Charles Il. Mill, act
ing ~ attorney In fact of Auguste Vitter as per
letter Of attorney dated sixth May. 1875 hereunto
attached, all Of this city
Who sever.ly declared that avai!ng 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
the slipulatons, regulations and obligations follow
ing to-wit: -
The name and title of said corporation shall be the
SURANCE COMPANY OF NEW ORLEANS, .
and its domcile 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 err and
shall have power and authority to contract sue and
be sued in its corporate name. All citations notices
other legal process wherein the said company may
be interested shall be served upon the President of
said com any. The seal Of said corporation shall
have for its device the picture Of horse with the
motto Benevolence" underneath; eneircled shall
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.
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 and attention to
working stock
To all III
live stock insured In the company.
ARTICLE THIRD.
The Capital Stock of said Company is hereby fixed
1T Twenty.i 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 soon 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
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 hr 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 evided shall attach to such subs Grip
tons from the date that such full payments shall
have been made a II transfers of stock shall be |
W.
Transferees 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
VI 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
feiture 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
hey may deem proper, or the Company may enforce |
the payment thereof.
An interest dividend of ten per cent on the amount
)ad in shall be payable annually on the first Monday
n May of each year. commencing with the year 1e76;
he profit remaining to the company shall be appro-
,riated as follows: Ten per cent shall 90 toward |
he creation of Reserve Fund" stock dividend |
# ten per cent shall be payable to the stockholders
ided rata amongst the policy holders of the
,any. Al interests received or profits realized on
oans 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
unds of the company excepting the capital stock
hall have been exhausted.
ARTICLE FOURTH.
All the corporate powers of this Company shall be
'ested in and exercised by the President Superin-
endent, and Board of Directors composed of seven
/, GLIDING the President Each of the
,oard Of Drec.3rs in order to be eligible shall hold
n his own name at least ten shares of the Capital
oct Of the said The officers Of the
ntendent and Inspector VIII shall be elected annu
lily, and hold their offices for the period of one
s snd until Gs s In
hall have been duly elected and qualified d. Ne
rottc, il, shall be President A. II. Pons Vice
resident; Charles H. MIL Secretary D. Leubrie,
uperintendent and DR.. Charles A. Stein, Inspector
the said Company.
The first Board of Directors shall consist Of the
slowing stockholders of the Company, TO- wit:
d. Negrotto, Jr., Pierre Canterou, P. Coutelon,
J.. Merz, A. II. Pons Joseph Smith, and D. Leubr e.
The said Board shall continue in Office until the
Eighteen hundred and Seventy-fve and until their
1ccessors shall have been duly cleo ed and qualified
The President shall preside at all meetings Of the
any. He ehall sign all Iolicies checks and certi.
ties, and generally do and perform all executive
It's required for the transaction of the business of
le Company. In case Of the absence of the Presi
emit, the Vice President shall take his place act in
Is stead, and exercise all his powers and functions.
he Vice President shall be the Chairman of the FL
lnce Committee. 1t shall be the duty of the Super
tendent to transact the business Of the Company
pertaining to his department. He shall in con-
notion with the Inspector, make monthly tour of
specti0n of the live stock insured in his Company,
observe their condition and t, eatment. He shall
port any violations of the rules of the Company,
ID shall upon the death Of any animal insured by
g Company, make careful inquiry, and ascertain
Q nature and cause # death. He shall appoint
agents subject to the Presidents approval.
It sha be the duty Of the Inspector to examine all
finals offered for insurance. report their condition
d value. and in case of DEATH the cause thereof.
d furnish such statements to the Superb tendent
8 Superintendent shall make monthly q ONT in.
ectiOn of all animals insured in this company The
spector shall also promptly attend with medical or
reical relief to all animals insured in the company
d which have been reporte sick, and render such
until their restoration to health.
ARTICLE FIFTH
All assurances effected in this Company shall be
ON the basis Of q two-thirds value or less but no
,urance upon any single animal shall amount to | .
er one hundred and fifty dollars. There shall be
poetic amount stated upon each animal insured |
non the desth Of any live stock insured in this
mpany, it shall be the duty of the owner thereof
give immediate notice mOt exceeding five hours, if
CURING in the day, and fifteen hours. if happening
night to the Company. The Inspector shall make
GID examination Of such deceased Live Stock, in.
igating fully the of DEATH whether by acct
Mt natural causes cruelty fraud, and no policy
der shall demand claim or recover from said Cor.
ration, any payment of loss without first having ]
tained and presented certificate signed by the ,
,pector and Superintendent, and approved by the
esident of the Company. n
ARTICLE SIXTH. &
There ehall be general meeting of the Board of 8
rectors the first Monday in May September and !
luary of each year. Four Directors shall cOnsti-
o quorum for the transaction of business. I21
ARTICLE SEVENTH.
shall be the duty of the President to cause to be
pared and published statement Of the business
the Company at the end of the year, which shall
fI