The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-22
CHARTER.

eight hundred and seventy-fve before me, JONI
Orleans, State aforesaid, duly commissioned ant
qualified and in the Of the witnesses here
matter named and undersigned
Pierre Contolon Michael j. Pons Pierre Canterou
| John Rehm Domingo NegrottO, Jr, David Leubrle
Paul Rousset, Charles Fl. Mil, Lawrence Merz, Val
entine Fabian, Charles A. Stein, Patrick Clark, Har
Wv Salisbury Andrew II. POns, Charles IL Mil, act
ing as attorney in fact of Augusta Vtter, as pei
letter of attorney dated sixth May 1873, hereunto
Who severaly declared that availing themselves Of
the rights and privileges conferred by the laws Of
this State relative to the organization OF COZ pora
tions they have formed and organized and by these
presents do form themselves into and constitute
corporation for the objects and purposes and under
the sipuations, regulations and obligations follow
| ing, to-wit:
The name and title of said corporation shall be the
| LOUISIANA BENEVOLENT LIVE STOCK IN,
SURANCE COMPANY OF NEW ORLEANS
State of Louisiana 1t shall exist for the period OF
twenty years from the date of this char er, and
shall have power and authority to contract, sue and
be sued in its corporate NAME All citations, notices
or other legal process wherein the said company
be interested shall be served upon the President OF
said com any. The seal of said corporation shall
motto .Benevolence underneath eneircled 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.
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.
Fourthly-To give medical or 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 Incl easing said capital stock to
Fifty Thousand Dollars. The Company Is hereby
empowered to commence business SO soon as five
subscribed and the requisites of the law complied
with The payment of the capital stock shall be
made 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 their subscription to the capital stock
their Indebtedness to the Company. Subscribers
may at any time pay up the full amount Of their
subscriptions in cash, in which event interest
herein fter provided shall attach to such subscrip
lions from the date that such full payments shall
made the books of the Company at its Office only.
TTansferees 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
all he accumalations thereon, shall be liable to for
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
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 on the first Monday
in May of each year, commencing with the year 1e76;
ipip tn fba ha11 hQ
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 rata amongst the policy holders of the CON-
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 10 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 Capt.
Stock of the said Company. The officers of the Com
pany shall consist of President, Secretary, Super
intendent and Inspector " b. shall be elected annu
ally, and hold their Offices for the period of one
month of December 1875 and until their successors
shall have been duly elected and qualified, ID: Ne
grotto, Jr, shall be President A. H. Pons, Vice
President; Charles H. Mill Secretary; d. Leubrie,
and DR.. Charles A. Stein, Inspector
of the said Company.
The first Board of Directors shall consist of the
stockholders of the Company, tO-wit:
D. NegrottO, Jr, Pierre Canterou, z. COutelOn,
L. Merz A. H Pons Joseph Smith, and d. Leubr g.
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
nd az md Eho1, Tho ftoo,
pany. He shall sign all policies, checks and certif
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 Presi-
dent the Vice President shall take his place act in
his stead and exel 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
The Superintendent shall make monthly ;Ont in |
spection of all animals insured in this company The
Inspector shall also promptly attend with medical
rellef 10 all animals IN Gne
md which have been reported sick and render such
nd 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 dollars There shall be
specific amount stated upon each animal insured.
Upon the desth of any live stock insured in this
Company, it shall be the duty of the owner thereof
% give immediate notice mot exceeding five hours if
occurring in the day. andfteen hours if happening
1t night to the Company The Inspector shall make
gid examination of such deceased Live Stock, in
igating fully the of DEATH whether by acct
lent natural causes, cruelty fraud and policy
holder shall demand, claim recover from said Cor
,oration any payment of loss without first having |
,btaned and presented certificate signed by the |
Inspector and Superintendent and approved by the
President of the Company. |
ARTICLE SIXTH
There shall be general meeting of the Board of
Directors the first Monday in May, September and
January of each year. Four Directors shall consti
ute quorum for the transaction of business. |
ARTICLE SEVENTH.
1t shall be the duty of the President to cause to be
and published statement of the business