The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-20
CHARTER.

qualified and in the presence of the witnesses here
matter named and undersigned
Personally came and appeared Joseph Smith
Pierre COntolon Michael j. Pons, Pierre Cameron
John Riehm Domingo Negrotto, Jr, David Leubrie
Paul Rousset Charles II. Mill Lawrence Merz, Val
entine Fabian. Charles A. Stein, Patrick Clark, Han
w Salisbury. Andrew II. Pons, Charles II. Nil, act
ing as attorney in fact of Auguste Vitter, pc
letter of attorney dated sixth May 1875, hereunt
attached all of this city
Who severally declared that availing themselves o
the rights and privileges conferred by the laws o
tons they have formed and organized, and by thes
presents do form themselves into and constitute
corporation for the objects and purposes and unde
The slipulatons, regulations and obligations follow
ARTICLE FIRST.
The name and title of said corporation shall be tn
I"LOUISIANA BENEVOLENT LIVE STOCK IN
ISURANCE COMPANY OF NEW ORLEANS.
and its domicie shall be in the city of New Orleans
State of Louisiana 1t shall exist for the period
twenty five years from the date of this char er ant
shall have power and authority to contract anC
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 Benevolence underneath; enercled shall
be the words, I" 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 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 i'll 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.
Fourtny-To give medical surgical relief to all
| live stsck insured in the company
| ARTICLE THIRD
The Capital Stock of said Company is hereby fixed
lnlln dad
| 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 soon five
Thousand dollars of its capital stock shall have been
subscribed and the requisites of the law complied
with Inc payment t, Of the capital stock snail be
the balance each subscriber shall furnish his prOms
sorry note payable The nrst day of May $40; said
should the Board of Directors deem the neces-
sary. No stakeholder shall in any event be made
liable for a larger amount than the unpaid balance
of his h their subscription to the capital stock
or their Indebtedness to the Company. Subscribers
| may at any time pay up tho full amount of their
subscriptions in cash, in which event interest, as
herein 4fter provided shall attach to such scrip
tions from the 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.
ITansterees of stock not fully paid up shall assume
all Indebtedness thereon, and the shall be APP
proved by the Board of Directors Upon the failure
or any stakeholder comply with the calls made
upon him. the stock owned by such holder, with
all he Accommodations thereon shall be liable to for
feilure 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 1o76
the profit remaining to the company shall be pro-
priated as follows: Ten per cent shall go toward
the creation of a Re, erve Fund.- stock dividend
OF ten per cent shall be payable to the
on the If paid up stock and the balance shall be d
vded pro rata amongst the policy holders of the
pany All interests received or profits realized on
oaus 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 comp ny excepting the capital sto>k
shall have been exhausted.
ARTICLE FOURTH
All the corporate powers of this Company shall be
vested ia 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 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
intendent and Inspector, VIII shall be elected
ally, and hold their Offices for the period of one
year. Until the first election to BIO ED in the
shall have been duly elected and qualified, d. Ne
grotto, j., shall be President, A. H. Pons, Vice
President; Charles H. Mill Secretary; D. Leubrie,
Superintendent and Dr. Charles A. Stein, Inspector
of the said Company.
The first Board of Directors shall consist of the
following stockholdels!of the Company, towit:
d. NegrottO, Jr, Pierre Canterou Z. Couteon,
L. Merz, A. H. POns Joseph Smith, ard 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 ball have been duly cleo ed and qualified.
The President shall preside at all meetings of the
Board of Directors and Stockholders of the Gov
pany. He shall sign all ocies, checks and certf-
Gates and generally do and perform all executive
acts required for the transaction of the business of
nnf obs nF tl,xp
dent the Vice President shall take his place act in
his stead, and else all his 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 a monthly tour of
ins ectOn of the live stock insured in his Company
to observe their condition and t eatment. He shall
report 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
furnish such statements to the superb tendent
and President of the Company The Inspt ctOr, with
the Superintendent, shall make monthly ONT in
spectOn 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 report. 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-thir1s value less but no
insurance upon any single animal shall amount to
over one hundred and fifty dolla s. There shall be
specific amount stated upon each animal insured
Upon the de tn of any live stock insured in this
Company it shall be the duty of the owner thereof
to give immediate notice not exceeding five hours if
occurring il the day, and fifteen hours if happening
at night to the Company. The Ins )ector shall make
a gid examination OF such deceased i've Stock in
yes gating fully the of death wh the by acct
dent natural causes, cruelty or fraud, and policy
holder shall demand claim 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.
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.
tute quorum for the transaction of business
ARTICLE SEVENTH.
1t shall be thu drty of the President to cause to be
prepared and published statement of the business
of the Company at the end of the year which shall
contain: The amount of premiums received during
year, the amount of losses incu red the amount
of expenses and the net EARNINGS f The COMPANY |
Each fiscal ysar shall end the 3Ist day of Nav.