The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-26
CHARTER.

on this eighth day OF May IN Inc year one tnOusanu
| eight hundred and seventy five, before me- John
Bendernagel anotary public in and for the parish OF
ORLEANS, State aforesaid duly commissioned and
qualified and in the q the witnesses here
Pierre Coutolon. Michael J. Pons Pierre Canterou
Paul Rousset Charles a. Mil, Lawrence Merz, Val
entine Fabian, Charles A. Stein, Patrick Glal Har
Wy Salisbury Andrew II. Pons, Charles III Nil, act
letter Of attorney dated sixth May, 1876 hereunto
Who severaly declared that availing themselves Of
the rights and privileges conferred by the laws OF
this State relative to the organization OF corpora
tions they have formed and organized and by these
presents do form themselves into and constitute
the stipulations regulations and obligations follow
ing to-wit: ,, v,,cu
The name and title of said corporation shall be the
LOUISIANA BENEVOLENT LIVE STOCK IN
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 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 it's device the picture Of horse with the
motto 'Benevolence" 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 to
be carried on are hereby declared to be- -.
First-To make insurance upon horses, mules,
cows and other live stock go
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 accdent
or in the event of death.
Thirdly-To secure better care and attention to
working stock.
Fourtny-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 incl 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 follows Fifty per centum H. cash. and for
the balance each subscriber shall furnish his prOms
sorry note payable The nrst day of May, SIG 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 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
subscriptions in cash, in which event interest, as
hereinafter provided shall attach to such scrip
lions from the date that such full payments shall
have been made A IL transfers of stock Shall be
made the books of the G, mpany 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
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
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 on the amount
paid in shall he payable annually on the first Monday
in May of each year, commencing with the year 1c76
DTOfit D.
priated as follows: Ten per cent shall go towsrd
the creation of Reserve Fund" stock dividend
of ten per shall be payable to the stockholders
their paid up stock and the balance shall be di
vided pro rata amongst the policy holders OF the COM
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 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 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 aunu
ally, and hold their offices for the period of one
year. Until the first election to be Leld 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. H. Pons Vice
Presidents Charles Fl. 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 stockholders of the Company, to. witt
D. NegrottO, Jr, Pierre Canterou, ?. 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:fve, and until their
The President shall preside at all meetings of the
Board Of Directors and Stockholders of the Co"
pany He shall sign all Iolicies, checks and certif
Gates, and generally do and perform all executive |
acts required for the transaction Of the business 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 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 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 # 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 thereof
a furnish such statements to the Superb tendent
and President of the Company. The Inspector, with
the Superintendent shall make monthly iont in |
Inspector shall also promptly attend with medical
surgical relief to all animals insured in the company
and which have been rep0rted sick, and render such
aid until their restoration to health.
ARTICLE FIFTH.
All assurances effected in this Company shall be
upon the basis of a twothirds value or 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 mot exceeding five hours if
occurring in the day, anHfteen hours if happening
at night 10 the Company. The Inspector shall make
T gid examination Of such deceased i've Stock in
yes igating fully the of death whethtr by acct
dent natural causes cruelty fraud, and no 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 on the first Monday in May September and
January of each year. Four Directors shall consti
tute a quorum for the transaction of business
ARTICLE SEVENTH.
It shall be the duty of the President cause to be
and pubShed a statement of the husiness