The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-06-11

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this eighth day Of May, in tho year one thousand
eight hundred and seventy.fve, before me, John
BendeFnagel notary public in and for the pariah Of
qualified and I'm the pres Of the witnesses here
matter named and underGigned-
Personally came and aRPeased Joseph .s Smith
Paul Roosset. Charles r. Mil, Lawrence Merz, Val
ensine Fabian, Charles A. Stein, Patrick GaIK haI
" Salisbury. Andrew H. Pons Charles 81 Mil act.
ing as attorney in fact Of Auguste vitter as Per
letter Of attorney dated sixth May. 1875, hereunto
attached all q THIS city, that avane themselves Of
the rights and privileges conferred by the laws OF
this State relative to the organization 81 corpora
lions they have ana an
tSe s,ipuiations regulations and obligations follow
ns' "'""' ARTICLE FIRST.
| LOUISIANA BENEVOLENT LIVE STOCK IN.
SURANCE COMPANY OF NEW ORLEANS
and its domicile 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 or, and
shall have power and authority to contract sue and
be sued in its corporate name ALI citations notices
or 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 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,
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
Fourthly-To give medical or surgical relief to all
live stock insured in the company.
ARTICLE THIRD.
Tho Capital Stock Of said Company is hereby fixed
at Twenty. five Thousand Dollars, divided into
twenty five hundred shares of Ten Dollars each
Fifty Thousand Dollars. The Company is hereby
empowered to commence business 80 soon as nve
Thousand dollars Of it's capital stock shall have been
with. The payment of the capital stock shall be
made as follows: Fifty per centum 10 cash. and for
the balance each subscriber shall furnish his promis
sory note payable on the prst day of May 1876 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 q 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 tu amo9nt Q. sne as
hereinaf after p divided shall attach to such subscrp
lions from tho date that such full payments shall
have been made transfers OF stock T.. *, shall be
Tnnsferees 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
al The accommodations thereon, shall be liable to for.
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
AZ interest dividend Of ten per cent on the amount
paid in shall be payable annually on the first Monday
In May of each year. commencing with the year 1e76
priated as follows: Ten per cent shall go tOwsrd
the creation of q Reserve Fund" stock dividend
Of ten per cent shall be payable to the stockholders
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
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
Stockholders i, Guiding the President Each of the
Board of Direcs.rs in order to be eligible shall hold
in his own at least ten shares Of the Capital
pany shall consist of President Secretary. Super
intendent and Inspector who 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 aud qualified, D. Ne
grotto Dr. shall be President, A. II. Pons, Vice
PRESIDENT Charles Fl. Mill, Secretary; d. Leubrie,
Superintendent and DR.. Charles A. Stein, Inspector
The first Board Of Directors shall consist of the
following stockholders Of the Company, to wit:
D. Negrotto, Jr, Pierre Canterou, p. 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 five, and until their
shall have been duly cleo ed and qualified
The President shall preside at all meetings OF the
Board Of Directors and Stockholders of the Com
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
dent the Vice President shall take his place. act in
his stead and exercise all his and functions.
The Vice President shall be the Chairman Of the FL
to transact the business OF the Company
sppertaining to his department: He shall in con,
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
ana sna upon aae re q any and
the nature and cause Of death. He shall appoint
all agents subject to the Presidents approval.
It 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
and furnish such statements to the Superb tendent
the Superintendent shall make monthly :ont in
spection of all animals insured in this company The
Inspector shall also promptly attend with medical or
surgical relief to all animals incurred in the company
and which have been reported sick, and render such
aid until their restoration to health.
ARTICLE FIFTH.
All insurances effected in this Company shall be
upon the basis of twothirds value or 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 death of any live stock insured in this |
Company it shall be the duty of the owner thereof
to give Immediate notice pot exceeding five hours if
It night to the Company. The Inspector shall make
rigid examination Of such deceased Live Stock, in
lent natural causes, cruelty fraud and no policy
holder shall demand, claim or recover from said Cor
poration any payment of loss without first having
,btained 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 const !
ute quorum for the transaction Of business.
ARTICLE SEVENTH.