The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-06-08
CHARTER.

CTATE OF LOUISIANA, PARISH OF OR
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eight hundred and seventy five, before me, John
Bendernage notary public in and for the parish of
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matter named and undersigned
Personally came and appeared Joseph Smith
John Riehm Domingo Negrotto Jr., David Leubrie,
Paul Rousset, Charles II. Mill, Lawrence Merz, Val
entne Fabian, Charles A. Stein, Patrick Clark Har-
ing as attorney in fact of Auguste Vitter, as per
letter of attorney dated sixth May 1875, hereunto
attached all Of this city.
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
corporation for the objects and purposes and under
.the stipulations 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 err and
shall have power and authority to contract and
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 com any. The zeal 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 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 insur in said company
against any loss of said live stock ether by accident
or in the event of death.
Thirdly-To secure better care and attention to
Fourtnly-To give medical 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 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 10 cash, and for
the balance each subscriber shall furnish his prOmis
sorry note payable the nrst 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 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 as
hereinafter D. divided shall attach to such subscrip
tons from the date that such full payments shall
have been made. II transfers of stock shall BIO
made the books of the Company at its Office only
Transferees Of stock not fully paid up shall assume
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 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 be payable annually on the first Monday
in May of each year. commencing with the year 1c76
the profit remaining to the company shall be aepro
priated as follows: Ten per cent shall go towsrd
the creation of Reserve Fund" stock dividend
on their paid up stock, and the bAnce shall be d.
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 |
tendent and Board of Directors composed of seven
Stockholders i, Guiding the President Each of the
Board of Direct.rs in order to be eligible shall hold
in his own name at least ten shares of the Capital
Stock Of the said Company. The officers Of the Com
pany shall consist of President, Secretary, Super
and Inspector W h. shall be elected annu-
ally, and hold their offices for the period of one
year. Until the first election to be held 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. II. Pons, Vice
President; Charles H. Mil Secretary d. Leubrie, |
and Dr. Charles A. Stein, Inspector
If the said Company.
The first Board Of Directors shall consist of the
following stockholders of the Company, tOwit:
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
irst Monday of the month of December, in the year
Eighteen hundred and Seventy.f five and until their
The President shall preside at all meetings Of the
Board Of Directors and Stockholders Of the Com
,any. He shall sign all policies, checks and oertif-
,ates, and generally do and perform all executive
lcts required for the transaction of the business of
he Company. In case of the absence of the Presi
lent the Vice President shall take his place, act in
The Vice President shall be the Chairman of the FL
lance Committee 1t shall be the duty Of the Super
ntendent to transact the business Of the Company
ppertaining to his department.. He shall in con
JUNCTION with the Inspector, make monthly tour OF
Inspection of the live stock insured in his Company
o observe their condition and tt eatment He shall
epOrt any violations of the rules of the Company,
nd shall upon the death of any animal insured by
he Company, make careful inquiry, and ascertain
he nature and cause Of death. He shall appoint
II agents subject to the Presidents approval
It shall be the duty of the Inspector to examine all
nimals offered for insurance report their condition
nd value and in case of death. the cause thereof,
nd furnish such statements to the Superb. tendent
nd President of the Company. The Inspector, with
he Superintendent shall make monthly ,Oint in
|
Inspector shall also promptly attend with medical or
urgical relief to all animals insured in the company
nd which have been reported sick, and render such
i'd until their restoration to health.
ARTICLE FIFTH.
All assurances effected in this Company shall be
pom the basis of twothirds value or less but no
isurance upon any single animal shall amount to ,
yer hundred and fifty dollars. There shall be
specific amount stated upon each animal insured.
pom the death of any live stock insured in this
ompany it shall be the duty Of the owner thereof
give Immediate notice lnot exceeding five hours, if
ccurring in the day. d'ffteen hours if happening
night to the Company. The Inspector shall make
rigid examination of such deceased Live Stock, in
esiigating fully the of death, whether by acct
emit natural causes, cruelty fraud, and no policy
older shall demand claim or recover from said Cor
oration, any payment, Of loss without first having
btained and presented certificate signed by the
Inspector and Superintendent and approved by the
resident Of the Company.
ARTICLE SIXTH.
There ehall be general meeting of the Board of
irectors the first Monday in May, September and
anuary of each year. -Four Directors shall consti-
lte quorum for the transaction of business. 9
ARTICLE SEVENTH