The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-11
CHARTER.

on this eighth day of May in the year one Thousand
Bendernagel notary public in and for the parish Of
Orl. ans: State aforesaid. duly commits stoned and
qualified and in the pres ence Of the witnesses here
Personally came and appeared Joseph Smith
Pierre Coutolon Michael j. POns Pierre Canterou
gohn Rehm Domingo Negr0tt9 Jr. David Md Leu6rie
entine Fabian, Charles A Stein, Patrick Clark Har
Wy Salisbury. Andrew H. Pons, Charles H. Nlll act
letter Of attorney dated sixth Nay 1875 iereunto
attached all of this city =
Who severally declared that availing themselves Of
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 a
corporation for the objects and purposes and under
the siipuatons, regulations and obligations follow
ing, tOwit:
! ARTICLE FIRST.
The rame and It'll. of said corporation shall be the
" LOUISIANA BENEVOLENT LIVE STOCK IN.
SURANCE COMPANY OF NEW ORLEANS, y
and its domicile shall be in the city of New Orleans
State of Louisiana 1t shall exist for the period of
twenty tive years from the date of this char er and
shall have power and authority to contract, and
be sued in its corporate All citations. notices
OF 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 g 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
be carried on are hereby declared to be:
First-TO make insurance upon horses mules
cows and other live stock
Secondy-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 surgical relief to all
live stsck insured in the company.
ARTICLE THIRD
The Capital Stock of said Company is hereby fixed
at Twenty.fv 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 ia hereby
empowered to commence business soon as five
subscribed and the requisites of the law complied
with The payment OF the capital stock shall be
made as follows Fifty per centum il cash. and for
the balance each subscriber shall furnish his pyeNs.
sorry note payable the nrst day of May s76 said
note shall be subject to ca payments at any time
should the Board of Directors deem the neces-
sary. No stakeholder shall in any event be made
liable for larger amount than the unpaid balance
OF his hror 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 povided, shall attach to such subscrp.
,ions from ths date that such full pay shall
have been made. IL transfers of stock shall be
made on the books of the mpany at its office only
Transterees of stock not fully paid up shall
ali Indebtedness thereon and the same shall be ap-
Or AIRY stakeholder 10 comply with the call made
upon him, the stock owned by such holder, with
all he determinations thereon shall be liable to for
fei,ure to the Company by a 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 the first Monday
IN May OF each year commencing with the year 1c76
The profit remaining to the company shall be aspro
prlated as follows: Ten per cent shall 60 toward
Of zen per cent shall be payable to the stockholders
on thu II paid up stock and the balance shall be d
vided rata amongst the policy holders Of the CON-
Ioans 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 Do
vested 10 and exercised by the President, SuperiA
tendent and Board of Directors composed of seven
Including the President Each Of the
Board of Directors in order to be clible shall hold
n his own name at least ten shaees of the Capital
Stock of the said Company The officers of the Com
pany shall consist of President Secretary Super
ntendent and Inspector, VIII shall Be elected annu-
N.Y. and hold their offices for the period of one
year. Until the first election, to, b teld in the
hall have been duly elected aud! qualified, D. Ne
yrotto, Jr., shall be President, A.. II. Pons, Vice
resident; Charles e.. Mil, Secretary; D. Leubrie,
'9Perntendent, and Dr. Charles A. Sten Inspector
The first Board Of Directors shall conss. Of the
blowing stockholders.of the Company, to,wit:
ID. NegrOttO Jr., Pierre Canterou, P. COutelcn,
= Merz, A. 81. Pons Joseph Smith, and D. ,Leubr 9.
The said Board shall continue in office until the
rs! Monday Of the month of December in the year
uccess0rs shall have been duy,elec, ed and qualified
The President shall preside at all meetings Of the
Board Of Directors and Stockholders of the Con-
any He shall sign all policies; checks and certif-
ates, and generally do and perform all executive
cts required for the transaction of the business of
ent, the Vice President shall take his place. act in
is stead and exercise all his powers and functions
he Vice President shall be the Chairman of the Fl
anee Committee. 1t shall be the duty of the Super.
1tendent to transact the business Of the Company
pertaining to his department. He shall in con-
motion with the Inspector make monthly tour of
lspecton Of the live stock insured in his Company
, observe their condition and Treatment. He shall
epOrt any violations OF the rules of the Company 7
le Company, make careful inquiry, and ascertain
1e nature and Of death. He shall appoint /
U agents subject to the Presidents approval
1t 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
d furnish such statements to the SUPERB. tendent
le Superintendent shall make monthly Q iOint in
'ectiOn Of all animals insured in this company The
rgical relief to all animals insured in the company
I'd which have been reported sick, and 1der such
until their restoration to health.
ARTICLE FIFTH
All assurances effected in this Company shall be n
BON the basis of a wothirds value OF less but no
surance upon any single animal shall amount to v
'er one hundred and fifty dollass There shall be |
specific amount stated upon each animal insured. /
pom the death Of any live stock insured in this
'mpany it shall be the duty of the owner thereof
give immediate notice mot exceeding five hours if
curing in the day. and fifteen hours, if happening
night to the Company. The Inspector shall make
rigid examination Of such deceased Live Stock, in
s igating fully the cause of DEATH whether by acct
mt natural causes, cruelty or fraud and no policy
lder shall demand, claim recover from said Cor.
ration, any payment of loss without first having
tanned and presented certificate signed by the
spector and Superintendent and approved by the
esident of the Company
ARTICLE SIXTH. =,
There shall be general meeting of the Board of -
rectors on the first Monday in May. September and
Anary of each year. Four Directors shall consti-
tie quorum for the transaction of business.
ARTICLE SEVENTH u
It shall be the duty of the President to cause to be
epared and published statement of the business
the COMPANY at the end of the wear which aha1I