INSPECTION OF BEEF AND PORK IN THE PARISH OF JEFFERSON.

3559. [R. S. 1869.] It shall be the duty of the Governor to appoint a suitable person to be Beef and Pork Inspector in and for the parish of Jefferson.

3560. [R. S. 1870.] Said inspector shall be entitled to the same fees as are now allowed to the inspectors of beef and pork in and for the city of New Orleans.

3561. [R. S. 1871.] He shall have and exercise the same rights, privileges and powers as are conferred by the several laws of this State upon the inspectors of beef and pork for the eity of New Orleans.

INSPECTION GENERALLY.

3562. [R. S. 1873.] It shall be lawful for any owner, agent, consignee, or receiver of produce, to sell or ship the same, with or without inspection; provided, however, that the said owner, agent, consignee, or receiver, shall be bound to have any produce offered for sale inspected, when inspection shall be demanded by the purchaser. Said inspection, when required, shall be made by the inspector commissioned under the authority of the State.

INSURANCE COMPANIES.

STOCK COMPANIES.

Stock Companies May Be Formed for What Sorts of Insurance. 3563. [Sec. 1, Act 203, 1908, p. 301.] It shall be lawful for any number of persons, not less than fifteen, citizens of the United States, and residents of this State on compliance with the provisions following, to form insurance companies on the stock plan, for any of the following purposes, to wit:

First. To insure against loss or damage to property by fire, lightning, windstorm or tornadoes.

I

Second. To insure vessels, freights, goods, money, effects and money lent on bottomry or respondentia and every insurance appertaining to or connected with marine risks and risks of

transportation and inland navigation, including insurance upon automobiles, whether stationary or being operated under their own power.

Third. To insure the lives or the health of persons, and every insurance appertaining thereto, and to grant, purchase or dispose of annuities.

Fourth. To insure against injury, disablement or death resulting from traveling or general accident, and against disablement resulting from sickness, and every insurance appertaining thereto.

Fifth. To insure against loss or damage resulting from accident to or injury suffered by an employee or other person and for which the person insured is liable.

Sixth. To guarantee the fidelity of persons holding places of public or private trust.

To guarantee the performance of contracts other than insurance policies and executing or guaranteeing bonds and undertakings required or permitted in all actions or proceedings or by law required.

Seventh. To guarantee and indemnify merchants, traders and those engaged in business and giving credit from loss or damage by reason of giving and extending credit to their customers and those dealing with them.

Eighth. To insure against loss or damage to property of the assured, or loss or damage to the life, person or property of another for which the assured is liable, caused by the explosion of steam boilers, pipes, engines, and machinery connected therewith and operated thereby, and to make inspection of and to issue certificates of inspection upon such boilers, pipes and machinery.

Ninth. To insure against burglary, larceny or theft, or either or attempts thereof.

Tenth. To insure against the breakage of plate glass, local or in transit.

Eleventh. To insure against loss or damage to an automobile resulting from collision, and against loss by legal liability or damage to property resulting from collision of an automobile with another automobile, or vehicle, or object.

Twelfth. To insure against loss or damage by water to any goods or premises arising from the leakage or breakage of sprinklers and water pipes.

Thirteenth: To insure against loss of live stock by death from disease, lightning, tornadoes, cyclones, accidents and every other casual or accidental cause, also against theft.

Fourteenth. To insure against any other casualty specified in the charter which may legally be the subject of insurance.

What Charter Must Contain.

3564. [Sec. 2, Act 105, 1898, p. 134.] Every charter of companies incorporated under this Act shall contain:

First. The name and title of the corporation and the place chosen for its domicile.

Second. That they are formed for the purpose of transacting insurance business, stating the nature and kind thereof. Designating the officer upon whom citation shall be

Third.

served.

Fourth. The amount of capital stock, the number of shares, the amount of each share, the time when and the manner in which payment of stock subscribed shall be made.

Fifth. The designation of general officers, the number of directors or trustees, and their names, and the mode in which the elections of directors or managers shall be conducted.

Sixth. The mode of liquidation at the termination of the charter.

Seventh.

Such other provisions or articles, not inconsistent with law, as they may deem proper to insert therein for the interest of such corporations, or the accomplishment of the purpose thereof, or to define the manner in which the corporate powers granted in this act shall be exercised; and shall thereupon publish the said charter or articles of organization for thirty consecutive days in the official journal.

Secretary of State may refuse certificate to industrial life company when charter does not comply with this section, State ex rel. Lumberman's Ac. Co. vs. Secty. of State, 124 La. 558.

Business Such Corporations May Transact, Capital Required.

3565. [Sec. 2, Act 203, 1908, p. 301.] No corporation so formed shall transact any other business than that specified in its charter or articles of organization, and no company shall be formed for the transaction of both fire and life insurance.

Companies formed for the transaction upon the stock plan to insure fire, marine and river risks shall have a subscribed capital of not less than Two Hundred Thousand ($200,000) Dollars. Companies formed upon the stock plan of life, liability,

fidelity and surety insurance, or for the transaction of business authorized under the seventh, eighth, ninth, tenth, eleventh, twelfth and fourteenth paragraphs of Section first of this Act, shall have a subscribed capital of not less than One Hundred Thousand ($100,000) Dollars, and under paragraph thirteenth shall have a paid up capital of not less than Twenty-five Thousand ($25,000) Dollars, and companies doing business under this paragraph must in addition to complying with all of the other laws governing insurance companies shall deposit with the State Treasurer, approved securities such as now required by law from surety companies in the amount of not less than Five Thousand ($5,000) Dollars, and such securites he shall hold as security for policy holders in the company.

That the capital stock of all such corporations shall be subscribed and paid for in cash, within twelve months from the date of its charter, and no certificates of stock shall be issued until paid for in full and no policies of insurance shall be issued by said corporations, or business done by them, until fifty per cent. of the entire capital shall be paid for in cash; and, if the whole of said capital stock shall not be paid for in twelve months from the date of the charter it shall be the duty of the Secretary of State to immediately revoke the license granted or issued to any such corporation to do business in this State and publish notice of such revocation as required by law the charter of the offending corporation shall be forfeited, and all contracts of insurance entered into after the revocation of such license shall be null and void. Any company which shall combine two or more of the subjects specified by Section first of this Act shall have an additional capital stock of Fifty Thousand ($50,000) Dollars, fully paid in in cash for every kind of insurance more than one which it is authorized to do by Section 1 of this Act, providing that the provisions of the section shall not apply to companies organized to transact life, health, accident, burial or sick benefit insurance on the industrial plan.

Capital subscribed must be paid up in twelve months, State ex rel Ins. Co. vs. Secty. State, 125 La. 55.

Sec. 3 of Act 203 of 1908 repeals all "laws on the same subject-matter or in conflict herewith," but the title repeals only "laws on the same subjectmatter in conflict herewith."

Board of Directors.

3566. [Sec. 4, Act 105, 1898, p. 135.] (a) The Board of Directors of each insurance company or corporation organized

under this Act shall consist of not less than five (5) members, or more than twenty (20), chosen by ballot from the stockholders, who shall hold office for one (1) year, or for the term provided in its charter, and until their successors are qualified.

(b) In the choice of directors, and at all meetings of the company, each stockholder shall be entitled to one (1) vote for each share that he holds, not in excess of one-tenth (1/10) of the capital.

(c) Proxies may be authorized by written or printed power of attorney.

(d) The directors, before they are qualified to act, shall file with the Secretary of the company a written acceptance of the trust. Not less than four (4) shall constitute a quorum and a majority of those in attendance may transact business.

(e) Vacancies in any office in the Board may be filled by the directors or the stockholders, as the by-laws may provide.

(f) They may call special meetings of the stockholders whenever they may deem proper, and shall call such meetings on the written application of the owners of one-fourth (1/4) parts of the capital stock. No stockholder who does not hold in his own name at least ten (10) shares of the capital stock shall be eligible to membership upon the Board of Directors.

(g) The Board of Directors shall meet at least once a month.

(h) The Board of Directors shall annually choose by ballot a President, who shall be a member of the Board, a Vice President, a Secretary, and such other officers as the by-laws may provide.

(i) The President, Vice President and Secretary shall annually be sworn, and their oath entered on record in the company's books. The President, or in his absence the Vice President, shall preside at all meetings of the directors, and of the stockholders. In the absence of the Vice President, a President pro tempore may be chosen.

(j) The Secretary shall keep a record of the votes and proceedings of all meetings of the directors and stockholders; a list of the stockholders and the number of shares standing in the name of each; a record of all transfers of shares, and of all policies issued and all authorized assignments, cancellations and transfers thereof. He shall keep such other books, and perform such other duties as the President and Board of Directors may