Baton-Rouge gazette. [volume] (Baton-Rouge, La.) 1819-1856, 1842-02-12

the balance 1T twelve months, renewable until
fully piid, OIL the payment Of fifteen per cent.
each year on the original amount. Prosiled
ample AMI satisfactory security on real estate
be furnished by the applicant.
ID. The payment 81 ten per cent. exclusive
of interest, on the maturity Of the debts, and
the balance by equal instruments of g, IL, IA,
and "a months, provided tho applicant furnish
good and suffic ent personal security. Prov i'd
ed, that for the debts due to the branches or
by persons residing in the country on person.
al security, twelve months shall be granted TO
the debtors on the payment of ten FER cent.
cash exclusive OF interest, and ouch debtors to
retain the right to renew the same from year
to year, on the payment Of fifteen per cent. on
the original amount until fully paid. And pro-
viied also. that the parties applying for the
| renewals contemplated in this section, shall
not BIZ entitled to any credit as drawers or OBJ
tanning any loan guaranteeing the same, until
they shall have completely paid the amomnt
so loaned them. And it shall be lawful on al!
the above loans, for the banks to charge eight
per cent discount provided that from the first
payment to be made to the bapis, as required
in this section, shall be deducted all payments
made TO said banks, by such OF said debtors az
may hereafter apply Tor renewal from and A.
ter the 24sh Dece Der lSil on loans made
prior TO that date.
Sec. 4th. Be it enacted, &c; That hcrcaf-
ter no property shall be sold upon any process
issued upon a judgment on nfyrigaga III favor
OF any BANKING institution in this state with
out the benefit Of an appraiaement. and upon
the conditions regulating ordinary sales: Pro
yided, that this shall not apply 10 property
banks for loans upon stock, nor il any case
except upon new loans, according to the pro-
visions of this act.
Sec. 5.h. Be ii, &c; Tint for the sole rur-
pose of enabling the banks to carry into full
effect the second section of this act, the banks
are hereby authorised to issue notes payable
on the goth of September 1912, or TO stamp
their present NOES. including their respective
notes now in circulation payable at that epoch
to an amount equal TO double the stock of spe-
Gle they may respectively have on hand; Pro-
vided that for the amount of notes issue , aid
thus to be issued and unrepresenfed by spe-
! cic, there shall be furnished by the respective
banks, as hereafter directed, an equal amount
of Louisiana state bonds, or Of NOES bearing
mortgage on real property. and exceeding by
twenty per cent. the amount OF bark notes TO
be issued as above, and all notes thus issued
or stamped payable 3G,h September 1872.
shall be subject to the formalities hereinafter
provided for.
Ser. 9Th. Be it further enacted. &c; That
all bank notes to 81 Issued or stamped payable
:30th September 1892, az provided for by the
5;h section Of his act, shall also be stamped
by the Beard of Currency, that a complete re-
cord of all NOES so stamped shall he Fept By
sald board. That all securities offered by the
banks, other than state bonds, shall be first
submitted to the appreciation Of tho State
Treasurer and Board of Currency, a majority
Of whom shall have the right to reject the
came if not found sufficient.
The whole of such securities shall be lodT.
ed for safe keeping in one of the proper
banks, subject 10 the joint order OF sald Boart
of Currency and Treasurer, and shail there
remain rs A guarantee for The faithful paymen
of all cash responsibilities of the respective
banks until the resumption ofspecie payments
> as hereafter provided.
That all bank notes s'anapel in pirst1nc'
Of this section shall be received at par BY a
banks working under this act in payment G
debts due Il EN-.
Sec. 7. Be it further enacted, &c; That
any bank voluntarily or otherwise entering
: into liquidation Ianier this act, on its passags
. or any time thereafter, shall be relieved 'roI
the DaymeBt of any bonis to the SAFE or cor
pora.ions not vet due, or from the further per
Torrance OF any public work and improvement
. not vet completed imposed by its charter, pro
vided that this privilege shall not apply :" an.
bank in which the Safe is a stockho'def, O
for the debts or obligations nt which the Stat
is liable: Provide that his clause shall nc
be considered as releasing any bank whic
NAV have constructed a'y public work or IN
!. provernent from the obiiga ion of snrrcnder'n
J. I'D the samesat the time and on the CONDITION
. fixed by lis charter to the SAFE or TO any COZ
~poration as provided by tia cbar'er@~
: 1s~In CAGE such hank stab IN conformity WI
= its charter, have Constructed ard complete
any public works or improvements, such ban
nav retail. it's corporate powers and all Ii
; other privileges conferred by lis charter, s
!, far only as the centiRu nee OF sucn pnTo
j. and privileges may he necessary to e able
, TO retain the property in silci works and 10
" proveEnents, and 10 manage AMI carry on Z
same until the Termination CT the period tSt
by it's Oh rter provided thai, as regards Il
u Gas Light and Banking Company, the tn
" shall not. extend beyond forty years from Il
date of it's charter. And provided, furthe-,tn
y said Gas-Li.ht AMI Banking CeuGas:y s5a
- within six months after the passage OF =
act, consent to transfer tn the different muT
= cipaIit:es, or any corporate body or bodies r
~ presenting the city Of New Or'eans, the rig
given by the All section Of the cslarte' OF s.
bank, of purchasing the Gas-W orks-frov
ed thai nothing in this section shall he &c
= s.rued to release the AtchafaFaya Rail Ro
n, and Banking Company from me Obligation
making the Rail Road imposed by It's chart
'ps except so far as the State IS concerned
condition that said Baqk shall grant TO
m debtors applying for the same, as fhstr resft
" tive debts shall fall due or shall have tail
. due here oFore, the same terms, the SINE CT
aitiuns, and the same Restrictions and the
CURLY to be de.erGiine1 in the same rnans
as laid down in tire third section OF iifs
ed and shall he entitled to charge the SAME II,
he rest and submit to all the provisions Their
iay contained -
ISL Sec. b. Be il further enacted, &c; L
led as a further consideration for the extension
ach time required to be given to Their respect
debtors, by the preceding section, by the pa
iey that may now or hereafter enter into liqri
OIL tien, voluntarily or othetwse, 1t SHAH De
duty of the Board of Currency whaneVe
It's bank shall, by written notification to the q
ernoY ri the State, place itself in liquidat
be- or be compelled to DO so under this aet, 70
lelr nuire of the Board OF Directors OF sail 81
s-e- and under the oath Of is President and u
UGH Ter, a statement Of it's cash assets and siaE
OF ties. And it shall be the duty of the banks
hall in liquidation under the provisions OF this
r OF and as a condi' ion for the restoration OF t
Of charters, to receive at par at their respor
De counters in payment of all aebts and CD
!, so TINS due and owing TO them raspartlyey Y,
MI circulation Of the bank or banks that n'Sy
ter into liquidation vclaa*arify or o'her'
- - under the provisions of this act. Ant the
) circulation " en- so received shall be di
IS CT 49, .rarr tbs sayeral hanks no, in liat
ton according to the circulation OF each b
That which circulation for the purpose OF ,nis
.slIy tribution shall be deemed to be as folio"