Baton-Rouge gazette. [volume] (Baton-Rouge, La.) 1819-1856, 1852-02-21
AN ACT
Fon TuE HELiEr or THE CiTfzEss' BAN,
HI f4js pt Tnt,tsiASA

: G or L0utsiAsA
! Whereas, The Stat. 0f 1,euiaiuna
9 now Responsible for bonds lss0ed III fsve
i u the Ciiize,is' Bank OF Lopi-,nia. Tor
J .nn, ssees,lipg SIX milians Of dollars. tt
> getIier with ACQUIRING interest thereon
aud whereas tie present condition Of sai
/. bnuk Is such rs to expose tie State 10 los
from tlie Inability vi snld ljnHk To meet th
. payment Of sad ls,,lds and interest, II ,h
liquidation of ilis bark l,e continued o
tile system nov established by Inv All
Wbefen=, ilie ii,aIlsxers appointed h
Tie SIhle of sahl benk hive represente
Tint The rtoekbolders will lie epabIca Il
seeGrs The State from The sail fsa ~ lass
II they be fe,tored TO The ean'roI md cd
lnhistrution Of The aauirs of sud bank
with the rights. privileges aiid i,nniuniiie
! possessed Ivy shd bunk nj the dute Of til,
,|ecree u forfeiture rendered Against II /,
the Fifth Disiriat Conrt OF New Orleans
nn the tYsli day Of October, 1s42 Nov
therefore
SEQ. tst. Belt enacted hy the senai.
mud HuDse Of Representatives Of HE Stat.
/ 81 Louisiana. iH General Assembly con
veued: That ille said Ciiizens' Bank o
Louisiana be und The Same IL hereby re-
lieyea from The decree Of forfeiture render
sl against i ut flle suit oftlie State Ia tI,.
Fifth District Court Of New Dreams Of
The 18th day Of October, 1912, aud the I'd
nniAlfatiou aud conduct OF the nlli,irs d
4 dild ljhiik, shall le restored to ts stock,
/ holders thereof In the saige n,nuner, with
the ssn,e tights nnG privileges, % The snne
1 extent uii with the sanie restrictions us II
enid decree Of forfeiture had never beeu reli.
| dure,l.
| Sec :. DC 1t eiiueied. &c. That tl,i. aet
| shall not take effect until tie snid Ci,zeiis
Bahk Of Il0ttla,bna sIaIl lave restored To
| tl,e Governor Of the Sthte bouds Of ilie
| State 10 the amount Of $4,000 alrd
sl,all have raised, by contribution from its
Stockholders, independently Of lie present
means, nddilipnal aste.ts for ut least
$500 900
SEC. 3. BE IL further etactsd, &c., Thai
for The purpose Of makil,g the ilew nr.
engagements for complying with the eon-
Iitlons Of The prereding section, |, meeting
OF the stockholders shall be called by, The
l,onfd Of Managers, by notice published
tor thirty days IN O newsrhpes, IN New
Orlesns for The election oil three Cominis-
Hioners who shall be bo4a file rtockl,ol-
jers Of lie bank nj lie date Of heir elcc-
titsn, and who sl,nl serve without corn.
psnsaiio, ilutil suid conditions shall have
been fuf,led
Sec. 4. BE II further eiacted, &c., That,
the said Commissioners sllall tnye The
power Of negotiating with the bond hold
ers for the surrender Of ilie whop or any
part Of their boild-, oil slitI terms, coinii.
tons and siiplluiioDs rs ulay be agreed
upon between taid Bond holders and Com
Il,issionefs 10 le tao authorized 10 extend
any part Of the principal Of the debt nlo-
turing l,etween tlIis ald tie Al dry of
ADJUST, 1856. inclusive; provided; said
extension shall not he tor more ,lan five
yeurs; and that the snid Commissioners
shall have the power ol calling on the
stockholders for contit utions on their
stock, IN order fully to supply the diiieieu-
cy nowsexisling IN he slsserts Of said bunk,
aud to form All additional security for the
circnlntion, which contributions .hall noi
exceed Sl2 Twelve delars) per share, In.
9 uding the illstnllncnt already calltd IN,
ID shall be payable III such sums, ut such
Il mes aud on such condiiiops ns sballb be
determined ly snid Commissioners the
instalnients of said ccntribntionst bear y
per cent. per nnlum, from the time they
shall ie ,i,ade payable, and tie payment
of the seme 10 be enforced by eAe.utory
process, as Ia case Of confessions Of judy
mniu.
Sec. s. BE il further enacted. &c. II q
II shall be lawful for airy holder u the
bonds issuod TO said lmlk. whether cili-
zen of the State or not, to become stock
holder ia sni'l bank, Ivy snrreuderlng tlie
bonds OIL the State TO be Cancelled aud re.
ceiving in exchange therefor Bonds OF lie
Bank or,:ertliicntes OF stock pad hi. Tie
stock to be received by snld Boud holders
to bear tile same proportion to the Whole
amount Of the stock OF the Kank, Ms tie
bonds surrendered l,y him bear to the
whole amount OF the outstanding bonds OF
the s;late; and ilic stock received by such
bond holders, shall be transferred 10 him
out a the stock held either by the bank, or
by any stocklolder whose ilortgage for
stock shal Iliereipon be cancelled TO aD
amount equal 10 ihat Of the stock ,railsfer.
red byliini, leaving however the satr,e pro-
petty subject to I'M 'rtsage for any debt
1.., II. al L.
Sec. 6. Be il further enacted, &c That
this act shall moi take effect until il shall
have beem accepted i,y the written votss
OF majority OF The stockholders iii mum.
Der mud amount. s.sss .y
Sec. I. BE it further enacted &c, That
this act shall not take effect oi, d conpli-
alice with oil its provisions, All election Of
directors shall he held according TO its
charter for fiye directors. one Of whom to
be elected BY the stockholders. WHO shall
have exchanged their bonds for stock for
at least SSO0,OO0, as aforesaid, and four
l,y the re- naming stockholders and Two
drecto:s shall. bsappoiiiled BY the Govern
or. by aud with the consent Of the Selias
il then il session and the seven directors
thus chosen shall form lilo Board Of Di-
rectors Of said Bank. into whose posses
sion the said bank shall then pass. 70 be
and condacled according TO
lis charter. a,,d nlder lie same obligations
aud restrict olls imposed by law upon all
banks iii this State.
4 Sec. e. Ecit further enacted, Sc, That
III al snity or. conisstations which may
arise uudef the PROVISIONS Of this act, q
shall be the duty both Of the inferior and
appellate courts IL grant 4 summary trial,
4, i ! siu,rf i .laiav !: NAV 81. constituent