Southern sentinel. [volume] (Plaquemine, Parish of Iberville [La.]) 1848-1858, 1852-02-21
The Citizens Bank.
From the Bee.

The act introduced by Mr.. BENJAMIN. a. =,
substitute for the bill of Mr.. Cade, provides suk
stantially, but in 4 more formal manner. si
with more restrictive clauses, for the restor
ton Of the Citizens Bank to the rights and nrr
ileges enjoyed By that institution prior to ta
decree of forfeiture rendered against it in ts
Fifth District Court, in October, 1912. Tho
preamble of the act declares, that. as the Ststs
is responsible for the bonds to the Amount f
over $6,000,000 issued i'll favor of the Bank i
at present such as to expose the State to loss
and as moreover the administrators of the BauE'
on the part of the State, have represented that
the State can be amply secured, if they arefes
ted with the control and administration das
affairs, as before the forfeiture, it is enacted
l. That the Bank shall be relieved from lie
degree of forfeiture.
2. That this act shall not take effect until the
Bank shall have restored to the Governor the
sum of 100000 of cancelled bonds and ssl
have raised by contributions from steckholden
additional assets to the same amount.
g.. That three Commissioners shall be elected
who shall be bona fde stockholders Of aS
Bank.
4. That these Commissioners shall have DOW.
er to negotiate for the surrender of bonds, and
for the extension of the time which the bonds
have to run, to a period not exceeding fire
years. They are likewise empowered to call
on the Stockholders for contributions, not to
exceed $l2 per share, each instalment of wha
shall bear an annual interest of 8 per cent.
5. That Bondholders may become StockhdG-
ers, by surrendering their bonds and recehag
certificates of stock or bonds of the bank in lien
thereof. The stock thus obtained shall beariM
same proportion to the whole amount of tie
Stock of the Bank, as the bonds surrendera
bear to the whole amount OF outstanding STATE
bonds.
6. That this act shall not 90 into effect until
formally accepted by the written vote of q M
jority of the Stockholders.
Z. That when the act shall take effect, five
Directors shall be chosen by those Stockholders
who have exchanged their bonds for $800,00oof
stock; four by the remaining Stockholders, and
two shall he appointed by the Governor, by and
with the advice and consent of the Senate
The Directors thus chosen shall constitute the
Board, and shall be empowered to administer
the affairs of the Bank.
s. That in suits brought against the Bank,
whether in the inferior or appellant Courts, 2
summary trial shall be granted, and a decision
Us SooH dS Is conSiSteht WIN uo Snus
of justice.
Such are the features of the bill. They seem to
US eminently just, simple and eficacious. They
avoid several of the objections complained o.
by Governor Walkerin his veto message. Inc
title is entirely consistent with the objects o.
the bill. The act itself is not overloaded BY
cumbrous and obscure provisions. The STATE
is securely guaranteed from all danger OF loss
by the positive inhibition of the bank from re-
Stunning her power, until she releases the State
from its responsibility upon $4,000 Of bonds
and increases her own assets to the same
amount. We trust that this measure may BE-
come a law. VIZ hope so for the sake Of the
State, as we'll as the interests of the Stoekha-
der. The bill has been framed expressly WIN
a view of obviating Executive objections and o.
quoting Constitutional scruples. There IS
hardly a Democrat in the Legislature who eaa
to approve so excellent and well guar
ded an act.