The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-12-02
LAWS OF LOUISIANA.

sKcr,oN 1. Re IL esacted by tie Senate and
Ho.se OF REPRESENTATIVES Of he State Of Loutsi
ana IN Generol Assembly conuened. That the
following pssed persons, their successors and
assigns sss hereby created a body polite aud
corporsfe under the name and title Of the loan
apdf Pledge Association, y with the powers and
rights asset forth In the following articles, viz ::
Alfred karchsud, Charles H. Foster. Henry Klop-
penburg, II. W. Kloppenburg. iR. Huberwad, A.
G. Denonyian, st. F. Cssanave.
Article The name and title of the said cor
poration shall be the Loan and Pledge Association,
and its 6emicile is hereby established in the city
soon as fry thousand dollars shall have been sub
ecribed and shall exist for twenty five years from
the date hereof, and any such longer period as
may be granted by special act OF the Legislature
of this State. II shall have power to contract. sue
and be saed. to hold. receive. purchase. convey.
mortgage and receive in mortgage. pledge and re-
ceive In pledge property. both real and personal,
10 make and use common seal OF such device as
may be recommended by the board of directors
herein established, 10 name aud appoint such
msnsgerS. directors, officers and servants as its
interests end convenience require. and TO create
and esta 3ish proper bylaws and rules for the
regulation and management OF Its Affairs all in its
Article 2-Ths object and purposes Of said cor.
poration are to make and enter into sll manner of
contracts and arrangements for the pledge OF, and
to receive In pledge movable property In order to
promote the interest of the working classes who
money for the support of themselves and families,
ana 10 make ana execute, issue ana receive ceru-
fcates OF pledge OF any kind and nature whatso-
ever for .be pledge Of movable property. and to
DO and perform generally every ACT ana tning 70
the business Of loaning money on the security Of
pawn, or pledge belonging or in any wise spper.
tanning.
The said association may, for the interest of its
stockholders, purchase from time 10 time any Ger
uncate or certncates OF pawn OF pieoge, or otner
oDhgauens Issued or 10 De issued Dy tne SAID cor.
poratioh All citations, notices and other legal
process mall De served on president, VINO snail
be apo nted In the manner hereinafter PROVIDED
ior, ,.,,. IT,. ,.n,,., .,oOt q, tho ..,a ...oo,.
ton shall be two hundred thousand dollars;
divided INTO two Thousand shares Oh one hundred
dollars 9ach, 10 De psio ior al the ume and 10 the
manner following, towt:
The sgoscrioers 10 the said associstion snail pay
into the bands OF the president upon Its organize
ton Tor business, me sum Oh sweny aolaIs on
each arc every snare OIL stock suoscrloeu oy .nem,
the remaining e'gnty aonsrs per snare psys ess on
demanq a. tne once Oh tne company a,,er ni. Ecu
days npuce from tne pIesiuen1 ana cssnie.. in IA,
SAID csp3iai stoeA oI WY IunoIeu saousanu u1l
lars mtI oe, py = "o-.nnus soee Y, eno s.ooh
noioers, 10 NUMBER sao alnouns eA'enueu 70 au
smoont not W eAceeo n'e nunufeo 'nousand uoi
iars.
Article AN tne corporate powers OF tne saia
association shall be exercised by board OF al.
rectors.: to be composed OF three directors and
ex-oficio the president ana cashier, any tnree Oh
whom shall constitute a quorum ior the transac-
ton of business, over which the president, or, In
MS Absence tne cashier snsn preside, o.; 10 inc
absence OF ootn tne sala omcers, one OF tne saiu
board, 10 De selected py tne memoers present
and the person or o1ncer tnns presldlng snan ex-
ercise casting vote IN case OIL an equai division
IN the vote Oh tnose present. Ine Ioho.lng
named stockholders, togetner win tne PRESIDENT
ana cssnier are nereoy consumes .ne nrs. ooaru
OF directors ana investeo WIN All tne Hghs anu
nFiu n a
Arucie o-ihe poafu VI o"ecV0rs suaii ia ese
amount OF tne Compensation ol AL Uniceis, cel =.
ana emf ioyes OF tne ASSOCIATION; Ihey snsu in-
vest ths pronts ana gains OF .ne assoSIsuon Is
herein PROVIDED ior. Ihey snsil MAKE ana soops
oyiaws, rules ana reeuiauons lot .ne prope. gov
ernmeet OF the association ana me uansscuon OF
1ts snsHs, and alter ana cnange tne same AZ plea
sure xroc.aeu; Inc sa.,o sna. nos
the lava OF TINS STATE or me true intent ana mean
ing of tSis act. They shall have full power to do
ana perform al acts ana tnlngs no. heIeln pro
v'oed Ier, whicn may De necessary 10 carry into
1uii erect tne opJect ana purposes OF tne sau ss
socation ana ,ney snali also nave power 70 ~,
an vaesscles wnlcn nay Occur AZ sae' hu"oei VI
ln the omces OF Presioen. anu casnleI.
Aruele 80 inc end tnat .ne Term OF se.sice
OF ,ne aforesaid tnree oi,ecsoss susu MI
sstne same ume; sne sa,u u'i oo'o saa y ~
80 div'aeo sns' uney snsn &c s;y ,ss.S
,ha ,sr ~ wboss service sbsIl ARE as
ioliows; inss Vi .ne n's' y, u,ecsor ~ que ~,
INA. Oh ,ne seoonu uiec.or ~ wv years; suo ns'
'ae u ane .a'1 30 yea,s, "a W us .s ,s;.S
sne nls. uonasy ~ NAY, lSVo suu ou .ue ,h suau
VI Hp In s,da aa ~ ~ ns 90 thu
sIser 1cre shsh po no'ueu es VIC Too Vi sno es
soeis.'on, 10 INC c,'y VI Nc" orl1sos, 1esmee sa
sucn sours ss may DC nslheu OF ue7,sna.eu ~ .ue
ooslu oi enecso's, an e.eouon ~, un ~ ~ sno
YIace anu s'esu VI nim VICE selm Vi ssrs,oe
ensn tnch eAPho, VI "non soiu o'o0"ou P.osous
notice OF not less IMAM ten Gays snail De given oy
public advertisements IN TWO newspapers pub
lished 10 this city, and shall be the duty OF the
board of directors, at some meeting OF said board
prior to such election, to appoint three compe-
tent persons from among the stockholders, not
directors nor officers of this association. to act
inspestors Of said election to superRtend and con-
duct the same and to certify to said board the
snit thereof, and should any of the persons so ap
pointed decline or fail TO attend, the president
shall nave power to appoint others to ill the va.
cancS.
Nothing In this act shall be construed as to rem.
der any director ineligible to said Office Of director.
Those receiving majority Of votes cast shall be
considered duly elected, and shall take their seats
on the first Monday Of May after the election, and
shall hold the same until others are elected in
their stead. Ia the event OF no election taking
place on the day fixed, the president shall cause
an elfcton to be held within ten days thereafter,
and shall give notice thereof by advertisement in
two of the newspapers published in the city of
New Orleans, repeating the same, if necessary,
until said election Is effected.