New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-12-01
LAWS OF THE STATE OF LOUISIANA
PUBLISHED BY AUrHoR1TY.l
AN ACT
To incorporate the Loan and Pledge Asso.
citation,

--. AN ACT
To incorporate the Loan and Pledge Asso.
citation.
SECTION /. Be 1t enacted by the Senate
and House Of Representatives, of the State
of Louisiana in General Assembly convened,
That the following named persons, their
successors and assigns are hereby created
body polite and corporate under the
name and title of the Loan and Pledge Asso.
citation, with the powers and rights as set
forth in the following articles, viz: Alfred
Marchand, Charles Fl. Foster, Henry Klop.
penburg, H. W. Kloppenburg, R. Huber.
valid, A. G. Denonvian, St. F. Casanave
Article THE name and title of the said
Corporation shall be the Loan and Pledge
Association, and its domicile is hereby estsb.
lished in the city of New Orleans. 1t shall
commence business as soon as fifty thou
sand dollars shall have been subscribed,
and snail exist for twenty-five years
from the date hereof, and any such
by special act of the Legislature of
this State. 1t shall have power to CON
tract, sue and be sued, to hold, receive, pur-
chase, convey, m ortgage and receive in
mortgage, pledge and receive in pledge,
property, both real and personal, to make
and use common seal OF such device as
may be recommended by the Board of Di-
rectors herein established, to name and ap-
point such managers, directors, officers and
servants as its interests and convenience re-
quire, and to create and establish proper by
laws and rules for the regulation and man
agement of its affairs, all in its corporate
capacity.
Article 2-The object and purposes of said
corporation are to make and enter into all
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 are out
of employment and temporarily in need o.
| money for the support of themselves and
| families, and to make and execute, issue and
receive certificates of pledge of any kind
and nature whatsoever for the pledge OF
movable property, and to do and perform
generally every act and thing to the bust,
ness of loaning money on the security OF
pawn or pledge belonging or in any wise ap'
pertaining.
The said Association may, for the interest
of its stockholders, purchase from time to
time any certificate or certificates of pawn
or pledge, or other obligations issued or to
be issued by the said corporation. ALI cita.
tons, notices and other legal process shall
be served ON President, who shall be ap.
pointedin the manner hereinafter provided
for.
Article 3-The capital stock of the said
Association shall be two hundred thousand
dollars, divided into two thousand shares oil
one hundred dollars each, to be paid for al
the time and in the manner following, to
wit:
The subscribers to the said Associa-
ton shall pay into the hands of the
President, upon its organization for bust.
ness, the sum of twenty dollars on each and
every share of stock subscribed by them, the
remaining eighty dollars per share payable
on demand at the office Of the company ,aftei
fifteen days notice from the President and
Cashier. The said capital stock of two
hundred thousand dollars may be, by two
thirds vote Of the stockholders, in number
and amount extended to an amount not to
exceed five hundred thousand dollars. =
Article 4-All the corporate powers of the
said association shall be exercised by a
Board of Directors, to be composed ofthree
Directors and ex-ofticio, the President and
Cashier, any three of whom shall constitute
quorum for the transaction of business,
over which the President, or, in his alb
sence, the Cashier shall preside, or, in the
absence of both the said officers, one Of the
said Board, to be selected by the members
present, and the person or officer thus pre-
siding shall exercise casting vote in case
of an equal division In the vote o.
those present. The following named
stockholders, together with the President
and Cashier are hereby constituted the first
Board OF Directors and invested with all the
rights and privileges herein specified, Il
wit: ia-lf ~
Article 5-The Board Of Directors shall g.
the amount of the compensation of all off
GERS, clerks and employees Of the Associa
ton. They shall invest the profits anc
gains of the Association as herein provided
for. They shall make and adopt by laws
rules and regulations fer the proper govern
meHt of the Association and the transaction
of its affairs, and alter and change the same
at pleasure: Provided, The same shall moi
conflict with the laws Of this State, or the
true intent and meaning Of this act. They
shall have full power to do and perform al
\ acts and things not herein provided for
which may be necessary TO carry into full
effect the object and purposes Of the sale
Association; and they shall also have power
to fill all vacancies which may occur II
! their number or in the offices Of President
and Cashier. lSt aTI
Article 6-To the end that the term O
service Of the aforesaid three Directors shall
not expire at the same time, the said Direc-
tors shall by lot be 80 divided that they
shall be respectively designated as the First
Director, Second Director and Third Direc
tor, the term Of whose service shall expire
as follows: That Of the First Director in one
year, that of the Second Director Ia two
| years, and that Of the Third Director II
three years, to date from the first Monday II
May, 1868; and on the third Monday Of Apr
IN each and every year thereafter there shall
be.bolden at the Office Of the Association, IL
the city Of New Orleans, between such hour
as may be named or designated By the Boart
Of Direeturs, an election for Director In TIL
place and stead Of him whose term Of ser
| vice shall then expire, of which said election
previous notice Of not less than. ten day
shall be given By public advertise
ments In two newspapers published Ii
this city, and It shall be the duty Of tn
Board Of Directors. At some meeting Of sail
Board prior to such election, 10 appoin
three competent persons nom among tn
stockholders, not Directors nor officers o
this Associations toact as inspectors Of sail
election. to snperintand aud cnndnc
the same, and to certify to said Board IN
result thereof ard should any Of the pei
sons 40 appointed decline Of fan ,th
Presleent shall hayepoFer .oappoin, other
80 filI the vacancy. q + ~. {
Nothing Id this cot shan be construed 4
. render any Director incl elble to eaid Of
dee Of Director. Those receiving MAORI
II Of votes east shall ba considered dull
/ elected and ehail take THAR saata N, N.