New Orleans Republican., 1868-11-16

Tor the purpose of conducting and managing
tle electlon of the board; those receiving a
majority OF all votes cast shall be declared
euly elected, and take their seats on the
Tecono Monday after the election.
! case of no election on the dav
hXed, the President ST. all cause an electit n
10 De held within ten days thereafter, after
que notice, the following persons are here
oy declared to be the first Board of Direct
9rs; Il. NJ. Montgomery, D. L. Shearer, B.
=. >. montgomery, William Saunders, James
1. summers, who shall, Immediately after
organization, elect their President and
cashier, appoint all officers, clerks and em>
pl9yes OF this bank, adopt the bylaws,
rnies and regulations, and do and perform
an acts necessary 10 carry in full effect the
workings and objects OF this bank; pro-
Vlded, that nothing in the bylaws shall
connect with the laws of this State, or the
true interest and meaning of this act.
ARTICLE VI.
SECTION /. Be it enacted, etc., That it
shall De the duty of the Board of Directors
70 regulate, from time TO time, the rate of
interest to be allowed depositors, SO that
they snail receive as nearly rs can be COM
puted a talr rate, and that they are hereby
authorized, should the condition of this
oank at any time render it expedient to dis
crlmlnate the rate of interest to be allowed
deposltors, and to reduce the rate to be
allowed in all cases where the amount
deposited shall exceed the sum of one
thousand dollars, the object of the present
Incorporation being TO give the greatest
possible premium on the savings of the poor
ana hard working classes of this community.
DEC. =. BE 1t further enacted, etc, That
the oank shall be authorized to hold at in
lerest subject 20 the rate provided by the
Dy-laws any trust fund or money belonging
10 minors or other parties as shall by or
Snaer any decree of any court within the
state be ordered to be deposited therein.
ARTICLE VII.
SECTION !. Be it further enacted, ETC.,
Ihat ali loans shall be on q fixed time and
not over one year, the pawner shall have a
right OF redeeming this property at any
tlme within the specified period fixed on
the payment of the loan and the rate of
compensation agreed, and if the property
pledged is not redeemed within the time
limited 1t shall be sold at public auction and
the net surplus after paying loans, charges
and expenses of all kinds shall be held one
year f0r the owner, # then at that time it is
not called for the same shall go to the credit
oi the general fund of the corporation, less
ten per cent of the net amount, which shall
be paid to the State Treasurer for the char
liable funds Of the State.
SEC 2. Be 1t further enacted etc, That
the bank shall give each pawuer II card it,
scrloed with the name of the bank, the art-
Gle or articles pawned, the name of the
pawner. the amount loaned, when paid, the
date when payable and page Of book where
recorded.
ARTICLE VIII.
SEC. 3. Be it further enacted, ETC., That
IN the month OF June and November of each
year, an estimate of the profits and loss of
this bank shall be made, also d statement of
all dep0sltors, the amount of interest ac.
hn1u. 1.4,NT
posted, all amounts paid by the bank in in
Ierest, ETC., the value of property held on
p'edge, a complete statement of the stock
holders, certified by the President and
Cashier of the bank, in all cases the profits
OF the bank must exceed ten per cent on the
amount of the stock subscribed before a di-
vidend can be declared, and then said diyi.
dend shall be only the amount in excess of
SAID ten per cent which shall be kept as 70
served fund.
ARTICLE Elk.
SEC. 4. Be it further enacted etc. That
all transfer Of stock shall be made only at
sald bank, aud on the books, the new stock
holders binding themselves by said transfer
TO all terms, stipulations and conditions of
the corporation and assuming the liabilities
OF said stock: should any subscriber desire
a transfer before the stock is declared fully
paid, the same must be satisfactory 20 the
Board Of Directors.
ARTICLE Y.
SEC. 5. Be it further enacted, etc, That
at the time Of the expiration of this charter.
or at any time a dissolution of this corpora
ton is expcdient three commissioners shall
be appointed, who shall remain il office
until final liquidation.
ARTICLE xI.
SEC 6. Be it further enacted, etc That
this act shall be in force on and after lis
passage.
(Signed) CHAS. W. LOWELL,
Speaker of the House of Representatives.
(Signed) OSCAR J. DUNN,
ACKNOWLEDGEMENTS, and President of the
Senate.
Approved November g. 1868.
(Signed) H c. WARMOTH,
Governor Of the Stale Of Louisiana,
A true copy;
GEO. E. BOVEF,
Secretary of State. |