The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-11-17

Il ITOTiQSQ.
thing contained in this act shall be construed tc
allow the deposit Of any article except BY the con
sent OF the actual owners of such articles or mo
ney, or to prevent the recovery from said Savings
and Pawners' Bank OF any article which may have
been stolen or fraudulenily obtained by the depo
| siiors from the owners thereof.
SIC. 2. BE further enacted, ETC., That Il
shall have power to make and enter into all man.
ner Of contracts and agreements for the pledge Of
and to receive In pledge, movable property, 70
make, execute, issue and receive certificates OF
pledge OF any kind and nature whatsoever, for the
pledge OF movable property, and to do and per.
form generally every act and thing to the business
OF ioanng money on security Of pawn or pledge
belonging or In anywise appertaining to the same.
ARTICLE III.
SECTION l. Be IL further enacted, etc., That
all citations, notices, whatsoever shall be served
upon the president or manager.
ARTICLE Nv.
SECTION l. Be II further enacted, etc., That
the capital stock of this bank shall be one hundred
thousand dollars divided into one thousand shares
of one hundred dollars each, which capital stock
may be increased five hundred thousand dollars
by two-fhirds vote of all the stockholders, in gen.
eral assembly convened it may begin business
as soon as fifty thousand dollars has been sub
tcribed, the subscribers to the stock shall pay
into the hands Of the cashier the sum of ten dol.
lars on each and every share subscribed by them
upon the organization for business, and the bal
ance in installments not exceeding ten dollars
vi
Directors, who are authorized to make such call
through its cashier.
ARTICLE v.
SEC. l. Be IL further enacted, etc., That all
powers corporate Of this bank shall be vested in
board of directors, to be composed of five stock
holders, from among which they shall elect their
president and cashier said board shall be elected
on the first Monday Of December next and every
year thereafter, in general meeting Of all stock
holders convened between such hours as may be
cd hv fbo haor Of
death or resignation of any member of said board,
the vacancy shall be filed by the board of direc.
tors in which said vacancy has occurred. No stock.
holder shall be eligible to dictatorship unless at
the time OF his election, and during his continu-
ance Of office he shall own In his own name or
on thst of commercial firm, In which he forms
part thereof, at least ten shares of the capital
stock of the bank. One months notice shall be
given before the election takes place, and the
president, In conjunction with the cashier, shall
appoint three competent persons from among the
stockholders, not directors or officers. for the pur
pose OF conducting and managing the election of
the board those receiving majority of all votes
cast shall be declared duly elected and take their
seats on the second Monday after the election. In
case of no election on the day fixed the president
shall cause an election to be held within ten days
thereafter, after6ue notice. The following persons
are hereby declared to be the first board OF direc.
tors: X. M. Montgomery, ID. l.. Shearer, b. ].
Montgomery, William Saunders, James T. Sum.
mers, who SHALL immediately after organization,
elect their president and cashier, appoint all Off
GERS, clerks and employees of this bank, adopt the
bylaws, rules and regulations, and do and per.
form all acts necessary to carry In full effect the
workings and objects of this bank; Provided that
nothing In the by laws shall conflict with the laws
Of II is State, lor the true intent and meaning Of
this act.
= SECTION l. Be IL enacted. etc., That il shall be
the duty OF the board Of directors to regulate,
from time TO time, the rate of interest to be
allowed depositors, so that they shall receive as
nearly as can be computed a fair rate, and that
they are hereby authorized, should the condition
Of this bank at any time render It expedient to
discriminate the rate of interest to be allowed
depositors, and to reduce the rate to be allowed
in all cases where the amount deposited shall ex.
coed 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 and hard working classes of this commu-
nifty.
bank snail be authorized to hold at interest, sub
Ject to the rate provided by the bylaws any
trust fund or money belonging to minors or other
parties as shall, by or under any decree Of any
court within the State, be ordered to be deposited
therein.
SECTION 1. BE 10 TluuteT enacted. etc.. That all |
loans shall be on fixed time and not over one |
year; The pawner shall have the right of redeem.
Ing this property at any time within the specified |
period fixed on the payment of the loan and the |
rate OF compensation agreed and il the property |
pledged is not redeemed within the time limited, |
i shall be sold at public auction, and the net sur
plus, after paying loans, charges and expenses of |
all kinds shall be held one year for the owner If
then at that time it is not called for, the same
shall go to the credit Of the general fund of the
corporation, less ten per cent. OF the net amount |
bich shall be paid to the State treasurer for the
charitable funds Of the State.
SEC. 2. BE q further enacted. etc., That the
osnk shall give each pawner card inscribed /
With the name Of the bank the article or articles
oawned, and the name Of the pawner, the amount /
oaned, when paid, the date when payable and |
page OF book where recorded.
ARTICLE VIII.
SIC. 3. Be IL further enacted, etc.. That in the
onth of June and November of each year an
stimate of the profits and loss of this bank shall
'e made, also statement of all depositors, the
he amount deposited, all amounts paid BY the
'ank IN interest, etc., the value of property held
N pledge, complete statement of the stock.
oIders, certified by the president and cashier Of
ne Dans: In all cases the profits Of the bank must
xceed ten per cent. on the amount Of the stock
INSCRIBED before dividend can be declared, and
ben said dividend shall be only the amount in
xcess OF said ten per cent. which shall be kept
8 reserved fund.
ARTICLE TX.
SEC. 4. Be IL further enacted, ETC., That all
ransfer of stock shall be made only at said bank,
nd on the books, the new stockholders binding
1emselyes by said transfer to all terms, stipula.
ons and conditions of the corporation, and as.
inning the liabilities of said stock should any
nbscriber desire transfer before the stock is
eelared fully paid, the same must be satisfactory
} the board of directors. rs
- r-.- ARTICLE K. .---
SEC. s. Be u further enacted, ETC., That at
he time OF the expiration of this charter or at any
me dissolution of this corporation is expedient,
Tree commissioners shall be appointed who shall
'main in Office until final liquidation.
ARTICLE XII.
sEc g.. BE further enacted, ETC., That this
It shall be in force on and after its passage,
(Signed) CHAs. W. LOWELL.
Speaker Of the House of Representatives.
(Signed) OSCAR ]. DUNN.
lieutenant Governor and President of the Senate
Approved November 5, 1868.
tSigned) &c. WARMOTH,
Governor of the State OF Louisiana.
GEO. E. BovEE,
Secretary Of State.