The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-10-31
mo. lS4l

No. lS4
AN ACT SUPPLEMENTARY TO AN ACT ENTITLED GAN
ACT TO INCORPORATE THE NEW ORLEANS MECHANIC
1. SOCIETY" PASSED FEBRUARY SEVENTEENTH ONE
TIL oUsAND Eight HUNDRED AND TwENTY-oNg.
ySEcT1oN l. Be il enacted by tie Senate and
House of Representatives of the State of Louisi
ana in General Assembly conuened, That the
Mechanic Society for the further announcement
of industry and relief of distress are hereby au
thorized to establish, in the city of New Orleans,
q savings institute, to be styled the Mechanics
Savings Institute,
SEC. 2. BE IL further enacted, etc., That the
New Orleans Mechanic Society shall, at its regular
meeting in the month of February of each year,
elect twelve trustees, to whom shall be added the
president Of the society, who shall be ex officio
president of the board, and when SO elected, they
are hereby constituted by this act board of trus
tees. and shall have the entire control and man.
agement of the affairs of the savings department
hereby created.
SEC. 3. Be ii further enacted etc., That the
board of trustees shall have power TO make such
laws and regulations as may, from time to time
be found necessary, provided that such laws or
regulations are not repugnant to the provisions
of this act, the Constitution and laws Of this
State, or the United States and they shall elect
or appoint such officers and clerks as may be pro-
vided for in the bylaws, requiring from them
bonds with good and sufficient security for the
faithful performance of their duties, provided the
cashier shall be elected from the members of the
board. They shall have power to fill any vacan-
resignation, or other cause; Provided, That in
case of DEATH or disability from any cause, of the
president, the presiding officer of the Mechanic So
ciety shall assume the position. The quorum for
transaction OF business shall consist OF seven men,
bers. They shall have power to deputize an Off
Ger empowered to administer oaths, In all cases
where II may be required by the bylaws or regu.
lstions. They shall have power to hold and pos
sess such real estate as may be necessary for car
rying the business of the Savings Institute, and
the foreclosure of mortgage in the collection of its
debts.
SEC. 4. Belt further enacted, etc., That any trus-
tee, officer clerk or agent of the institute. who
shall appropriate to his own use, or to the use of
others, any money, or funds or effects, Of what
kind soever, belonging to the institute, ehall be
deemed guilty of felony and on conviction
thereof, shall be punished by Improvement in the
penitentary, at hard labor. -Sr term not less
than one year nor more Ian ten years, at the dis
erection Of any cou of competent jurisdic
ton.
SEC. s. Be ii futter enacted, etc., That no
trustee or other oficer Of the corporation shall.
either directly or indirectly, borrow, shall the
corporation loan any Of the funds to any such trus
tee or officer aforesaid, nor shall any funds be
loaned to parties or securities furnished by or be-
longing to such trustee or other officer of the cor
poration.
SIC 6. Be /. further enacted, etc., That the
said corporation shall be authorized to receive on
deposit, from all persons, sums of money from one
ucuhI upWbfo, anu " pay OUT tnc 5dufc, w CuoCk
or otherwise, without the authorization Of the
parent or tutor of minors, or the husband of the
married woman; for which sum Of money interest
shall be allowed in accordance with the provisions
of this act, and the bylaws of the institute.
Sec. z. Be ii further enacted. etc., That the
investment of the funds of the corporation shall be
strictly limited to the purchases Of the public debt
Of the United States Of the State Of Louisiana or
Of the city of New Orleans, contracted by author
ify of the Legislature of the State, and to loans
secured BY mortgage upon unincumbered and i'm.
proved real estate within the limits Of the city Of
New Orleans: Prouided, That no loans shall be
made on any bond or evidence Of debt before
enumerated to an amount exceeding sixty per
cent of its market value, or on real estate exceed
ing fifty per centum on the appraised cash value
of the property offered o. security: Pr0uided,
That the Board of Trustees shall have the power
to make temporary deposits In any>o the incor.
porated banks Of the city Of New Orleans for the
safe keeping Of the unappropriated funds Of the
corporation, and to stpulate for an allowance Of
interest on such deposits.
SEC. 8. Be Il further enacted. etc., That all
pledges of bonds or other securities for loans
made under and by virtue Of the preceding section
shall be made to the president or such other officer
a. shall, BY the Board Of Trustees, be therennto
appointed; and that such pledges, when by him
accepted and accompanied BY delivery Of the
subject pledged, shall be valid - well against
third persons o. against all pledgers thereof.
SEC. 9. Be u further enacted. etc., That II shall
be the duty Of the Board Of Trustees to publish