New Orleans Republican., 1868-11-16
No. 600
AN ACT

AN ACT
To incorporate Savings and Pawners,
Bank.
ARTICLE 7.
SECTION /. Be it enacted bv the Senate
and House of Representatives of the State
| OF Louisiana in General Assembly convened
That K. NJ. Montgomery, Daniel l.. Shearer'
3. J, Montgomery, William Saunders, James
| 1. Summers, and others whom they NAV as.
soeiate with then, shah be and are hereby
constituted body corporate and polite.
under the name OF the Savings aud Pawn
ers' Bank of New Orleans" for the term of
twenty-five years from the passage of this
act. 1t shall have power to contract, sue
and be sued, receive, purchase, convey,
mortgage and receive III mortgage pledge
and receive in pledge property, both real
and personal to make use of a common
seal OF such device as the Beard of Direc-
tors may recommend TO name and appoint
such officers, managers, directors and SER
wants as its interest aud convenience NAV
require; to create and establish such by.
laws, rules and regulations for the manage.
ment OF Its affairs as may be deemed advis-
able all III its corporate capacity.
ARTICLE II.
fSIoToNl. l. Be it further enacted, etc, That
in order to promote the interest OF the work
ing classes, and assist those out of employ.
ment and temporarily in need OF funds. for
the support of themselves and families, and
also aid the mercantile community in busl-
ness, 1t shall have power and authorization
to receive deposits from all persons, all
sums of money, from one dollar upward,
and pay out the same by checks or other
wise, Tor which sums of money interest shall
be allowed in accordance with the provi-
slons OF this act and the bylaws of this
Corporatlon: Provided, That nothing con-
taiT 1a1 in h g fel,,, ,,1ll
the deposit OF any article except by the con-
sent OF the actual owners of such articles or
money, or 10 prevent the recovery from said
Savings and Pawner's Bank of any article
which may have been stolen or fraudently
obtained by the depositors from the owners
thereof.
SEC q Be it further enacted. etc. That
ltshal have power to make and enter into
All m amer of contracts and agreements for
the pledge OF. and to receive in pledge
movable property, to make, execute, issue
ana receive certificates of pledge of any
klnd and nature whatsoever, for the pledge
OF movable property, and to do and perforn
generally every act and thing to the bust.
ness of loaning money on security of pawn
or pledge belonging or in anywise apper-
tanning to the same.
ARTICLE III.
SECTION l. Be it further enacted etc.
That alt citations, notices, whatsoever shall
be served upon the President or Manager,
ARTICLE ".
sEorIoN /. Be it further enacted. etc
That the capital stock of this bank shall he
one hundred Thousand dollars, divided into
one thousand shares OF one hundred dol
lars each, which capital stock NAV be in
creased five hundred Thousand dollars bv
two-third votes of all the stockhoJders In
general assembly convened; it NAV hepin
IA a In -
has been subscribed, the subscribers to the |
stock shall pay into the hands of the cashier |
the sum of ten dollars on each and every |
share subscribed by them upon the organi- |
zation for business, and the balance In in. |
stsllments not exceeding ten dollars each, |
after fifteen days notice from the Board Of |
directors, who are authorized to make such |
call through its cashier.
ARTICLE v.
M SECTION !. Be it further enacted. etc.
LnAt All powers corporate of this bank shall |
~ vested IN Board of Directors, to be |
composed OF five stockholders from among |
whlch they shall elect heir President and |
Sashlsrj saio board shall be elected on the
i nrss msonaay .sy OF December next and every |
SS,.. ha95er, IN general meeting of all |
stockh khoiuers convened between such honrs |
as may be designated by the Board of DIreot.
ors.- In case OF death or RESIGN alton, ~ a.,
member Of SAID board, the yacapcv skall bs
niied Dy the Board OF Directors In which said
vacancy has occurred. No stockhoIder sEaii
be eligible TO q. directorship unless al the
time OF his election and during hia con
tinuance OF office he shall own in hia ovsn
name OF on that Of q commercial firm IL
which he forms part thereof, at least len
shares OF the capital stock of the bank'
0He months notice shall be giventbefore he
election takes place, and the PresIdehF IN
conjunction with the Cashier, shall ap
polnt tnree competent persons from among