New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-12-01

shall cause an election to be held within ten
days thereafter, and shall give notice there
of by advertisement in two Of the newepar
pers published In the city of New Orleans,
repeating the same, If necessary, until said
election Is effected. .u 3 .'-.rsts aa3
Article mo person shall be capable Of
being Director of this Association who
does not at the time of his election and dur.
ing his continuance in Office, hold in his
name, or that of the commercial firm OF
which he may be a member, ten shares OF
the stock of this Association. s..y.,,..-
Article S-No stock shall be transferred
unless such transfer be made on the books
of the Association at their place of business
in the city Of New Orleans, and no transfer
shall be made while any Indebtedness to the
Association exists on the part of such stock.
holder. But a stakeholder wishing to trans
fer stock may be permitted to do 30 by
substituting the obligations of the party
to whom the stock is transferred. Pro-
vided always that the obligations pro-
posed to be substituted shall be
in every respect satisfactory to the Board of
Directors. And the said Board Of Directors
shall at any time have the right to require
additional bond or security from any stock
holder whenever they deem the security on
the deferred payment insufficient. The
stockholders shall not be responsible for
loss or damage incurred by said association
beyond the amount of capital stock held
and owned by him or them respectively.
Article 9-The funds of this association
shall consist of those funds which result
from the sale of the capital stock as above
set forth, and of those funds which may be
received by the said association in payment
of the interest on money loaned on pledges
and pawns of movable property as herein
provided, and the profits which may be
realized by the said association after the
payment Of the semi-aunual dividend on
the capital stock as further provided herein
shall be invested at the rate of at least three
per cent per month and not to exceed five
per cent per month as loans upon the secus
rity of movable property exceeding in value
one hundred per cent of the amount so
loaned; nor shall any loans whatever OF the
funds of the said company be made for a
period exceeding six months. n9 na7t.s
Article 10-Al pledges or pawns which
shall not have been redeemed on or before
the expiration of the period for which the
made shall be considered as forfeited to the
Association, and at least twice in every year,
and at such periods as shall be designated
by the Board of Directors, after ten days
advertisement in two newspapers published
in the city ofNew Orleans, such unredeemed
pledges or pawns thus forfeited to the Asso.
citation on account of non-payment of the
principal lodneu sneItoii,a anu VI tne interest,
as stipulated, which may have accrued,
shall be exposed for sale, and sold to the
highest bidder, at public auction, for cash,
and the proceeds, after deducting the said
principal and interest, and the costs OF said
sale and advertisements, shall be placed to
the credit of the pledger on the books of the
Associations; and should he fail to claim the
same within one year from the date of the
pledge, ten per cent thereof shall be paid
IN m ha no de Of ba fra &c h. 10,
ity Hospital, and the remainder shall be
applied and added to the capital stock of
the company
Article HIN the months of May and No.
vember of each year it shall be the duty of
the cashier to make or cause to be made,
an estimate of the profits and losses of the
Association, and also statement of all
cash paid into the Company for or on &C.
count of the interest paid on pledges and
pawns during the preceding six months,
and further statement of the value of the
property held by the Company in pledge, as
well as the amount of certificates or pledge
thereof not cancelled, together with such
other accounts as may be necessary to ex-
b, bit a complete statement OF the affairs of
the said Association as they exist, for the
information of the Stockholders and all per.
sons interested, and the said statement shall
be verified by the affidavit of the cashier
and filed with the papers of the Association,
to be examined by all whom it may con.
Germ, and if it shall appear that the profits
of the Association do not exceed its losses
aud expenses by more than ten per cent Of
its capital stock the Board of Directors
shall make no dividend to the Stockholders,
but such per centage of profits shall be re.
tanned by the Company as reserve fund to
meet future losses and liabilities and for the
investment, according to the object and
purposes of the Association. But
If it shall appear that the profits
exceed the losses and expenses BY more
than ten per cent of the capital stock, then
the Board ofDirectors shall reserve and set
apart portion thereof not less than ten per
cent nor more than one half oflsuch excess
as they may deem proper to be kept by the
association as reserve fund, which shall
be applied as above set forth and the resi-.
due OF such excess shall be rateably appor-
toned and divided between the several
stockholders according to the amount of
stock held by each stakeholder.
Article l2-This act Of incorporation NAV
be modified, altered or amended, or the said
Association dissolved at any general meeting
OF the stockholders which the Board of DE-
rectors shall convene for that purpose after
thirty days notice in the English and
French languages published in the daily
newspapers having the largest circulation in
the city of New Orleans with the assent of
three fourths of the stock represented at
such meeting, and any and all such notifica.
tions, alterations, amendments or dissolu-
tion shall be recorded and published accord.
ing to law. @ et-'f i7sf aatl nov
Article lS-The Board Of Directors shall
assemble al such place and as often as they
may deem 1t necessary, and shall con-
vene the first general meeting of the
stockholders to effect 4 the organiza-
ton of this Association, and on
fhn frat nf. af
and every year thereafter tie said Board
shall convene a general annual meeting Of
the stockholders TO deliberate upon the in
terest of the said Association. es.
Article latter the term of the dissolu-
ton of this Association, its affairs shall he
liquidated, and its debts paid under the
charge and superinten6enoe of three COM
missioners to be appointed by the Board, OF
Directors, and who shall remain in office
until the final liquidation of the affairs Of
the Association. l jaHs s0ef
Article. l5--At every general meeting Of
the stockholders, each and every stock
holder shall be entitled either In person or
by proxy 10 vote for each and every share
which he, she or they may respectively hold;
Provided, That no corporations shall be en-
titled to a greater number of votes than
fifty, nor to vote on any share transferred to
him or them within kninety days prior to
such meeting. q ~ @A y 47 80 4 q ~
SEC. 2. Be it further enacted. ETC., That
this act take effect on and after its
passage. ,leais-ga5
: (Signed) s3f CHAS. W. LOWELL,
Speaker of the House OF Representatives
(Signedl OSCAR J. DUNN,
Lieutenant Governor and President of the
Senate. Sr $a ~ r
Approved October 81, 1868. as
(Signed) H.. @, WARM0TH,
Governor of the State OF Louisiana
A true copy;
GEO. E. BOVEE,
Secretary of State