Le Louisianais. [volume] (Convent, La.) 1865-1883, 1869-09-25

second director and third director, the term Of
whose service shall expire as follows: that Of
the frs, director in one year, that OF The second
director in two years, and that Of The third
director in three years, 10 date from the first
Monday in May, 1868; and on the third
Monday of April, in each and every year
thereafter there shall be holdcnia, the office Of
the association, in the city Of New Orleans,
between such hours as may be named or desis-
mated by the board Of directors, an election for
director in the place and stead Of him whose
term Of service shalt then expire, OF which said
election previous notice of no, less than ten
days shall be given by public advertisements
in two newspapers published in this city, audit
shall be the duty Of the board of directors, at
some meeting Of said board prior 10 such cleo
ton, to appoIn, three competent persons from
among the stockholders, no, directors nor Off
GERS Of this association, to act as inspectors of
SAID election, TO snperin,cnd and conduct The
same, and TO certify to said board the result
thereof; and should any Of the persons so ap.
pointed decline or fail to attend, the president
shall have power to appoint others to fill The
vacancy.
Nothing in this act shall be construed as TO
render any director ineligible to said office of
director. Those receiving a majority of votes
cast shall be considered duly elected, and shall
take their seats on the frs, Monday of May
after the election, and shall hold the same until
others are elected in their stead. In the event
Of no election taking place on The day fixed,
the president shall cause an election to be held
within len days thereafter, and shall give notice
thereof by advertisement, in two of the news.
papers published in the city Of New Orleans,
repeating the same, il necessary, until said
election is effected.
df1icle mo person Shall be capable Of
beng a director of this association who does
moi a, the time 81 his election and during his
continuance in office hold in his nane or in
that Of The commercial firm Of which he may
be a member, ten shares Of the stock Of this
association.
drtjcis s-No stock shall be transferred
unless snch transfer be male Oh The books Of
the association at their place Of business in the
WY w lNf" orlthhS. ana no transfer SNAIL De
made while any Indebtedness To the association
exists on the part of such stakeholder. Blu, a
stakeholder wishing 10 transfer stock may be
permitted 10 do so BY substituting the ohlisa-
tons OF Tie party 10 whom The stock is trans.
fcrre' proridea a'rays, That The obligations
proposed to be substituted shalt b. in every
respect satisfactory to the board of directors.
And the SAID board Of directors shall at any
time have the RICH, 10 require additional bond
or security from any s,ockho'dcr whenever
ment insufficient. The stockholders shall not
BE- responsible for loss or damage incurred by
said association beyond the amour, of capital
stock held and'owucd by him or item respcc.
lively.
Artcic 9.-Ihe funds Of ms association
shall consis, of those funds which resnl, from
the sale Of tie capita -,ock as above Sc, 70, III,
and OF those funds which may be received Nv
the sad association in paymen, Of the interest
on money loancd on pledges and pawns OF
movable property as herein provided, and the
profits which may BE- realized by the said as
socia'ion after The paymen, Of HE semi annual
dividend on the capital stock as further pro
sidel herein shall be invested a, the rate Of
at least three per cent. per month and not 10
exceed five per cent. per month, as loans upon
the security OF movable property exceeding in
salne one hundred per cent. Of the amonnt so
loaned; nor shall any loans whatever Of the
funds Of the said company be made for a period
exceeding six months.
Article l0.-All pledges or pawns which
shall not have been redeemed on or before The
expiration OF the period for which the loans as
above set forth may have been made shall be
as forfeited to The association, and
at last twice II every year, and at such periods
as shall be designated by the board ofdirectors,
after ten days advertisement in Two news
papers published in the city Of New Orleans,
such nnredeemed pledges or pawns thus for.
feited to the association on accoun, OF non-psy.
ment OF The principal loaned thereon, and Of
The interest, as stipulated, which may have &C.
c'ned, shall be exposed for sale, aud sold 10
the highest bidder, a, pubic auction, for cash
and The proceeds, after dciuc,ing the said
principal and interest, and the costs OF said
sale and advertisements shall be placed TO the
credit of the pledge on the books Of The asso-
citation; and should he fail TO claim the same
within one year isom the date Of pledge, ten
per cent. thereof shall he paid into the hands
OF The treasurer OF The Charity Hospital, and
The remainder shall be applied and added to
the capital stock Of the company.
Ia be continued.
Emile lependre + y p,oLS