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

No. 2l2.l AN ACT
To Incorporate the Loan and Pledge Associa-
ton.
SECTION l. Be ii enacted iy The Senate and
H,nse Of Representatives IF The STATE IF Loui-
siana in General assembly concerned, Thai,
the following named persons, their successors
and assigns are hereby created a body polite
and corporate under The name and tile of the
Loan and Pledge Association, with The powers
ard tights as Sc, forth in the following articles,
VIZ: Alfred MauchanA, IChaties II, Foster,
Henry Kloppenbnrg, II, W. Kloppcnburg, r.
ilnhcrwald, 4. &. Denon,ian, ST. +. Casanavc.
Arf,c'e The name and lille OF said corpo-
ration shall be The Loan aud Pledge Associa-
lion, and lis domiciIc is hereby established in
the city # New Orleans. II shall commence
business as soon rs fifty thousand dollars shall
have been subscribed, and shall EMS, for
twenty-five yeats from the date hereof, and any
such longer period as may be granted by
special act Of HE Legislature Of Ills State. II
Shall have power ID contract, sue and be sued,
10 noun, receive, purchase. convey, mortgage
aud receive in mortgage, pledge, and receive
in p'eAgc property, both reai aud personal, TO
make and nse a common seal Of such device
as may be recommended BY The board Of
directors heIcin established, 10 name AMI ap.
point such managers, directors, officers and
servants as lis interests and convenience
FpnnITp ouI In .Ipai, AMI ,.t.bt,.h ,,,,,,r ~
laws and rnles for the regulation and manage
mcnt Of us affairs, all IL us corporate capacity.
ArhciS 2.-THe Object and purposes of said
corporation are TO make and enter into ali
manner OF contracts aui arrangements fr lie
pledge Of, and 10 receive in pledge. movable
property IN order 10 pto,note the interest Of
the working classes who are out ol ctnpioymcn,
aud temporary IN need OF money ior The
sHppoit OF themselves anl families, and TO
make aud eAecntr, issue and receive cettifi
Gates Of pledge OF any KIND and nature whatso.
ever for the pledge ol movable property, and 10
DO and perform generally every act and thing
10 The business Of lo.ulng money on the
SecarIty II pawn or pledge heIonsiog or ~
any wise apper'alning.
The said .s-oe,alion may, for he interest Of
lis stoe klloldeIs, purchase from tine 10 time
any certificate or certificates Of pawn or pledge
or other obligations issued or to be issued by
the -aid corporation. All citations notices and
other legal process ,ho)l be served on a presi.
dent, VINO Shall be appointed in The manner
hereinafter provided ior,
Aricie 3-The capital stock Of the said as
socia'i1n slafl be Two hunhrei than,aai dol
las, divided into Two thousand shares Of one
hundred dollars each, 10 be paid for i, The time
aud in The manner following, 10 wit:
The subscribers TO tie said association shall
pay into the hands Of lie president, upon lis
organization for business, the sum Of twenty
dollars on each and every share Of stock subs.
c'ibed by them, the Iemaioing eighty dollars
per share payable on demand at the office of
the company, attet fifteen days notice from The
president and cashier. The said capital stock
OF Two hundred lhon>and dollars may be, BY a
twolhitds vote Of the stockholders, in number
and amnnni extended to an amount not TO
exceed five hnndted Thousand dollars.
Article All the corporate powers OF the
said association shall be exercised by a board
of directors, TO be composed If three directors
and "a otfcio, the president AID cashier, any
three OF whom shall constitute a quorum for
the transaction of business, over which the
president, or, in his absence, The cashier shall
preside, or, in the absence OF both the said
officers, one OF the said board, 10 be selected
by the members present and the person or
officer TINS presiding Shall exercise 4 casing
vote in case of an equal division in the vote of
those present. The following named siuckhol
ders, together with the president and cashier
are hereby constituted the first board Of direc-f
tors and invested with all The rights and priv.
herein specified, 10 wit:
Article 5-The board of directors shall fix