Le Louisianais. [volume] (Convent, La.) 1865-1883, 1869-08-21

incorporate the New Orleans Mechanic
Society," passed February the seventeenth
one thousand eight hundred and twenty
SECTION !. BE- it enacted by the Senate an.
House Of Representatives of the State Of Loui
s'ona in General Assembly convened, Thal
the Mechanic Society for the further cncoura.
cement of industry and relief Of distress, are
hereby authorized 10 establish in the city of
New Orleans a Savings Institute, TO be styled
the Mechanics Savings Institute.
SEC. 2. Be it further enacted, etc, Ths,
the New Orleans Mechanic Society shall. a,
lis regular meeting in the month Of February
OF each year, elect Twelve trustees, 10 whom
shall be added the president Of the society
who shall be &c c0icio president of the board
and when 50 elected, they are hereby con>ti,u.
ted by this act a board Of trustees, and shall
have The entire control and Management Of the
affairs Of the savings dcpa5;emeft- hrrchy
created.
SEC. 3. Be it further enacted, etc. That
the board Of trustees shall have power to make
such bylaws aud regulations as NAV from
time TO time be found necessary, provided such
bylaws or regulations are not rcpugnant ID
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 provided for in the bylaws,
requiring from them bonds with good and sufi-
cIent 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 vacancies in their
number which may occur from death, %resirna.
ton or other cause; prorided, That in case Of
death, or disability from any cause, of the
president, the presiding officer of the Mechanic
Society shall assume the position. The quorum
Tor transaction Of business shall consis, of
seven members. They shall have power to
deputIze an officer empowered 10 administer
oa'hs, IN all cases where it may be required
ny the bylaws or regulations. They shall have
power to hold and possess snch real estate as
may be necessary for carrying on the business
OF the Savings Institute, and such other real
estate as may be acquired from the foreclosure
Of mortgage in the collection of its debts.
SEC. a. Be il, further enacted, etc. Tha,
any trustee, officer or cle,k, or agent of the
Institute, who shall appropriate to his own use,
or TO The nse of others, any money, or funds or
effects. of what kind soever, belonging to the
Institute, shall be deemed guilty Of a felony
and on conviction thereof, shall be punished BY
Imprisonment in the peni,en,iary at hard labor
tor a term not less than one year nor more
than len years, at the discretion of any cour,
Of competent jurisdiction.
Sec. s. lie it further enacted. etc, Tha,
no trustee or other officer of the CORPORATION
shall, either directly or indirectly, borrow, nor
shall the corporation loan any of The funds 10
any such trustee or officer as aforesaid, nor
shall any funds be loaned to parties or securi.
ties furnished by or belonging to such trustee
or other officer of the corporation.
Sec. 6 Be it further enacted, etc., That
the said corporation shall be authorized TO
receive on deposit, from all persons, sums of
money from one dollar upward, and 10 nav on,
the same, by check or otherwise, withou, the
authorization of The parent or tutor Of minor.
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 il further enacted, etc. Tha,
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 Or
leans, contracted by authority of the Legisla.
OF the Slate, and 10 loans secured by
mortgage upon u~nincumbered and improved
real estate within the limits Of the city of
New Orleans; provided, 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 ex.
ceeding fifty per eentum on the appraised cash
of tho property offered as security;
that the board of trustees shall have
The power to make Temporary deposits in any
Of the incorporated banks Of the city of New
Orleans for the safe keeping Of Incorporated
funds Of the corporation, and to slipnia,e for an
allowance Of interest on such deposits.
SEC. 8. Be it further enacted, ETC, That
all pledges Of bonds or other securities for
loans made under and by virtue of the proceed
ing section shall be made to the president or
such other officer ~ shall, by the board Of
trustees, be thereun,o appointed; and that
such pledges. when by him accepted and
accompanied by 4 delivery Of tho snhjsct
shall be valid IS we'll against third
persons as agains. all ~pIedgers thereof.
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