New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-04-10
No. ~
AN ACT

| aHu house OF Representatives Oh Inc Stdte vi
Louisians in General Assembly convened
successors ana assigns, John Fahey. John A.
Taylor, D. Lslanne, Lewis d. Prescott, F.
l.. Petre, Albert Gault, A. Millspaugh,
| George W. Hudspeth, ". A. Robertson,
| Joseph Bloch, r. s. wilkins, John e. King
and Louis Stagg, are hereby created and
| constituted body corporate and polite
under the name and title of the ''St. Landry
Savings and Exchange Bank" with all the
rights and powers set forth in the following
articles, viz
| article 1.-The name and title Of the said
| corporation shall be the ''St. Landry Savings
and Exchange Bank" and lis domicil is
| hereby established in the town of Washing
ton, parish of st. Landry, and State OF Lou
lsiGna. 1t shall exist for the term of fifty
| (b0l years from the passage Of this act. IT
shall have power TO contract, sue and be
sued, and shall have and use a common seal
| of such device as may be deemed proper
| Art u.-The objects and purposes Of the
| bank to carry on the business OF banking in
an its branches, by issuing bank notes, re-
| ceiving deposites, buying and selling gold
and silver bullion, bills OF exchange, and
drafts, loanirg money on real and personal
| security. dscounting bills, notes, and other
| evidences of debt, and generally to exercise
| such privileges and powers as may be COZ
| ferred on them by law.
Ait. III.-The capital stock OF the said
company skall be i've hundred thousand
dollars, divided into five thousand shares OF
| one hundred dollars each, payable at the
time and in the manner following, viz:
Twenty five dollars per share in cash at
the time Of subscription 10 said stock;
and the remainder, seventy-fve dollars
OF each share, IL instruments OF not
more than twenty-five collars at any time,
and not more than one installment in any
one month, which payment shall be called
for after at least fifteen days notice pub
lished in all the newspapers published within
that time in the parish OF st. Landry. Such
payments shall be made at the Office Of the
said bank, and any stakeholder failing to
pay any installfnent, as above required
shall forfeit the amounts already paid by
him, which amounts shall reVer: to the cor
poration.
Said bank may commence business as
soon as fifty thousand dollars shall have
been paid ia On the subscriptions OF stock.
Art ". AS soon after the passage Of this
act as the incorporates mentioned in the
first part thereof shall think it advisable,
they shall organize by the election Of a
president and ;cashier of the bank; and in
order to decide On the time and propriety OF
such organization, John Fahey. OF in his
absence or failure to act, any oSher two OF
said corpoTators shall, by not less than ten
days advertisement IL one or more news
papers published IL St. Landry, notify
the said corporators to meet at the town
hall in Washington, and If at such meeting
q majority of said corporators shall assemble,
they shall have the ght to decide whether
i. is advisable to effect al organization, and
if they decide in favor Of edectipg az or
ganiz they shall have the right to Or
ganiZe by the election of the above officers,
or they may adjourn to any other day to
make such decision or organization and if
a majority of said incorporators do not meet
in pursuance to said call, then at any time
thereafter they may be summoned again to
meet, as in the first instance.
AS soon IS said corporation. g majority OF
whom shall constitute quorum. shall
organize. they shall open books Of
subscription to the capital stock Of said
bank. They shall designate to whom the
cash payments of the stock subscrip-
amount is paid in to authorize the bank TO
go into operation, and to hold the money
until the bank does go into operation, and
to fix the amount Of the security 10 be given
by him, and 10 take and approve such Sc
curity.
As soon as fifty Thousand dollars are paid
in On the stock subscriptions, the president
Of the board of lncorpprators shall tx q day
for the. election OF seven directors OF said
bank, and said board of incorporstors shall
name three commissioners from among the
stockholders to hold said election, any two
Of whom may hold. the election, 1.-THE ab-
sence of the other, and make return OF the
same to the president Immediately after the
election; and the board so elected shall, on
the Monday following the election, enter on
the discharge OF their duties, and the presi-
dent of the board of incorporators shall
notify the persons elected of their election.
The books for subscription to the capital
stock Of said bankmay be opened and closed
at such times as the board of directors of
the bank shall designate, until the entire
amount of the capital stock is subscribed.
Art. Y. All the corporate powers of the
said bank shall be exercised by a board OF
seven directors, each of whom shall OWE
and hold in his own right and during his
continuance in Office, at least ten shares OF
the stock of said bank. So soon as the said
sum of fifty thousand dollars shall have been
paid in, the first board of seven directors
shall be elected by the subscribers and by
majority OF those present at the election,
after ten days. notice in the newspapers in
the parish OF st. Landry, under the manage
ment and supervision of three inspectors,
who shall be stockholders, to be chosen by
the present incorporates; which directors
shall hold their Office until the first of
January, 1872, or until their successors in
office shall be elected and enter on their
duties.
Dirt. VI. On the first Monday of December,
election of seven directors by the
stockholders shall be held at the office
of the bank, of which election
previous notice of at least thirty days shall
be given by the president, in the newspa-
pers in st. Landry. The said election shall
be conducted and managed by three stock
holders not members OF the board, to be
appointed by the Board Of Directors, and all
those receiving a ma ority of all the votes
cast, shall be declared duly elected, and take
their seats on the first Monday of January
thereafter. In case of no election on the
day fixed the president shall cause an cleo
ton to be held within fifteen days thereaf-
ter, and after one notice in the newspaper
as aforesaid; and it is specially provided
that in case OF failure to elect Board of
Directors, this charter shall not be forfeited,
but the directors in Office shall remain until
their successors shall have taken their
places.
Art.VII. Said directors shall, at th cir first
meeting after their election, select from
among their own number a President and
The president shall pre-
side at all meetings Of the board, and in his
absence the vice. president: or in the ab.
sence of both, one of said board, to be elect
ed by the members present; and the officer
thus presiding shall exercise only casting
vote in case of an equal division in the vote
of those present. The president or cashier
shall be the proper person on whom all
citations or legal process or notices shall be
served.
Art VIII. The Board of Directors shall
appoint and fix the amount of the compensa.
ton all officers, clerks and employees |
OF the bank, and shall regulate the duties |
and fix the securities of all their employees,
who shall hold their positions subject to the |
Will OF the board. They shall make and |
adopt bylaws. rules and regulations for the |
proper government Of the bank and the |