New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-03-19

| IL
said corporators, majority OF whom shall
constitute quorum, shall organize, they
| shall open books of subscription to the CAPT.
| tai stock of said bank. They shall designate to
whom the cash payments of the stock sub
scriptions shall be made, until suhclent
amount is psid in to authorize the oank
| to go into operation, and to h0M
the money until the bank does 60 into oper-
| alton, and to fix the amount OF the security
| to be given by him, and TO take and ap'
prove such security.
| AS soon as fifty thousand dollars are paid
| in on the stock subscriptions, the President
| Of the Board OF IDcorporators shall TX 4 Day
| for the election of seven directors of said
bank, and said Board of lncorporators shall
| name three commissioners from among the
| stockholders to hold said election, any two
| of whom may hold the election IL the ao-
| 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 IncOrpora5ors shall no.
| tjfv the persons elected Of their election.
| The books for subscription To the capital
! stock of said bank may be opened and
| closed at such times rs the Board CT DlTec-
tors of the bank shall designate. until the
entire amount OF the capital ssock IS SUP
| scribed.
| Art. 7. All the corporate powers of
| the said bank shall be exercised by q board
| of seven directors, each Of whom shaii own
| and hold III his own right ana durlng MS
continuance III Office, at least ten shares OF
the stock OF said bank. So soon as the salo
sum of fifty thousand dollars shall nave been
paid in, the first board Of seven directors
| Shall be elected by the subscriber rs ana by a
majority OF those present at the election,
| after ten DAYS notice in the newspapers IN
| the town of Monroe, under the management
and supervision of three inspectors, VINO
! shall be stock holders, to be chosen by the
| present incorporators: which directors shaN
| hold their office until the first OF January,
| 1872. or until their successors IN Office snail
| be elected aud enter on their duties.
! Art. VI. On the first Monday of Deem
| Der 1871, and every year thereafter, an cleo
ton Of seven directors by the stockholders
| shall be held at the office Of the bank, OF
which election previous notice OF at leds:
thirty days shali be given by the PRESIDENT
ia the newspapers in Monroe. The said
election shall be conducted and managed
by three stockholders not members OF the
board, to be appointed by the Board OF
Directors, and al those receIylnga majority
OF all The votes cast shall be declared duly
elected and take their seats on the urst
Monday of January thereafter. In case OF
no election Oh the day fixed, the President
shall cause an election to be held vi hin
in the newspaper. as aforesaid; and 1t Is
specially provided that. in case OF failure
to elect a Board of Directors, this Charter
shall not be forfeited, but the directors III
office shalt remain until their successors
shall have taken their place.
-4rt. vi. Said directors shall, at their
first meeting after tueir election, select from
among thsir own number q President and
Vice President. The President shall preside
al all meetings OF the board, and IL his
absence the Vice-Presilent, or IN the alb
sence of both, one OF SAIL board, TO he
selected by the members present; and the
officer thus presiding shall exercise Only
casting vote in case II an equa! dlVislon III
the vote Of those present. The President or
Cashier shall DO the proper person on whom
all citations OF legal process OK notices shall
be served.
Art. VII. The Board of Directors shall
appoint and tx the amour. OF the COM
pensation of all officers, Clerks and en-
po7es of the bank and shall regulate the
duties and fix the securities Of all their en-
poyes, who shah hold their positions sub.
ice; to the Will Of the board. They shall
make and adopt bylaws, rules and reSnla
lions for the proper government OF the bank
and the transaction OF its busin.s, and alter
the same st pleasure; Provided tue same be
not il conf ct With the laws Of this STATE,
| and the trne intent and meaning OF this
act.
Art. ". The number Of directors necessary
| for discountilg paper and purcha-iag bill Of
| exchange shall be determined by the by
| laws A majority OF the Board shall con
| stitute a quorum, and g decision Of such
majority shal be valid corporate ac..
| Art. i. Said bank shall be authorized
to receive Oh deposit from all persons ali
sums OF money, from ore dollar upward
and 20 paw out the same by check or other
wise without the authorization OF the parent
| or tutor of minors, or the husband OF the
| married woman, for which money 50 de
post (for savings interest shall be allowed
| as hereinafter set forth; and for all moneys
| thus deposited special and separate DOCKS
| AID accounts shall be kept, and the invest.
ment of these funds 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 Orleans. contracted by
| the authority OF the Legislature OF this
| State, and to loans upon pledge of such
securities, Or Of the paper OF any parish In
| the State or the town OF Monroe, duly Issued
by the proper authority. and to loans
secured by mortgage ON unincumbered and
| improved real estate within the limits OF
such parishes as the Board OF Directors
| shall determine.
Art. II. The Board of Directors shall
| regulate, from time to time, the rate OF
interest to be allowed to such depositors
referred to in the preceding article.
| Art. XII. The Board of Directors shall,
| twice in each year, if the protts OF the bank
| justify it, after paying ali the expenses OF
| the corporation, declare and pay such
| amount of dividends az they may deem
proper, and give notice of such dividends IN
one or more newspapers III the town OF
Monroe.
Art. MI. Books for the registry and
| transfer Of shares of the capital stock shall
| be opened, and all transfer of shares shall
| be made on said books and signed by the
shareholder or bis attorney, and which
books the directors may close, but
not for longer period than five days
at time, as often as convenience
or expediency may require; the d.
rectors may also delegate To their agents,
officers, or committees of their own body
such powers IS they may deem proper or
eXpedient. No transfer of stock shall be
valid until it is entered on the transfer
book.
Art. KY. No certificate OF stock shall
be issued until the full amount be paid
thereon.
art. Ky. At all meetings for the cleo
ton of Directors or other purposes, each
shareholder shall be entitled, dire City or by
proxy, to one vote on each share OF stock
held by him; provided the person or per-
sons offering to vote shall have owned his
share or shares fer three months prior to the
day of voting; and provided, that no iDdi-
vldual or corporation shall be entitled to
a greater number ofvOtes than fifty.
Art. XVI. No two partners shall be
eligible at the same time, as directors OF the
institution, nor shall 4 director of any other
bank or his partner be a director in this
bank.
A,t. WI. Minutes OF all the proceed.
ings Of the Board of Directors shall be kept
NV ho Zach cd INV no