New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-26

lS4lAa- 0ulN INV aEA-I
presence of the witnesses hereinafter uame9, =.
undersigned, personally came and appeareq, ras
kew, Adam Thomson, Edward Conery, John Hepde5-
son, Thomas McKenna, Thomas FitswnIaln, ~,
ward Burke, William Hart, Nicholas burke ana
Thomas Gilmore, Of this city, and the pafues "noso
names are hereunto subscribed: ~.
Who declared that, awaiting themselsss y ~ nc
provisions Of the act entitled. An Acn re s1stsn ~ ~
banks. the establishment Of a general system o.
duties Of xkniditor tAs and Treasurer, in relation
1870, they have agreed, and do by these presents
agree and bind themselves, and those they repre-
sent, to form themselves INTO, and e eonst ana an ~.
ses hereinafter Specified, and under the stipulations
following, tOwit:
ARTICLE 1.
the H1BEkSAN BAN OF NEW ORLEANS.
ARTICLE II.
This association is formed for a period of twenty
years.
business of banking by discounting bills, notes and
other evidences Of debt, receiving deposits, buying
and selling gold and silver coin, bullion, bills Of ex-
change, real estate; lOanlng money on real and per-
sonal security, and to exercise all such incidental
powers as now are or may be hereafter author
lied by law.
The place of business and legal domicil of said
association, shall be the city Of New Orleans.
ARTICLE v.
The capital stock of this association shall be five
hundred thousand dollars IS SOC, 000), divided into
five thousand shares of one hundred dollars Is 100,
each, ten per cent Of which shall be payable at the
signing thereof, ten per cent every thirty days
thereafter until the whole is paid up.
his or her share, or instaliment Of his or her share
or shares, as they fall due, the subscriber shall be
charged interest at the rate Of eight per cent per
annum therefrom till paid.
ANY subscriber neglecting or refusing to pay the
instailment or i~nstallments within the delay Of nine
ty days after the time fixed for the payment Of the
same and in the manner aforesaid, the Board Of Dr.
~rectors, after thirty days notice, shall declare the
same forfeited to the Bank, including all previous
payments that NAV have been made thereon.
The capital stock of this Association may here
after be increased to any sum not exceeding one
million dollars e coo oocl, divided into shares OF
crease shall be authorized by two-thirds Of the
stockholders, and provided thirty days notice 0fthe
lished in the city Of New Orleans, within which time
stockholders shall have the privilege OF taking ad.
ditional shares in proportion to the number OF
Shares not taken at the expiration of said time
may be sold by the Board of DirectoV at not less
than par for the benefit Of the association.
ARTICLE VI.
This association shall operation after
the payment of the second installment Of the CAPT;
tai stock by the shareholders, or when one hundred
Thousand dollars 500. 0000) are paid in.
ARTICLE VII.
The device and seal of the association shall be an
Irish harp with "Hibernia Bank Of New Orleans" en-
graved around 1t.
ARTICLE VIII.
All powers of the association shall be vested / in a
board Of directors, cOnsistieg Of twelve persons,
each Of whom shall at all times hold in his own
right at least twenty-five (25) shares OF the stock of
ARTICLE TX.
On the third Monday of January, 1871, and an
nually thereafter, an election OF directors by the
stockholders shall be held at the banking house OF
the association. -,
A majority of votes then ana tneIe gwen snau
elect.
Previous notice Of at least thirty (30) days of said
election shah be given in at least two newspapers
published il New Orleans.
ARTICLE X.
The following named persons are hereby chosen,
and shall compose the nrst Board OF directors, 10
serve until superseded by the new board, to be
elected on the third Monday of January, 1871:
Patrick Irwin, Archibald Montgomery,
Hugh McCloskey, Adam THOMPSON,
Edward Conery, John Henderson,.
Thomas Mckenua, Thomas Fitzwlllan,
Edward Burke, William Hart,
Nicholas Burke, lhonlas ulimore.
ARTICLE X1.
The Board of Directors shall, at their first meet.
ing, elect one of their members to be president, and
one 10 be vice-president of the association.
Provided, said president and vice-president re-
ceive not less than a majority OF the votes OF the
whole board.
All citations or other legal process shall be served
on the president or, IN his absence, on the vice.
president.
The duty of the president shall be to preside at
all meetings of the board, and in case OF absence or
inability, 10 preside, the wee preslden1 slail pre-.
the directors may elect, from their number, a pres
ideut pro terIpOre, who shall. for the time being,
exercise The tun powers OF the president or vice
president.
The number of directions necessary for discount
ing notes and drafts, and purchasing bills OF ex-
a-.r pnI for tho frnrgunrynD ut panarnI hnSl.
ness, shall be determined by the general bylaws OF
the association.
ARTICLE XIII.
The Board of Directors shall have full power to
make bylaws, appoint all Of1cers Of TINS assocla'
That said appointments be made annually, and
held subject to removal at the pleasure OF the
board.
They shall fix the security to be given by the
They NAV also change the bylaws whenever the
agents within and out of the State, Under rules to
be prescribed by the board.
ARTICLE XIV.
The Board of Directors, after paying all the ex-
penses of the association, shall, twice or Oftener in
each year, if the ppOfits Of the business justify it,
declare and pay such dividends out Of said profits as
Notice of the same shall be published in at least
two newspapers published in the city OF New Or
leans. -
The Board OF directors sinai nave power ~ ~
any vacancy that may occur III the board.
ARTICLE XVI.
Vacancies in the Board OF Directors may be de-
clared in consequence of death, resignation, defalca'
ton, insolvency or absence without leave for ninety
ARTICLE XVII.
Every transfer of any share OF shares Of capital
stock shall he made on the books OF the ASSOCIATION
and shall be signed by the shareholder or his attor
new, but no stakeholder shall have the right to
transfer his stock unless his matured Obligations to
the bank are paid or secured.
ARTICLE XVIII.
The Board of Directors may close the transfer
book as often as convenience may require, but fol
no longer than ten consecutive days at any one
time. -
No certificate of stock shall be issued unless al
the installments have been paid IN full.
ARTICLE Xxx.
The failure, from any cause, to elect directors OF
the day when such election should have been held
shall not dissolve the association.
The directors then IN ONCE snail hoh over, puu y
shall be their duty to appoint another day ior suci
election, notice Of which shall be given as provided
in article nine, until the election shall have beef
held.
Each shareholder shall be entitled directly or by
proxy, at all elections for directors, or on any mat
ter, at any meeting of the stockholders, to one vott
upon each share, provided no stOckhOlder shall vOtt
in his own name over one Q00) hundred votes, ane
provided also, that after the first election he shat
have owned the stock at least three months pre-
viOus to voting.
ARTICLE XIII.
Every election Of directors of this association
shall be by ballot and conducted by three inspect
ors to be appointed by the board, at least one
week prior to any election. No two partners shall
be eligible at the same time, as directors OF thu
bank, nor shall a director of any other bank, or hi
partner, be a director OF this bank.
ARTICLE XIII.
majority of all the directors elected may pro
| visionaily accept any additional power or privileg
that may hereafter be conferred on this association
either by amendment under the act by which it wa
formed, or by any new act or enactment, and ma,
amend these articles of association; but the tina
adoption and acceptance Of such additional powe