New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-04-27
No. 81.
AN ACT

|
change Bank.
| SECTION l. Be 1t enacted by the Senate and
| House OF Representatives of the State of
Louisiana in General Assembly convened
That the following named persons, their sue
, cessors and assigns, viz: John p. MuDford
! William Il. Stirling, H. s. Welton, David j.
| Riley, Z. Il. Noland, William B. Cornell
Bard Plummer, Henry L. Birge, L. B. jerks
and Carlos Wilcox. are hereby created and
constituted body corporate and polite IN
der the name and title of the "Feliciaua
Savings and Exchange Bank" with all the
| rights and powers set forth in the following
| articles, viz:
| Article l. The name and title of the said
| corporation shall be the "Feliciana Savings
and Exchange Bank nd~its domicile is
! hereby established III the town of Bayou
| Sara, parish of West Feliciana, and State OF
| louisiana: but said corporation may estab-
| lish branches with like powers and privil-
| eyes in the towns of Jackson and Clinton,
In the parish OF East Feliciana in said State.
| |, shall exist for the term OF fifty 900 years
! from the passage OF this act. It snail 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. II. The objects and purposes OF the
| Bank are to carry On the business OF bank.
ing in all its branches, by issuing bank
| notes, receiving deposits, buying and selling
-OlU dLu sILNtE DuulOn, DuIo CI tACudIgt,
and drafts, lOanipg money on real and per-
sonal security, discounting bills, notes, aud
other evidences of debt, AID generally 10 eX-
ercise such privileges and powers as may
be conferred on them by law.
Art. III. The a;ital stock of the said
Bank shall be five hundred thousand dol
lars divided into i've thousand shares of
one hundred dollars each, payable ut the
time and in the manner following, viz:
Twenty-Five dollars per share at the time
Of subscription to said stock; and stock
notes the remainder. seyenty-fve dollars
Of each share payable in installments OF not
more than twenty-five dollars 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 with
in that time il the parish. Such payments
shall be made at the office Of the said bank,
and any stakeholder falling to pay any in
stalIment as above required, shall forfeit
his stock, the amounts already paid by him,
which amounts shall revert to the corpora
ton. Said bank may commence business as
soon as fifty thousand dollars shall have
been paid in on the subscriptions of stock
provided, fifty per cent of any such
[subscriptionl to the capital stock may be
paid in lands or IN theetock, bonds or notes
of any State, city, corporation or individual
at such price and upon such terms as the
president ana O0arQ OF lncOrpOrdtOrS or OIL
rectors may determine.
Art. ". AS soon after the passage of this
act as the incorporators mentioned in the
first part thereof shall think it advisable,
they shall organize by the election OF pres
ident and cashier of the bank; and in order
to decide on the time aud propriety Of such
organization, H. S. Welton, or, in his alb
selce or failure to act, any other two of said
corporators shall, by not less than ten days
ODD rti n
published in the parish, notify the said cor
porators to meet at the courthouse in st. |
Francisvilie, and if at such meeting ma
iority of said corpOrators shall assemble, |
they shall have the right to decide whether
it is. advisable to effect an organization, and
if they decide in favor of etfecting an or
gauiZation, they all 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 ii
3 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 as said corporation, majority OF
whom shall con stitute a quorum, shall or
ganize, they shall open books of subscrip-
ton TO the capital stock of said bank. They
shall designate to whom the payments of
the stock subscriptions shall be made, until
a sufficient amount is paid in to authorize
the bank to go into operation, and to hold
the same until the bank does 90 into opera
tiOn and to tx the amount of the security
to be given by him, and to take and approve
such security.
AS soon as fifty thousand dollars are paid
in on the stock subscriptions, the President
OF the Board Of IncOrporators shall fix day
for the election Of five directors OF said
bank, and said Board of IIc0rporators shall
name three commissioners from among
the stockholders to hold said election. any
two of whom may hold the election in the
absence of the other, and make return OF
the same to the President Immediately after
the election; and the board so elected shall,
or the Monday following the election, enter
on the discharge of their duties, and the
President OF the Board OF lDcOrporators
shall notify the persons elected OF their
election.
The books for subscription to the capital
stock Of said bank may be opened and closet
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 Board OF
Directors, each Of whom shall own 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 five directors shall be
elected by the subscribers and by ma GRITTY
OF those present at the election, after ten
days notice in the newspapers in the parish,
under the management and supervision CT
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 sue.