New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-05-08

tenn of free banking the ntaIe of Louisiana
sand eight hundred and fifty fve to winch end I'll,
make and agree to tie following
Articles Of A>saociation:
ARTICLEI
The corporate name of the association sna! /
THE BANK OF LAFAYETTE"
ARTICLE II.
Tho object Of the association is to carry on N
business of banking. by discouutng bills notes az
other evidences of debt. receiving deposits, buyiu
and selling sold aud silver bullion, bis OF e.
| change ana other personal property, Joanng none
on real and personal security, and to exercise q
srch Incidental powers as are now, or may be here
after authorized by law.
ARTICLE III.
The place of business and legal domicii ct sal
Corporation shalt be located in the Eoarth Dietrc
or the city OF New Orleans.
ARTICLE ".
The capital stock Of said Corporation to be Tw
Thousand soares Of Fifty Dollars each, pasabie il
| instai lulents, follows, viz Twenty-Five ppr cen
on the fitss day OF May 1870 Twenty five per cen
cent on the first day Of November 1876 And twenty
i've per cent On the first Gay of February ISL.
ARTICLE v
The bank shall be put in operation SO soon as one
hundred thousand dollars shall have been sub
scrIbed and the acquisitions of law complied
With. and shall terminate in the year eighteen nun
dred and ninety.
| ARTICLE VI.
The Board of Directors shall be- empowered to re-
| oelve further subscriptions, unti the amount sub
| scrloed shal! nave reached the aforesaid sum of
two hundred thousand dollars upon the same terms
Of payment prescribed in article fourth; provided.
that all further subscriptions Of stock shall be paid
in cash, at the time Of subscribing. to TIE fuil
stock.
ARTICLE VII
| The capital stoc!; of the Corporation may here
SAD RI
million dollars. provided Il at majority in amount
OF ell the stockholders shall vote for such increase
ARTICLE VIII.
After any increase of capital shall have beer duly
authorized sixty days notice Their. OF shall be gwen
IA Two newspapers published IN the city Of New
Orleans with which time stockholders shall have
the privilege of taking additional shares proper
tlon 10 he amount OF their ock. Shares not AIKEN
at the expiration Of said time may be sold by the
Board OF Directors, at not less than par, for the
benefit OF the Corporation.
ARTICLE N.
On oil installments 10 default interest at the rsre
the Board of Directors, after ten days notice by
advertisement shall have right TO forfeit and to
ms talmeDt may be due and remain unpaid for the
dement, OF the Corporation.
ARTICLE Y.
No certificate of stock sh all be issued unless paid
in fUI!.
ARTICLE XII
This Corporation shall have.a seal. the device of
which shall be the bust OF Marquis de LAFAYETTE
WIN tle name or the Corporation IN the margin.
ARTICLE XII.
All powers of the Corporation shalt be vested IN n
Boaro OF Directors, consisting OF thirteen persons
each of whom shall hold IN his own name ana right
or OF the firm OF which lie is member. AT les It
twenty shares OF the capital stock OF said Company.
ARTICLE XIII
The first Board CT Dire, tors shall be composed of
ne 1oilowins named persons, all citizens OF this
Sea s, .I man hopkins. Jr.. John A. -Brasemar,
W ibam g. Coyle, Otto L. Thiesman
John 2. Higgins Gus -, EresnT
John @. Fleming, Jonn A. Watkins
W IIIam IL. Foster, Richard ). Veuabes
Llo3d r. Coleman,
Who shan have pos er procure a banking rouse |
officers ant put the bar operation; and
they shall continue in Office until tee first day OF
May, egoteen hundred and seventy one.
ARTICLE NV
The Board of Directors shall ct their first meet |
ing, elect one Of their bers to be the President
,! ne corporation, whose auty II shall be prs side
It all meeti rs OF the Board Il g shall have charge
If the bonds of the Cashier, ana Of all offeers OF
he Corporaton; also, Of The b ank notes intended
or signature, unil authorized by the Directors to
De issued and signed by hlm aud the Cashier. In
'ase OF absence 9r inability TO act, the Directors
nay elect from their lumber President PRO tenn
rno sbail for the time being have and exercise the
ul powers Of the President.
ARTICLE XIV.
The Board Of Directors may at any time nsks
ucn bylaws as they may deem exLeGleEt, and rlay |
epeai the same at pleasure
ARTICLE XVI.
The number of rectors for dscounting notes
nd crafts. a. purchasing bills OF exchange, may
ut for the ,ran.actIcn Of any other kind ( bust
ess by the Board, five of said shall be re-
ulreG to form quorum. and the decision of the
Majority CT sand quorum SHAH be valid a corpo-
ate act.
ARTICLE XVII
The Board of D rectors shall appoint cashier,
CtrlcerS nd mi tina |
pleasure, and shall rX the salaries all the Off.
srs OF the corporation said Board may also, from
me to time, delegate spch power, IN transacting
be ordinary business of the corporation, to COM
'itt.es OF their own body, or to their officers OR
gents, as they may deem expedient.
ARTICLE XVIII
TIE Board of Directors may purchase, out of the
mos OF the corpo atIon any evGs of debt that
lay be held by law. and transfer in pledge to the
the State of Louisiana, all any portion of SAID
vidences of debt authorized to secure the payment
notes OF circulation, issued by this corporation.
ARTICLE XIX. ,
The Board of Directors shall have power to sup
y any vacancy that may occur in their board
ich vacancy may be declared in consequence Of
'ath, resignation, want Of requisite number of
ares Insolvency or absence without leave for three
lccesslve months.
ARTICLE XX. i
The Board of Directors after paying all the e1. y
'nses # the Corporation, shall, twice in each year.
clare and pay such dividends out of the surplus n
SHAH By pubshsd in tWo o. the
'y OF New Orleans. +
ARTICLE XXI 6
Minutes of al proceedings of the Board of D R
etors shall DC kept by the Cashier and lied by
ARTICLE XII c.
The President and Cashier shall sign all contracts,
g Corporation.
ARTICLE XXIII r
Socks for the registry and transfer of the capital a.
'ck shall be kept. subject TO such restrictions as
3 bylaws Eay direct d
ARTICLE XIV. =.
Ivery transfer CT any share or shares of capital
cE snail be made on the books of the Corporation,
ARTICLE XIV. r.
he Board of Directors may close the transfer 6
oks as often convenience ma, require, but for q
longer THAN ten days at any one time. w
ARTICLE XVI D
10 share shares of the capital stock shall be 4
nsfere Die unless paid in full. 49,
ARTICLE XVII. P,
IN the third Wednesday of April, eighteen bup. s(c
ID and seventy-one and annually thereafter, an y;
ction of Directors. by the stockholders email be
1 at the banking house of SAID corporation: .,
rallty of votes then and there given shall elect
yious notice Of the same TO be gwen, at least +,
rty days, in 'wo newspapers published IN the city
New Orleans. al elections Tor directors shall y
by ballot %,
ARTICLE XVIII. N
ach storkholder shall be entitled directly Or by M
TO one vote each share of stock OF the Cor n
alton owned and held by him his own name, A.
as trustee or legal sentative of others tor RI
sasV three ponths prior to election n;
ARTICLE xxx u.
wo partners shall no be eliqible at the same Ft
g, as directors OF this Association. Nor shall NJ
ector OF any other bank be q Director of this 10
-poration. a
ARTICLE Xxx 20