New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-12

United States OF America, the Hinety-lourth; bes
in and for the parish Of New Orleans State q Lou
isiana duly commissioned and qualified, and III the
presence Of the witnesses hereinafter named, and
undersigned, personally came snd' appeareds Pat
rick Irwin, Archibald Montgomery, Hugh McClos
key, Adam Thomson, Edward Conery, John Herder-
ward Burke, William Hart;s Nicholas Burke and
Thomas Gilmore Of this city, and the parties whose
Who declared that awaiting themselves Of the
provisions Of the act entitled "An Act relative to
banks the establishment OF general system of
duties. OF Auditor and Treasurer, in relation
thereto, approved on the fourteenth day of March,
sent, to form themselves into and constitute an as
sociaton or corporation for the objects and purpO
seS hereinafter specned, aud under te Stipulatl0nS
following, tO-wit ..-- .,
ARTICLE l.
The corporate name of the association shall be
the ALDERMAN BANK OF NEW ORLEANS.
ARTICLE H.
This association is formed for period of twenty
years
The object of this association is to carry on the
business OF banking by discOnting bills, notes and
other evidences of debt, receiving deposits, buying
and selling gold and silver coin, bullion, bills of ex
change, real estates iOaning money on real and per
sOnaI security and to exercise all such incidental
powers now are or may be hereafter author
lied by law.
The place of business and legal domcil of said
association shall be the city OF New Orleans.
ARTICLE V.
The capital stock of this association shall be five
hundred thousand dollars (a50O, 0OO), divided into
five thousand shares of one hundred dollars Is 1907,
each, ten per cent of which shall be payable at the
Thereafter until the whole is paid up.
Should any subscriberneglect to pay punctl!ally
his her share, or instament OF his or her share
or shares they fall due, the subscriber shall be
charged interest at the rate OF eight per cent per
annuIn therefrOm till paid
ANY subscriber neglecting or refusing to pay the
installment OF instaments within the delay OF nine
ty days after the time liked for the payment of the
same and in the manner aforesaid, the Board OF d.
rectors after thirty days notice, shall declare the
same forfeited to the Bank including all previous
payments that may have been made thereon.
The capital stock of this Association may here
after be increased to any sum not exceeding one
million dollars O0O), divided into shares Of
one hundred dollars Is 1907 EACH whenever such in
crease shall be authorized by twothirds OF the
stockholders and provided thirty days notice Ofthe
same shall have been given i'll two newspapers pub
shsd in the city Ct New Orleans t T.a M TG te
,litonal shares in proportion to the number OF
shares held by them respectively. I
may be sold BY the Board Of Directors at not less
than par for the benefit of the association
ARTICLE VI --
This association shall commence operation after
the payment OF the second instalment Of the cap
tai stock by the shareholders, or when one hundred
thousand dollars $500 oe0e) are paid in. s"s4k~
ARTICLE VII.
The device and seal of the association shall he
Irish harp with Eiibernia Bank Of New Orleans en-
graved around it. ,-7
ARTICLE VIII.
All powers of the association shall be vested in q
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
u ARTICLE TX.
On the third Monday of January, 1871 and an
nually thereafter an election of directors by the
stockholders shall he held at the banking house OF
the association
A majority of votes then and there given shall
elect.
Previous notice of least thirty (3o days of said
election shall be given in at least two newspapers
published in New Orleans.
ARTICLEX
The following named persons are hereby chosen,
and shall compose the first Board OF Directors, TO
until superseded by the new board, to be
elected on the third Monday Of January, 1871:
Hugh McClOskey, Adam Thompson,
Edward COnery, John Henderson,
Thomas McKenna, Thomas Fitzwilliam,
Edward Burke, William Hart, -..#
Nicholas Burke, Thomas Gilmore.
. ARTICLE XII.
D The Board of Directors shall at their first meet
ing, elect OF their members to be president, and
one TO be vice-president of the association.
Provided said president and vice-president re-
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 he to preside at
all meetings of the board, and in OF absence or
inability TO preside, the vice president shall pre-
side and in of his absence inability to let
the directors may elect, from their number, pres
ident pro tempore, who shall: for the time being,
exercise the full powers OF the president or vice
president.
ARTICLE XII
The number of directions necessary for discount
ing notes and drafts, and purchasing bills Ut ex-
change. and for the transaction OF general bust
ness shall be determined by the general bylaws of
the association.
ARTICLE Kill
The Board of Directors shall have full power to
make bylaws, appoint all officers OF this aSsOela
ton, and fix their salaries.
That said appointments be made annually, and
held subject to removal at the pleasure Ut the
board. -a.-ss
They shall fix the security to be given by the
officers respectively.
interest of the association demand it, and appoint
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 ppOtts of the business justify it,
declare and pay such dividends out of said profits
Notice of the same shall be published in at least
two newspapers published in the city of New Or
leans. -
The Board of Directors shall have power to fill
any vacancy that may occur i'll the board.
ARTICLE XVI -.
Vacancies in the Board OF Directors may be de-
clared in consequence of DEATH resignation dealca
ton insolvency absence without leave for ninety
ARTICLE XVII
Every transfer of any share or shares of capital
stock shall be made on the books OF the
ney, 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 ior
no longer than ten consecutive days at any one
time.
ARTICLE XIX 4.
No certificate of stock shall be issued unless all
the installments have been paid in full.
ARTICLE Xxx.
The failure from any cause, to elect directors on
the day when such election should have been held,
shall not dissolve the association
The directors then in office shall hold over but IT
shall be their duty to appoint another day for sicn
election, notice OF which shall be given rs provided
in article nine, until the election shall have been
held.
ARTICLE XXI
Each shareholder shall be entitled directly or by
proxy, at all elections for directors on any mat
ter at any meeting of the stockholders, to one vote
upon each share provided stakeholder shall vote
in his own name over one ll00) hundred votes ana
provided also, that after the first election he shall
have owned the stock at least three months pre-
vious to voting
ARTICLE XXII
Every election of directors of this association
shall be by ballot and conducted by three inspect
to be appointed by the board at least one
week prior to any election. No two partners shall
be eligible at the same time, directors OF TINS
bank, nor shall director of any other bank, or his
partner, be director Of this bank.
ARTICLE XIII.
A majority of all the directors elected may pro-
visonally accept any additional power or privilege
that may hereafter be conferred this association