New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-04-10
LAWS OFTHE STATE OF LOUISIANA
PUBLISHED BY AUTHORITY. ]
EXTRA SESSION.
AN ACT

-
10 incorporate the Louisiana Savings Bank
and Safe Deposit Company.
SECTION l. Be it enacted by the Senate and
Louisiana in General Assembly convened,
That the following persons, resident in the
city of New Orleans, viz: A. d. Grief, Henry
Peychaud, d. Wallace, W. II. Thomas. 10.
seph 8. Copes, w. Van Norden, and John 8.
Walton and their associates, shall be and
are hereby constituted body corporate and
polite, by the name of the Louisiana Cav
ipgs Bank and Safe Deposit Company, for
the term of twenty five years from the pas
sage of this act; and by that name shall be
capable of suing and being sued; defending
and being defended in all courts and places,
and may have q common seal, and alter the
same at pleasure; and al deeds, grants and
agreements made by the president, treas
urer, or any person, when duly authorized
by the Board of Directors, shall be good and
valid in law and equity. They shall have
power to hold and possess such real estate
as may be necessary for carrying en- the
business of the corporation, and such other
real estate as may be acquired from the fore
closure Of mortgages to the corporation in
the collection Of it's debts; but ali real estate
except such IS is necessary 10 the transac-
ton Of its business shall be disposed Of at
the furthest, within five years from the date
Of its acquisition.
Sec Q. Be it further enacted, etc, That
the capital stock of the said corporation
shall be one hundred thousand dollars, di-
yided into one thousand shares Of one hun
dred dollars each; but may be increased by
vote of twO-thirds in number of stockhold-
ers and amount of stock.
SEC. 8. Be it further enacted, ETC., That
the said corporation shall be authorized to
receive On deposit money and valuaoies Of
every description whatsoever, from any per-
son, and in any sums, for the custody of
which valuables it shall be entitled to
charge such remuneration as may be agreed
upon, and upon which sums of money inter
est may be allowed in accordance with the
provisions Of this act, and the bylaws of
this corporation; and to pay outand deliver
the same by check or otherwise to the
minor, without the authorization of his
parent or tutor; and to the married woman
without the authorization of her husband,
ard it shall be exempt from taxation except
on real estate.
Sec. 4. Be it further enacted, ETC., That
the management of the said corporation
shall be vested in Board Of Directors, to
be composed OF seven stockholders. The
. first board shall consist of A. d. Grief. II.
Peychaud, D. Wallace, w. H. Thomas, J. S.
Copes, w. VanNorden and John s. Walton,
who shall continue in Office until the
first Monday in May, or until their sue
cessors are elected and qualified. The
stockholders shall, on the first Monday of
May in each year, elect by ballot from
among their humber, board Of seven di-
rectors, who shall serve as such for one
year, or until their successors are elected
and qualified, and who shall have power to
elect officers and make such bylaws as they
may deem necessary.
In case of q vacancy occurring in the
Board of Directors in the interval between
two elections, the same may be filed by the
directors, provided five members are
present, and vote when such vacancy is
filed No stakeholder shall be eligible to
the Office of director who shall not have
held in his own name or in that Of his firm,
for period not less than six months prior
to the day of election, at least ten shares OF
the capital stock of said corporation.
Sec. 5. Be it further enacted, etc., That
at all elections for directors each share of
the stock shall be entitled to one vote, but
no st0ckholder shall, under any circum-
stances, be entitled to more than fifty
votes.
Sec. C. Be it further enacted, ETC.. That
all pledges of stock. securities or other
property, for loans made under and by
virtue of this act, shall be made to such
officer as may be designated by the board of
directors, and all such pledges. when by
him accepted and accompanied by delivery
of the subject pledged. shall be valid as
well against third parties as against the
pledgers thereof.
SEC Z. Be it further enacted, etc., That
the said corporation shall be authorized to
hold any trust fund or moneys belonging to
minors, or other parties, as shall by or under
the decree of any court of record within
this state be ordered to be deposited
therein.
SEC. 8. Be it further enacted, etc., That
whenever it shall become necessary to
liquidate the affairs of said corporation, it
shall be done by three commissioners,
elected by ballot at meeting of stock
holders convened for that purpose.
Sec. 9. Be it further enacted, etc., That
ut least once in every year the directors
shall cause to be made full and complete
statement of the condition of the affairs of
the said corporation, which shall be pub
hshed in the city of New Orleans.
(Signed) MORTIMER CARR.
Speaker of the House of Representatives.
[Signed) OSCAR J. DUNN,
Lieutenant Governor and President of the
Senate.
Approved March 16, 1870.
(Signed) H. C. WARMOTH,
Governor of the State of Louisiana.
A true copy:
GEO. E. BovEE,
SorrpfarU of Stata