New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-30
STATE OF LOUISIANA. !
Parish of Orleans. City Of New Orleans (

fore me, William Joseph Casten, a notary public,
in and for the parish Of New Orleans, State of Lou
isiana, duly commissioned and qualified, and in the
presence Of the witnesses hereinafter named, and
undersigned, personally came and appeared, Pat
I Ksy. 4 a5wln' r Ao9n,Saif nd M%entdfcc% oneiy, J jofn Hs1des.
son, Thomas McKenna, Thomas FitZwilliam, Ed
ward Burke, William Hart, Nicholas Burke and
Thomas Gilmore, of this city, and the parties whose
names are hereuntO subscribed:
Who declared that, availing themselves Of the
provisions of the act entitled, AN Act relative to
banks. the establishment of q general system of
duties Of Auditor and Treasurer, in relation
1870, they have agreed, and do by these presents
agree and bind themselves, and those they repre-
sem, to form themselves into, and constitute an as
ses hereinafter specified, and under the stipulations
following, to-wit:
ARTICLE l..
The corporate name of the association shall be
the HIBERNAN BANK OF NEW ORLEANS.
ARTICLE II.
This association is + formed for a period of twenty
years. NV
The object of this association is to carry on the
business of banking by discounting bills, notes and
other evidences of debt, receiving deposits, buying
change, real estate; loaning money Oh real and per-
sonai 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 ".
The capital stock of this association shall be five
hundred thousand dollars ) 500, 0O0), divided into
five thousand shares OF one hundred dollars Is 1907,
each, ten per cent OF which shall be payable at the
signing thereof, ten per PER cent &c n,; every pr thirty days
Should any subscriber neglect to pay punctually
his or her share, OF installment OF his OF her share
or shares, as they fall due, the subscriber shall be
yba rUa1 interest at the rate OF eight Der cent D4r
annum theretrOm till paid.
ANY subscriber neglecting or refusing to pay the
installment or installnentsw 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 Di-
%rectors, after thirty days, notice, SHAH declare the
payments that may have been made thereon.
The capital stock of this Association may here
million dollars is o .oOW, divided into shares of
one hundred dollars ($lC0) each, whenever such in
crease shall be authorized by tTo-thirds OF the
same shall have been given in two newspapers pub
lished in the city of New Orleans, within which time
stockholders shall have the privilege of taking ad-
ditional shares i'll proportion to the number Of
shares held by them respectively.
Shares not taken At the expiration Of said time
than par for the benefit of the association.
ARTICLE vi.
This association shall commence operation after
the payment OF the second installment Of the capt.
tai stock by the shareholders, or when one hundred
tllOuSiiUU uOlldTS = lUutuVNVJ u pau L.
ARTICLE VII.
The device and seal of the association shall be an
Irish harp with ''Hibernia Bank OF New Orleans" en-
grayed around it.
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
this association.
ARTICLE TX.
On +l,a +b;rd Nopduy of January 1871 and an
nuallv thereafter, an election of directors by the
stockholders shall be held at the banking house of
the association.
A majority of votes then and there given shall
elect.
Previous notice of at least thirty t3o) days of said
election shall be given in at least two newspapers
published i'll New Orleans.
ARTICLE X.
The following named persons are hereby chosen,
and shall compose the hrst 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 Mcktnna, THOMAS F1tZwlllam,
Edward Burke, William Hart,
Nicholas Burke, Thomas Gilmore.
ARTICLE ri.
The Board of Directors shall, at their first meet
Ing. elect one OF their members 10 be president, and
one to 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 OF, III his absence, on the vice
president.
The duty of the president shall be to preside at
all meetings of the board, and i'll case of absence or
inability to preside, the vice president shall pre-
side, and iii case OF his absence or inability TO act
the directors may elect, from their number, a pres
ident pro tenrore, who shall. Tor the time being,
exercise the full powers OF the president or vice
president.
The number of directions necessary for discount
ing notes and drafts, and purchasing bills OF eX-
change, and for the transaction of general busl-
ness, shall he determined By the general bylaws of
the association.
ARTICLE XIII
Tie Board of Directors shah have full power to
make bylaws, appoint all officers OF this associa-
ton. and fix their salaries.
TIlat said appointments be made annually, and
held subject to removal at the pleasure OF the
board.
They shah fix the security to be given by the
officers respectively.
They may also change the bylaws whenever the
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 paving all the ex-
penscs OF the association, shall, twice or 0ttener in
each year, if the ppOfits of the business JUSTIFY IT,
declare and pay such dividends out OF said profits as
they may deem eXpedient.
Notice of the same shall be published in at least
two newspapers published in the city OF New Or
leans.
n'
The Board of Directors shall have power to ill
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, defalca-
ton, insolvency or absence without leave for ninety
ARTICLE VII.
Every transfer of any share or shares of capital
stock shall be made on the books of the association,
and shall be signed by the Shareholder or his attof-
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 tor
no longer than ten consecutive days at any one
time.
ARTICLE XIX.
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 1t
shall be their duty to appoint another day for stcn
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. or on any mat
ter, at any meeting of the stockholders, to one vote
upon each share, provided no stakeholder shall vote
in his own name over one Q00) hundred votes, ana
provided also, that after the first election he shall
have owned the stock at least three months pre-
VlOuS to voting.
ARTICLE XXI.
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 silaii