New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-15

The place of business and legal domicil of said
association, shall be the city Of New Orleans.
ARTICLE v.
The capital stock of this association shall he five
five thousand shares of one hundred dollars ($1O0
each ten per cent of which shall be payable at the
signing thereof, ten per cent every thirty days
thereafter until the whole is paid up.
Should any subscriber neglect to pay punctually
his her share, or instanent of his or her share
OF shares as they fall due, the subscriber shall be
charged interest at the rate OF eight per cent per
annum therefrOm till paid.
Amy subscriber neglecting or refusing to pay the
ty days after the time fixed 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
million t dollars oooj divided into Shares Of
one hundred dollars Is 1907 each, whenever such in
crease shall be authorized by two-thirds of the
stockholders and provided thirty days notice 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
ditonal shares in 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 when one hundred
thousand dollars $lOO,VUUO) are pald H.
ARTICLE VII.
The device and seal of the association shall be an
Irish harp with Hibernia Bank Of New Orleans" en-
graved around it,
ARTICLE VIII
All powers of the association shall be vested in
board of directors, consistieg Of twelve persons,
each of whom shall at all times hold in his own
this association.
On the third Monday of January, 1871, and an
nually thereafter, an election of directors by the
stockholders shall be held at the banking house OF
the association.
elect
Previous notice Of at least thirty 30 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
serve until superseded by the new board, TO be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 Mckenna, Thomas tItZwllllam,
Edward Burke, William Hart,
Nicholas Burke, Thomas gilmore.
ARTICLE XI.
Tie 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-
ceive not less than majority OF the votes OF the
whole board.
All citations OF other legal process shall be served
the president or, in his absence, on the vice
The duty of the president shall be to preside at
all meetings Of the board and in case OF absence or
inability to preside; the vice president shall pre-.
side and in of his absence or inability to ct
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 of ex-
change, and for the transaction OF general bust
ness shall be determined by the general bylaws Of
the association.
ARTICLE XIII.
The Board of Directors shall have full power to
make bylaws, appoint all officers OF this associa-
ton and fix their salaries.
That said appointments be made annually, and
held subject to removal at the pleasure OF the
board.
officers respectively
They may also change the bylaws whenever the
interest of the association demand it, and appoint
agents within and 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 oftener in
each year. if the ppotts of the business justify it,
declare and nav such dividends out of said profits
they may deem expedient.
Notice of the same shall be published in at least
leans ARTICLE XIV.
The Board of Directors shall have power to I'LL
any vacancy that may occur in 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
''-''0''''' ARTICLE XVII
Every transfer of any share shares of capital
stock shall be made the books OF the association
and shall be signed by the shareholder or his attor-
new 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 for
no longer than ten consecutive days at any one
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 it
election notice Of which shall be given provided
in article nine until the election shall have been
held.
Each shareholder shall be entitled directly or by
proxy at all elections for directors any mat
ter at any meeting of the stockholders to vote
in his own name over one (l00) hundred votes and
provided also that after the first election he shall
have owned the stock at least three months pre-.
viOus to voting.
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 shall
be eligible at the same time as directors of this
bank, shall director OF any other bank, or his
partner, be director OF this bank
ARTICLE XIII.
majority of all the directors elected may pro-
csiOnay accept any additional power or privilege
that NAV hereafter he conferred this association
either by amendment under the act by which it was
formed or by any new act or enactment and may
amend these articles Of association but the final
adoption and acceptance of such additional power
privileges shall be by vote OF the stockholders
in the manner provided by law.
ARTICLE XIV.
The president and cashier shall sign all contracts
notes certificates of stock and evidences OF debt OF
this association.
ARTICLE XIV.
Minutes of all proceedings by the board Of direc
tors shall be kept by the cashier and certified to by
the president or vice president
ARTICLE XVI.
The liquidation of the affairs of the association
shall be made by three commissioners, elected by
the stockholders at meeting convened for thai
purpose, after thirty days previous notice in, a.
least two newspapers published in the city of New
Orleans, each commissioner to be resident of tn,
| State, and not indebted to the association.
At such meeting stockholders NAV cede to sucl
commissioners all power necessary to the iquda
ton of the affairs of the association may fix thei
term OF office, limit the period for liquidation, fl
| their compensation, define their duties, and TIL
| manner in which said commissioners may be re
| moved and their term of Office renewed.
| aprycr