New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-03-19
Mo- So.
AN ACT
To incorporate the Monroe Saving
Exchange Bank.

To INCORPORATE the Monroe Savings and
Exchange Bank.
SECTION l. Be it enacted by the Senate
and House of Representatives of the State
OF Louisiana in General Assembly convened,
That the following named persons, their
SUCCESSORS and assigns, Joseph P Crosby,
Thomas c. Standifer, W. H Maxey, j. Frank
Pafgoud, Joseph Hoffman, HypClite Filhiol,
J. g. Sanders, II. I. Vickers and A. S.
Pipes are hereby created and constituted a
body corporate and polite, under the name
and title of the Monroe Savings and EX-
change Bank" with all the rights and
powers set forth in the following articles,
viz:
Article l. The name and title of the said
corporation shall be the "Monroe Savings
and Exchange Bank" and its domicil is
hereby established in the town of Monroe,
parish of Ouachita and State of Louisiana.
1t shall exist for the term of fifty (50) years
from the passage OF this act. 1t shall have
power to contract, sue and be sued, and
shall have aud use common seal of such
device 80 may be deemed proper.
Art II. The objects aud purposes of the
bank are to carry on the business of bank
ing in all its branches, by issuing bank
notes, receiving deposits, buying and sel-
ling gold and silver bullion. bills of ex-
change, and drafts, loaning money on real
and personal security, discOuntiDg bills,
notes ard other evidences of debt, and gen.
orally to exercise such privileges and
powers as may be conferred on them by
law.
Art. III. The capital stock of the said
bank shall be five hundred thousand dol
lars, divided into five thousand shares of
one hundred dollars each, payable at the
time and in the manner following, viz:
twenty-five dollars per share in cash at
the time of subscription to said stock;
aud the remainder, seventy-fv dol
lars of each share, in installments of not
more than twenty-five dollars at any time,
and not more than one installment in any
one month, which payment shall be called for
after at least fifteen days notice, published in
all the newspapers published within that
time in the town OF Monroe. Such pay
ments shall be made at the office of the said
bank, and any stakeholder, failing to pay
any instellment, as above required, shall
forfeit the amounts already paid by him,
which amounts shall revert to the corpora
ton. Said bank may commence business as
soon as fifty thousand dollars shall have
been paid in on the subscriptions of stock.
art. ". As soon after the passage OF this
act as the incorpOratOrs mentioned III the
first part thereof shall think it advisable,
they shall organize by the election of a
President and Cashier Of the bank; and In
order to decide On the tine and propriety OF
such organization, Joseph P. Crosby, or IN
his absence or failure to ect, any other two
of said corporators, shall, by not less than
ten days advertisement in one or more
newspapers published in Monroe, notify the
said corporators to meet at the courthouse
in Monroe, and if at such meeting ma
jority of said corporators shall assemble,
they shall have the right to decide whether
it is advisable to effect an organization, and
if they decide in favor of effectlng an organ
ization. they shall have the right to organ
ize BY the election of the above officers, or
they may adjourn to any other day to make