New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-27

i'll and for the parish OF New Orleans, o.aec ~ ~
isiana, duly commissioned and quallned anu - W.
presence of the witnesses hereinafter nanlss' p. u
undersigned, personally came and aRpeaaieWd ras
rick Irwin Archibald Montgomery, Hugh McO,os-
key, Adam Thomson, Edward ConeIy John hend EG
son, Thomas McKenna Thomas FltA"p p,' nu
ward Burke William Hart d hSe parties whose
Thomas Gilmore, of this city, anu 'he pi'io No'e
I names are hereuntO subscrlDeu: ..,s.,ras IF tho
Who declared that avains nf reatne 't TO
| hanks. the establishment of a general system OF
| Free Banking in the State OF LOUISIANA ana me
| du+ies of Auditor and Treasurer, IN relation
I thereto annroyed on the fourteenth day of March
| 1870 tlfey have agreed and do by these preSents
agree and bind themselves, and those they repre-.
sociation or corporation for the objects and prpO
ses hereinafter specified and under the stipulatl0ns
| following, to-wlG
The corporate name Of the association shall be
| the HIBERNAN BANK OF NEW ORLEANS.
| ARTICLE II.
This association is formed for period Of twenty
ARTICLE III.
| The object of this association is to carry the
business of banking by discounting bills notes and
other evidences of debt, receiving deposits buying
and selling gold and silver coin, bullion bills OF eX-
change real estate; loaning money real and per.
sOual security. and to exercise all such incidental
| powers as now are OF may be hereafter author
ARTICLE ".
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 be FIVE
hundred thousand dollars S5OO, 0OO divided into
five thousand shares of one hundred dollars lO0l
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 mp. :,
Should any subscriber neglect to pay punctual!y
his her share installment of bis or her share
or shares they fall due the subscriber shall be
charged interest at the rate Of eight per cent per
| anuum tilerefrOm till paid.
| An uhSrrJ bpr ms ul the
instameIt nstallments 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 d.
| reetors after thirty days notice shall declare the
same forfeited to the Bank, including all previous
pa ylnents that may have been made thereon.
| The capital stock of this Association may here
million dollars Is 900 ooo) divided into shares OF
one hundred dollars 1907 each, whenever such in
| crease shall be authorized by two-thirds OF the
stockholders and provided thirty days notice Of the
lished in the city of New Orleans within which time
stockholders shall have the privilege OF taking adj
ditional shares in proportion to the number OF
shares held by them respectively
Shares not taken at the expiration OF SAID time
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 1nstalinent OF the capl
tai stock by the shareholders, when one hundred
thousand dollars lOo,oOOo) are paid in
ARTICLE VII.
The device and seal of the association shall be an
| Irish harp with "Hiberna Bank OF New orleans EN-
| graved around 1t.
| ARTICLE VIII.
All powers of the association shall be vested in
| board of directors consistieg OF twelve persons
right at least twenty (25 shares OF the stock OF
| this association.
On the third Monday, of January, 1871, and an
nually thereafter, election of directors by the
stockholders shall be held at the banking house Of
| the association. :,
| majority of votes then and there given shall
Previous notice of at 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 nrst Board OF Directors e
| serve until superseded by the board, to bt
| elected on the tlird Monday of January, 1871:
| Patrick Irwin Archibald Montgomery,
Hugh McCloskey, Adam Thompson,
Thomas McKenna, Thomas Fitzwilliam,
| Edward Burke William Hart.
| Nicholas Burke, Thomas Gilmore
ARTICLE NJ.
| The Board of Directors shall, at their first meet
ing elect one OF their members to be president an'
| Provided. said president and vice-president re
ceive not less than a majority OF the votes OF tn
All citations or other legal process shall be serves
on the president or, in his absence, on the vice
| president.
The duty of the president shall be to preside a
all meetings OF the board and in of absence o
inability to preside the vice president shall pre-
side and in case of his absence or inability to C
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 vic
president.
The number of directions necessary for discount
ing notes and drafts, and purchasing bills OF eA
| change. and for the transaction OF general DuSl
ness, shall be determined by the general bylaws
the association
| ARTICLE XIII.
The Board of Directors shall have full power t
make bylaws, appoint all officers OF this associa
That said appointments be made annually, an
held subject to removal at the pleasure OF tn
They shall fix the security to be given by tn
| officers respectively.
| interest of the association demand it, and appoin
| agents within and out of the State, under rules
be prescribed by the board.
ARTICLE XIV.
| The Board of Directors, after paying all the e.
penses of the association, shall twice or Ofener
each year if the ppOfits of the business justify il
declare and pay sucl dividends out OF said profits a
| they may deem expedient.
| Notice Of the same shall be published in at leas
two newspapers published in the city OF New o.
| leans.
The Board of Directors shall have power to Fl
any vacancy that may occur in the board
ARTICLE XVI
| Vacancies in the Board of Directors may be d.
clared in consequence of death, resignation detacs
ton insolvency absence without leave for ninet
consecutive days.
| Every transfer of any share or shares of capita
stock shall he made on the books of the association
and shall be signed by the shareholder his alto
ney, but no stakeholder shall have the right t
transfer his stock unless his nlatured obligations I
| the bank are paid or secured.
| ARTICLE XVIII.
The Board of Directors may close the transfe
| book as often convenience may require, but II
no longer than ten consecutive days at any on
time.
No certificate of stock shall. be issued unless a
tine nstallments have been paid In full
ARTICLE Xxx.
The failure, from any cause, to elect directors o
| the day when such election should have been he'll
| shall not dissolve the association.
| The directors then in Office shall hold over, but
shallbe their duty to appoint another day tor sue
election notice Of which shall be given as provide
in article nine, until the election shall have bee
held.
Each shareholder shall be entitled directly or
proxy at all elections for directors, or on any ma
ter, at any meeting of the stockholders to one vol
upon each share, provided no stOcklioder shall vol
in his own name over one 10O) hundred votes an
provided also, that after the first election he sha
have owned the stock at least three months pr
viOus to voting.
Every election of directors of this associate
shall be by ballot and conducted by three inspec
{ ors to be appointed by the board, at least on
week prior to any election. No two partners sla
be eligible at the same time, as directors Of tn
bank, nor shall director OF any other bank, or h
partner be director Of this bank.
ARTICLE XXIiI.
, | A majority of all the directors elected may pr
! visonally accept any additional power privile:
that may hereafter be conferred this assOCiatiO
, either by amendment under the act by which it WI
4 formed, or by any new act enactment, and ms
amend these articles of association; but the fin