New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-05-22


ARTICLE IL
business Of bsnking by discountipg bills notes aud
other evidences of debt. receiving deposits, buying
on real and personal security, and TO exercise al
such incidental powers as are now. or may oe here
after authorized by law
ARTICLE III.
The place Of business and legal domicil Of said
Corporation shall be located in the Fourth District
of the city OF New Orleans.
ARTICLE ~.
The capital stock of said Corporation to be Two
Hundred Thousand Dollars, divided into Four
Thousand Shares of Fifty Dollars each, pay able in
on the ti,s. day Of May. is7o Twentytiv per cent
on the first day of august. ls7o Twenty five per
five per cent on the first day of February. 1871.
ARTICLE V.
hundred thousand dollars shall have been sub
scrlbsd and the acquisitions of law are complied
with and shall terminate in the year eighteen hun
dred and ninety.
The Board of Directors shall bs empowered to
oeiye further subscriptions until the amount sub
two hundred Thousand dollars, upon the same terms
of payment prescribed in article fourth; provided,
in cash, at the time of subscribing, to the full
amount OF the instaIlments matured on the original
stock.
ARTICLE VII
The capital stock of the Corporation may here
after be increased to any sum not exceeding one
million dollars. provided that majority in amount
OF all the stockholders shall vote for such increase
ARTICLE VIII
After any increase of capital shall have been duly
authorized sixty days notice thereof shall gwen
in two newspapers published in the city of New
Orleans wi, hin which time stockholders shall have
the privilege of taking additional shares in proper
amount Shares
at tine expiration OF said time, may be sold by the
Board OF Directors, at not less than par, for the
benefit of the Corporation.
ARTICLE TX
On all ailments in default interest at the rate
OF eight per cent per annum shall be charged. and
the Board of Directors, after ten days notice. by
advertisement shall have the right to forfeit and to
cause to be sold any share or SHARES, on which any
nstament may be due and remain unpaid for the
benefit of the Corporation.
ARTICLE X
No csrtiicats Of stock shall De issued unless paid
in full.
ARTICLE XII
This Corporation shall have seal. the device of
which shall be the bust of the Marquis de Lafayette
with the name OF the Corporation IN the margin.
ARTICLE XII.
All powers of the Corporation shall be vested in
Board of Directors consisting of thirteen persons,
each OF whom shall hold in his own name and right
or of the firm of which he is member. at least
twenty shares OF the capital stock OF SAID Company
ARTICLE XIII.
The first Board of Directors shall be composed of
the following named persons, all citizens OF this
Seaman hopkins. DR., John A. Braselman.
Phlipp Drumm, Theodore Berkson,
John F. Higgins. Gus. A. Breau1
John g. Fleming, John A. Watkins.
Lloyd r. Coleman,
Who shall have power to procure a banking house,
appoint officers and put the bank in operation; and
they shall continue in office until the first day OF
May, eighteen hundred and ssventy-cne.
ARTICLE XIV.
The Board of Directors SHALL at their first meet
ing, elect one OF their bers to be the President
OF the Corporation whose duty it shall be to preside
of the bonds of the Cashier, and of all officers OF
the Corporation; also, of the blank intended
be issued and signed BY him and the Cashier. In
case Of absence or inability to act, the Directors
who SHALL for the time being have and exercise the
full powers of the President. |
ARTICLE XIV.
The Board of Directors may at any time make |
such bylaws as they may deem expedIent and may
repeal the same at pleasure.
ARTICLE XVI.
The number of Directors for discounting notes |
and drafts, and purchasing bills of exchange, may
out for tho transaction Of any other kind Of busi.
1ess by the Board five of said shall be re-
CURED to form quorum. and the decision OF the |
najority'of said quorum shall be valid as a corpo-
ats act.
Atll
The Board of Directors shall appoint cashier,
Jerks officers and agents. and may remove the same
It pleasure and shall the salaries of all the OH
ime to time, delegate such power, in transacting
ne ordinary business of the corporation, to com
astees OF their own bady or to their officers or
gents, as they may deem eXpedlent
ARTICLE XVIII!
The Board of Directors may purchase, out Of the
unds of the corporation any evidences of debt that
nay be held BY law: and transfer; in pledge to the
the State of Louisiana ali or any portion of said
vidences of debt authorized to secure the payment
notes OF circulation, issued by this corporation.
ARTICLE XIX
The Board of Directors shall have power to sup.
ly any vacancy that may occur in their board |
UGH vacancy may be declared in consequence of |
cath. resignation. want of requisite number of
hares insolvency or absence without leave for three
uccessive months.
ARTICLE Xxx.
The Board OF Directors, after paying all the ex-
enses the Corporation, shall. twice in each year,
eclare and pay such dividends out of the surplus
rofits as they may deem expedient. rotice of the
'me shall be published in TWO newspapers OF the
ty OF New Orleans.
ARTICLE XXI.
Minutes of all proceedings of the Board of Di.
,c'0rs shall bs kept By toe Cashier, and .fed by
le President.
ARTICLE XXII
The President and Cashier shall sign Ill contracts
otes certificates of stock and evidences OF debt OF
10 Corporation.
ARTICLE XIII
Books for the registry and transfer of the capital
ock shall be kept subject to such restrictions as |
le bylaws Ray direct
ARTICLE XIV.
Every transfer Of any share or shares OF capital
ock all be made on the books of the Corporation,
I'd be signed by the Shareholder his attorney in
ct.
ARTICLE XIV.
The Board of Directors may close the transfer
'9ks as often as convenience may require. but for
} logger than ten DAYS at any one time.
ARTICLE XVI.
NO share or shares of the capital stock shall be
unless paid in full.
ARTICLE XVII.
On the third Wednesday of April, eighteen hun =.
red and seventy-one, and annually thereafter, an
lection of Directors by the stockholders shall be
bid at the banking house of said corporation; |
urality of votes then and there given snail elect
-evious notice Of the be gwen, at least
lirty Gays, in two newspapers published in the city
New Orleans. All elections Tor Directors shall
ARTICLE XVIII
Each stakeholder shall be entitled directly Or BY
'oxy, to one vote each share of stock the Cor
as trustee or legal reprss entative Of others for
least three months PRIOR to an election.
ARTICLE xxx.
Two partners shall not be ejsible, at the same
me. as Directors of this Association. Nor shall
lreotor OF any other bank be Director of this =
ARTICLE xxx.
VI SNAIL De Superlnt ended ,
three comm ISsioner5, to be appointed from the | 4
ockholders by the Board OF Directors one week
evlous to said election.
ARTICLE XXI.
The failure from any cause to elect directors on |
9 day when such election should have been held j
all not dissolve the Cooperation; but the directors
en- IN office shall hold until tneir successors
9 elected and qualified; and any time within | ]
KY days after the day appointed il article twenty
ven, they shall cause. after thirty days notice, |
Oh election to be held. j
ARTICLE. XXXIL
a mslorty OF all the directors elected may provi.
InIS L L