New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-20
CORPORATIONS.


the year of our Lord one Thousand eight hundred
United States of America, the ninety-fourth be.
fore me, William Joseph Castell, notary public,
in and for the parish Of New Orleans State Of Lou
presence Of the witnesses hereinafter named, and
undersigned, personally came and appeared, Pat
key, Adam Thomson, Edward Conery, John Hender.
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, awaiting themselves Of the
provisions of the act entitled, IAN Act relative to
Free Banking in the State of Louisiana and the
duties of Auditor and Treasurer, in relation
thereto approved on the fourteenth day of March,
1870. they have agreed, and do by these presents
agree and bind themselves, and those they repre-
sent to form themselves into ana h constitute an as
ses hereinafter specified and under the stlpulatiOns
following, tO-wit:
ARTICLE l.
The corporate name of the association shall be
the HIBEkNAN BANK OF NEW ORLEANS.
ARTICLE H.
This association is formed for period of twenty
years.
The object of this association is to carry on the
business of banking by discountng bills, notes and
other evidences Of debt receiving deposits buying
and selling gold and silver coin, bullion bills of
sonai security and to exercise all such incidental
powers as now are or may he hereafter author
lied by law.
The place of business and legal domio of said
association shall be the city of New Orleans.
ARTICLE v.
The canital stock of this association shall be five
hundred thousand dollars $500, oO0) divided into
five thousand shares of one hundred dollars ($lO0),
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 punctuAlly
his her share or installment OF his or her share
shares, they fall due, the subscriber shall be
charged interest at the rate OF eight per cent per
annum therefrOm till paid.
ANY subscriber negecting or refusing to pay the
nstallment or installments 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 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
after be increased to any sum not exceeding one
million dollars Is 600 oOO) divided into shares of
hundred dollars 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
ished in the city of New Orleans, within which time
stockholders shall have the privilege of taking ad.
ditioral 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 installment Of the CAPT
tai stock by the shareholders, or when one hundred
thousand dollars $l0o,OOoO) are paid IN.
ARTICLE VII
The device and seal of the association shall be an
Irish harp with 'Hibernia Bank Of New Orleans" en-
Sraved around it.
ARTICLE VIII
All mowers of the association shall be vested in
board Of directors consistieg OF twelve persons,
each Of whom shall at all times hold i'll his own
right least twenty-five (25) shares OF the stock OF
tins association.
On the third Monday of January, 1871, and an
nualy thereafter, election OF directors by the
stockholders shall be held ut the banking house OF
the association. -
majority OF votes tnen ana there gwen Shall
Previous notice of at least thirty (3O days of said
election shall be given i'll at least two newspapers
published in New Orleans.
ARTICLEX.
Tie following named persons are hereby chosen,
and sn;.n com pose the first Board Of Directors 10
serve until superseded by the new board, to be
elected o the third Monday of January 1871:
Patrick Irwin Archibald Montgomery,
Hugh McCloskey, Adam Thompson,
Thomas Mckenna, Thomas Fltzwllhaln,
Edward Burke, William Hart,
Nicholas Burke THOMAS GILMORE
ARTICLE NJ.
The Board of Directors shall, a. their first meet
ing elect OF their members to be president, and
Provided said president and vice-president re-
ceive NOT less than majority of the votes OF the
whole board.
All citations or other legal process shah be served
on the president or, i'll his absence, on the vice.
president
all meetings of the board and III OF absence or
inability to preside, the vice president shall pre-
side and in case of his absence or inability to a 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 OF vice
president.
ARTICLE XII.
The number Of directions necessary for discount
ing notes aud 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 assocla-
ton and fix their salaries.
That said appointments be made annually, and
held subject to removal at the pleasure VI the
board. ,
They NAV also change the bylaws whenever the
interest OF the association demand it, and appoint
agents within and out Of the State under rules 70
be prescribed by the board.
ARTICLE XIV.
The Board of Directors, after paying all the ex.
penses of the association, SHALL twice or oftener IN
each year if the ppots of the business justify IT.
declare and pay such dividends out OF said profits
they may deem expedient.
Notice Of the same shall be published in at least
two newspapers published in the city OF Ne" VI
ARTICLE XIV
The Board of Directors shall have power to fill
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 deiaica
ton insolvency or absence without leave for ninety
ARTICLE XVII
n cqnifq
stock shall be made the books of the association
and shall be signed by the shareholder or his attor
ney, but no stakeholder shall have the right te
transfer his stock unless his matred ODngatlonS u
| the bank are paid or secured.
ARTICLE XVIII
The Board of Directors may close the transfer
book often as convenience may require, put Iol
| no longer than ten consecutive days at any one
| time
No certificate of stock shall be issued unless al
| the installments have been paid in fun.
| ARTICLE Xxx.
The failure from any cause. to elect directors OF
| the day when such election should have been held
| shall not dissolve the association.
The directors then in office shall hold over but !
shall he their duty to appoint another day 1or suci
election, notice of which shall he given as provided
in article nine, until the election shall nave oeei
| held
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 Vot'
upon each share provided stockhOlder SHAH Fott
| i'll his name over one (l00) hundred votes. ans
provided also, that after the first election ne shsl
| have owned the stock at least three months pre-
| viOus to voting.
| ARTICLE XXIL
| 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 snai
| be eligible at the same time, as directors OF I'M
bank, shall director of any other bank, or III
| partner, be a director of this bank.
| ARTICLE XIII.