New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-31

isiana- duly commissioned and qualified, and IN the
undersigned, personally came and aRpearea, rat
rick Irwin, Archibald Montgomery, hugh Mcoios-
key Adam Thomson Edward ConerX 1ohH Ed
ward Burke, William Hart, Nicholas bnrke , anu
Thomas Gilmore OF this city, and the parties "lose
WHO declared that availin. 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 rS!all3n
thereto approved on ne d E Is 81
agree ard bind themselves. and those they repre-
sent to form thense YES into and constitute an as
ISOLATION or corporation FOX the OBJECTS ana purIo-
SEES hereinafter specified and under the stipulations
following, toWlC
ARTICLE l.
The corrcrate name of the association shall be
the HIBEkNAN BANK OF NEW ORLEANS.
ARTICLE II.
THIS association is formed for period of twenty
years
The object of this association is to carry on the
business of banking by discounting bills notes and
other evidences OF debt. receiving deposits, buying
and selling god and silver CON- bullion bills OF eX-
change, real estate oalilg money on real ana per
soIa security and 10 exercise all such incidental
powers as now are or may be hereafter author
lied by law.
ARTICLE ".
The place ofbrsiness and legal domieil Of said
association, shall be the city OF New Orleans.
ARTICLE v
Tie capital stock OF tits association shall be five
hundred Thousand dollars (S5OoGoG), DIVIDED into
five thousand shares of one hundred collars loo
each ten per cent OF which shall he payable at the
signing thereof, ten per cent every thirty days
thereafteruntil the whole is paid UP.
should any subscriber neglect to pay punctualy
his or her share, or insanent OF his or her share
shares they fall due. the subscriber shall he
charged interest at the rate OF eight per cent per
aunum tLeretrOm I'LL paid.
ANY subscriber neglccting or refusing 10 pay the
ipSf Inns ins Is
~ days after the time txed for the payment OF the
same and in the manner aforesaid, the Board OF N
rectors after thirty days notice, shall declare the
same forfeited to the Bank including all previous
payments that NAV have been made thereon.
Tie capital stock OF this Association may here
after be increased to any sum not exceeding one
million dollars slGo0,0G1), divided into shares OF
hundred dollars tSlGC) each, whenever such in
crease shall be authorized by twothlrds OF the
stockholders and provided thirty days notice OF the
same shall have been given in two new spapeIs pub
liehed in the city OF New Orleans within which time
stockholders shall have the privilege of taking ad-
ditional shares i'll proportion TO the number OF
shares held by them respectively.
Shares not taken at tie expiration CT said time
may be sold by the Board of Directors at Lot 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 capl
tai stock by the Shareholders or when one hundred
Thousand dollars S lo0,oooo) are paid i'll.
ARTICLE VII.
The device ard seal OF the association shall be an
Irish harp with 'Hhernia Bank OF New Orleans en-
graved around It.
ARTICLE VII.
All powers of the association shall be vested in a
board of directors. coEsis-ieg OF twelve persons,
eacl. of whom shall IL all times hold in his own
right least twenty five 25 shares OF the stock OF
ARTICLE TX.
On the third Monday Of January, 1871, and an
nuallv thereafter 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 il New Orleans.
ARTICLEX.
The following named persons are hereby chosen,
and shall compose the Irst Board of Directors 20
serve until superseded by the board, to be
elected on the third Monday OF January, lS.l:
Hugh McClOskey, Adam Thompson,
Edward Conerv, John Henderson,
Thomas Mckenna, Thomas tltZWlllaln
Edward Burke, William Hart,
Nicholas Burke. Thomas gilmore.
ARTICLE XII
The 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-presldent re-
ceive not less than majority OF the votes OF the
whole board.
All citations or other legal process shall be served
on the president or in his absence, on the vice
president.
all meetings of the board. and in of absence or
inability TO preside the vice president shall pre-
the directors NAV elect, from their number, pres
ident pro tempore, who shall. for the time being,
exercise the full powers of the president or vice
president.
The number of directions necessary for discount
ing and drafts, and purchasing bills OF eX-
change. and for the transaction OF general busl-
ness shall be determined by the general bylaws Oh
the association
ARTICLE XIII.
The Board of Directors shall have full power 70
make bylaws, appoint all officers OF this assoca-
ton. and nix their salaries.
That said appointments be made annually, and
held subject TO removal at the pleasure OF the
They shall fix the security to be given by the
officers respectively.
They may also change the bylaws whenever the
interest OF the association demand it, and appoint
agents within and out Of the State, under rules 10
be prescribed by the board
ARTICLE XIV.
The Board of Directors, after paying all the ex-
penses the association, shall, twice or Oftener III
each wear if the ppotits of the business justify IT,
declare and paw such dividends out OF said profits
they NAV deem expedient.
Notice OF the same shall be published in at least
two newspapers Published i'll the city Of New Or
leans.
! The Board of Directors shall have power 10 fill
any vacancy that may occur IL the board
ARTICLE XVI
Vacancies in the Board of Directors may he de-
clared in consequence OF death resignation deaca-
ton insolvency absence without leave Tor ninety
'0i-Se'''''' ARTICLE XVII.
Every transfer of any share or shares of capital
stock shall be made the hooks of the association,
and shall be signed by the shareholder or his attor-
| rey, but no stakeholder shall have the right to
transfer his stock unless his natured obSatOIs 10
| the bank are paid or secured
ARTICLE XVIII.
| The Board of Directors may close the transfer
| book as often as convenience may require, Dnt Tor
! no longer than ten consecutive days at any one
| time. ,c,y,v
No certificate of stock shall he issued unless all
| the installments have been paid IN iuA.
ARTICLE Xxx.
The failure from anv 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 1t
shall be their duty 10 appoint another day for s9cll
election notice Of which shall be given as provided
in article nine, until the election shall nave peen
| held.
! Each shareholder shall be entitled directly or by
proxy at al! elections for directors or on any mat
ter at any meeting of the stockholders. to one vote
upon each share provided no stakeholder shall vote
| in his name over one 200 hundred votes ana
provided also that after the first election ne snail
| have owned the stock at least three months pre-
ARTICLE XXI.
| Every election of directors of this association
| shall be by ballot and conducted py tHrte inspect
| ors TO be appointed by the board, at least one
| week prior to any election. No two partners snal
be eligible at the same time, as directors OF I'M
bank nor shall director OF any other bank, or hi
PARTNER be a director OF this bank.
ARTICLE XIII.
| majority of ali the directors elected may pro
visionally accept any additional power privilege
! that may hereafter be conferred this association
| either by amendment under the act by which it wa
| formed or by any new act enactment, and ma.
| amend these articles of association; but the tina