New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-04-27

1871, and every year thereafter, an
election of seven directors by the
stockholders shall be held at the
Office of the bank, Of which election
previous notice OF at least thirty days shall
be given by the president, in the news
papers in the parish. The said election
shall be conducted and managed BY three
stock helders not members of the board, to
be appointed by the Board Of Directors, and
ali those receiving a majority OF the votes
cast, shall DC declared duly elected and
shall take their seats on the 1fsl Mo3Qay Of
January thereafter. Ia case OF no election
on the day fixed the President SHAH cause
an election to be held within fifteen days
thereafter, and after one notice in the news
paper aforesaid: and il is specially provided
that in case Of a failure TO elect Board OF
Directors this charter shall not be forfeited
but the directors in office shall remain an
til their successors shall have taken theli
places.
Art. VII. Said directors shall, at their
first meeting sitter their election, select from
among their own number a president and
| Vice-president. The president shall pre-
side 1T all meetings Of the board, and IL his
| absence the vice-president, or IN the alb
| sence of both. one OF said board, to be Sc
| lected by the members present; and the OIL
| Ger thus presiding shall exercise only cast
| ing vote in case OF al equal division IN the
vote Of those present. The president Or
cashier shall be the proper person @n whom
all citations or legal process or notices shall
| be served.
| Art. VIII. Tie Board of Directors, shall
| appoint ana fix the amount oIthG compelsa-
| ton of all officers, clerks and employees of
the bank, shall regulate the duties and fix
! the securities Of their employees. who shall
hold their positions subject to the will OF the
| board. They shall make and adopt bylaws,
rules, and regulations, for the proper gov
| ernuent OF the bank and the transaction of
| It's business ana alter the same at pleasure:
provided, the same be not in conflict with the
laws of this State, and the true intent
| and meaning of this act.
Art. TX. The number Of directors necessary
| for dlscounting paper and purchasing bills
| of exchange shall be determined by the by
laws. A majority of the board shall cousJi-
| tute quorum, and the decision of such
| majority shall be valid corporate act
| Art. X. Said bank shall be authorized to
| receive on deposit from all persons, all sums
OF money from one dollar upward, and to
pay out the same by check or otherwise
| without the authorization Of the parent or
! tutor of minors, or the husband Of the mar
| ried woman, for which money SO deposited
| (ior savings interest shall be allowed as
herein .fter set forth; and for all moneys
| thus deposited special and separate books
aud accounts shall be kept, and the invest
ment Of these funds shall be strictly limited
to the purchases of the public deOt Of the
| United States, of the State of Louisiana, or
of the city of New Orleans, contracted by
the authority of the Legislature of this
State, and to loans upon pledge of such Sc
curities, or of the paper of any parish or
any corporate town, city of the State, duly
issued by the proper authorities, aud to
loans secured by mortgage on unincumber
ed and improved real estate within the
Limits Of such parishes as the Board of Dir
ectors shall determine.
hyt. II. The Board Of Directors shall
regulate from time 10 time, the rate OF in
terest 10 be allowed to such depositors re-
ferred to in the preceding article.
art. XII. The Board Of Directors shall,
twice III each year, il the profits OF the
bank justify it, after paying ali the expenses
OF the corporation, declare and pay such
amount OF dividends as they may deem
proper, and give notice of such dividends in
oneor more newspapers in the parish, and the
directors may Increase the stock Of said
corporation and open books of subscription
therefor, whenever majority of them shall
so determine, for euch amounts, payable
upon such terms as they may deem for the
best interests OF the corporations; Provided.
the circulation OF said bank shall never st
any time exceed the amount OF paid up sub
sCrptlOns.
transfer OF shares of the ca pital stock shall
be opened, and all transfer Of shares shall
be made on said books and signed by the
shareholder or his attorney, and which
books the directors may close. out
aOt for longer period tAan five days
at time, as often as convenience
or expectancy may require the di-
rectors may also delegate To their agents,
officers, or committees OF their own body
such powers as they may think proper or eX-
pedieut. No transfer OF stock shall be valid
until it is entered on the transfer book and
new stock notes are gwen by the assignee
for such portion or iustallments of the sub
scription as remain unpaid, whereupon the
original certificates OF stock and stock notes
shall be ''canceiled' across their face over
the signature OF the President.
art. XIV. No certificate OF stock shall be
issued until the full amount be paid thereon,
or until the provisions Of article three, 49,
of this act shall have been fully complied
with and SO certified upon the face Of each
certificate over the signature Of the Presi-
dent.
Art. XIV. At al meetings for the election
of directors or other purposes, each share
holder shall be entitled, directly or by
proxy, to one vote Oh each share of stock
held by him. provided, the person or persons
Offering to vote shall have owned his share
or shares for three months prior to the day
of voting.
art. XVI. 10 two partners sh al be elig-
ible, at the same time, as directors of the
institution, nor shall director Of any other
bank or his partner be director Ill this
bank.
Art. XVII. Minutes of all the proceedings
of the Board Of Directors snail be kept by
the cashier, aud verified by. the president;
and the president and cashier shall sign all
notes, certificates OF stock and evidences OF
debt of the corporation, and 3 copy OF the
minutes OF any or I'll tie pro ceilings of the
Board of Directors, certified by the cashier
or president, under the seal of the bank,
effect of the original in all the courts in this
State.
Art XVIII. The Board Of Directors may
accept Professionally any power or privilege
conferred on this bank by any amendment
of the law under which the same is formed,
or by the adoption of any new act of the
but the final acceptance of such
power or privilege shall be submitted to the
stockholders for approval in the manner
prescribed by law.
Art. XIX. The bank shall have the right to
purchase any real property necessary tor C IT.
rYing on the business OF the corporation, and
sell the same at pleasure; and shall be further
to purchase real property in pay
ment OF any Debt due the bark, either at
private or forced sale, aud, ii necessary, to
pay any balance of the purchase cOnsidera-
tion over and above the debt due the bank,
and to sell the same at pleasure, and to
purchase and sell personal property at
pleasure.
: Art Xxx. The affairs of this bank shall be
by three commissioners appointed
bv the stockholders at q meeting convened
for that purpose. after the delay and in the
manner prescribed for the election of dTec
tors: said iuuidator5 shall be solvent per.