New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-04-07
NO. 90.
AN ACT

AN ACT
To amend and continue in force, as
amended, an act entitled an act to estab-
lish State Bank, to be kaoWn by the
name of the Louisiana State Bank, ap-
proved March fourteen, one thousand
eight hundred and eighteen, and to give
corporate existence to the Louisiana State
Bank.
WHEREAS, The act Incorporating the
Louisiana State Bank, entitled an act to
establish State Bank, to be known by the
name of the Louisiana State Bank. ap-
proved March fourteen, one thousand eight
hundred and eighteen, will expire by llmlta-
ton, on the thirty first day of December, one
thousand eight hundred and seventy; there
fore,
SECTION l. Be it enacted by the Senate
and House of Representatives Of the State
of Louisiana in General Assembly convened,
That all those who are now or who shall
hereafter become stockholders of the
Louisiana State Bank, the successors, repre-
sehtatiyes or assigns. are hereby continued
body corporate and polite, under the
name and style of the Louisiana State Bank,
domici,ed in the city OF New Orleans, and
as such shall have corporate existence until
the thirty first day OF December, one thou
sand nine hundred.
And that under that name, they are here
by authorized to carry on the business OF
banking. by discounting bills notes, and
other evidences of debts, receiving deposits,
buying and selling gold and silver bullion,
and bills of exchange, buying and selling
real and personal property OF any Kind aud
description whatsoever, loaning money On
real and personal security; and shall .exer
else and enjoy all the rights, privileges, i'm
munlties and exemptions of whatsoever
character the said Louisiana State Bank
now possesses; provided, that nothing IN
this section shall be construed to operate as
an exemption from taxation.
SEC. 2. Be it further enacted, etc, That
the Board OF Directors of the Louisi-
ana State Bank, with the consent of the
| ma ority of the stockholders, in amount
of capital stock, are authorized and empow-
eredto appraise and declare the actual cash
value OF the present capital stock OF said
| bank. which, divided by the number Of
| shares will give the value Of such share and
| the number Of such share it will require to
make one new share Of the par value of one
| hundred dollars: provided, that if the num-
| Der of shares held by any shareholder does
| not amount to the even sum of one hundred
| dollars, or any multiple thereof, it shall be
| at the option of said shareholder either to
| receive from the bank the price Of the stock
| held in excess CT one hundred dollars, or
| any multiple thereof, a. the appraised casa
value, or to pay the difference and receive
| one share Of full paid stock.
| And the board Of directors of said bank
| shall have power to increase the capital
stock of the bank, and open books of sub
| 6Cription thereto, as often as in their opiH-
| ion the interest of the bank may require it,
and regulate the manner and time of of pay
Irent of said new stock; provided, how.
| ever, that the whole capital stock Of the
| bank shall never exceed two million dollars,
| and whenever the said capital stock shall be
increased, the holders Of the shares for the
| time being shall have the preference to take
| the new stock to be subscribed for in pro-
| portion to their respective shares; and pro-
| vided, also, that the said stock shall never
| be increased without the consent Of ma
! jority in amount Of the shareholders as be-
| fore stated.
The board of directors shall establish such
rules and regulation as may be necessary
for the proper government and management
of the affairs OF said bank. They may bring
suit. and when sued, service of citation
shall be made upon the President. They
may have q corporate seal, and alter the
same rs occasion may require; provided,
that majority III amount of the share
holders shall at all times have the right to
alter the said rules and regulations, or es-
tablish such other regulations as they may
deem proper and necessary tor the interest
of the corporation.
SEC 3. Be it further enacted, ETC., That
the cashier of the louisiana State Bank
shall be authorized to receive and execute
acts of pledge of bills notes. stocks, rights,
credits, or other evidences of debt, or mer-
chandises or personal property made by
any person or persons who may borrow
money from the said bank: and such acts
of pledge shall be valid and binding against
the pleOger and against all other person or
persons. IN the same manner as II said acts
had been executed before notary public,
any law to the contrary notwithstanding.
And it shall be lawful for the pledger to
authorize the sale or other disposition OF the
property pledged in such manner as may
be agreed upon by the parties, without the
intervention of courts Of justice.
SEC. 4. Be it further enacted, ETC., That
the liability of the shareholders for any
debt or obligation of the bank shall be linn
tied to the amount of stock held or SUBJ
scribed for and paid in full by said stock
holders.
SEC. 5. Be it further enacted, etc, That
for the management of affairs of the said
banking corporation there shall be elected a
board OF directors, consisting of nine stock
holders, to be voted for on the first Monday
of February of each year, at the banking
house in New Orleans, and to enter on the
duties of their Office on the following Mon
day after their election. ANY stakeholder
who has held in his own name ten shares of
tuc BLUM VI Sdlu Uduh slAtJ pACFiOuo
to the time Of the annual election, shall be
eligible for director, whether his COM
mercial partner in business is director in
any other bank or not; provided. he is
citizen of the United States and a resident
of the State of Louisiana. Such directors
shall hold over until their successors are
elected and enter on the discharge of the
duties of their office.
SEC. 6. Be it further enacted, etc, That
sections three, fifteen, and seventeen of the
act entitled IAN act to establish Il State
Bank to be known by the name of the
Louisiana State Bank" approved March
fourteen, eighteen hundred and eighteen
l8lS), be and the same are hereby repealed.
SEC, J. Be it further enacted, etc, That
this act shall take effect from and after its
passage.
(Signed) MORTIMER CARR,
Speaker Of the House of Representatives.
(Signedj OSCAR J. DUNN,
Lieutenant Governor and President OF the
Senate.
Approved March 16, 1870.
(Signed) II. G. WARMOTH.
Governor of the State of Louisiana.
A true copy:
GEO. E. BovEE,
Secretary of State.
NO. 60.
AN ACT
For the relief Of William C. Smith, of Union
Parish.
SECTION l.. Be it enacted bv the Senate
and House Of Representatives of the State
OF Louisiana in General eapmblv ron venad