New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-03-16
LAWS OFTHE STATE OF LOUISIANA
PUBLISHED BY AUTHORITY

AN ACT
To incorporate the Metropolitan Loan,
Savings snd Pledge Bank.
SECTION l. Be it enacted by the Senate and
House of Representatives of the State Of
Louisiana in General Assembly convened,
That the following named persons: j. A.
Raynal, William Milford, Thomas Isabelle,
James Lewis, w. H. Pemberton, J. W.
Quinn, st. F. Gazenave, William Vigers, j.
Hassinger, A. Cassard, F. e. Dumas, A. Be-
lot, and others, their successors and assigns,
are hereby created body polite and cor
porate. under the name and title of the
Metropolitan Loan, Savings and Pledge Bank
of New Orleans, with the powers and rights
as set forth in the following articles, viz:
ARTICLE l. The name and title of said cor
poration shall be the Metropolitan Loan,
Savings and Pledge Bank, and it's domicil
is hereby established in the city of New Or.
leans. 1t shall commence business as soon
as one hundred and fifty thousand dollars
stock shall have been subscribed, and shall
exist for term of twenty five years, to date
from the passage of this act. 1t shall have
power to contract, sue and be sued, to hold,
receive. purchase, convey, mortgage and
receive III mortgage. pledge and receive in
pledge, property, both real and personal; to
make and use common seal, with device,
which shall be q pelican; to name and ap.
point such managers, directors, officers
as 1ts Interests and conveniences require;
and to create and establish such proper by
laws and rules for the regulation and man.
agement OF its affairs in all its corporate ca.
pacity.
ART 2. Fhe object and purposes of said
bank are to make and enter into all manner
OF contracts and arrangements tor the
pledge OF, and to receive in pledge
movable property in order to promote the
interest of the working classes who are out
OF employment and temporarily in need of
money for the support of themselves and
families, and to make and execute, issue
and receive certificates of pledges, of any
kind and nature whatsoever, for the pledge
OF movable property and collaterals; and to
do and perform, generally, every act and
pledge belonging or in any wise appertain-
ing. The said bank may for the interest of
Its stockholders purchase, from time to time,
any certificate or certificates of pawn or
pledge or other obligations, issued or to be
issued by the said corporation. All cita-
tons, notices and other legal process shall
be served on the President, who shall be ap-
pointed in the manner hereinafter provided
for.
ART. 8. The capital stock of said bank
shall be five hundred thousand dollars, divi-
ded into five thousand shares of one hun.
dred dollars each, to be paid for at the time
and in the manner following, to wit:
The subscribers to the said bank shall pay
into the hands of the President, upon it's Or
ganization for business, the sum Of five per
cent of the amount subscribed by them, and
the balance to be paid in the manner to be
hereafter provided by the Board of Direc.
tors; provided that not more than ten per
cent shall be called for at any one time, and
not oftener than once in sixty days, of
which at least thirty days notice shall be
given by the President and Secretary in two
newspapers published in the city of New
Orleans. The capital stock of this corpora
ton may be increased to any amount not
exceeding one million dollars by twothird
vote OF All the stockholders.
ART. 4. All the corporate powers of the
said bank shall be exercised by Board of
Directors, to be composed of nine sharehold-
ers, each OF whom shall own at least ten
shares of the capital stock of the corpora
ton, five OF whom shall constitute quorum
for transaction of business, over which the
President shall preside, and in case of
his absence or inability to act, the
board shall elect one Of their number
Is President pro teEt., who shall exercise
full power OF the President for the time
being; in case OF a tie vote, the President
shall have The casting vote. The following
named stockholders are hereby constituted
the first Board of Directors, and invested
with all the rights and privileges herein
specified, to-wit:
C. G.. Camp, William H. Pember-
ton, William George, William Vigers, A. Be.
lot, a. Cassard, F. E. Dumas, Thomas Isa-
belle, J. Hassipger
ART. .. The Board of Directors shall fig
the amount Of the compensation of all off,
GERS, clerks and employees of the bank;
they shall invest the profits and gains of the
bank as herein provided for; they shall make
and adopt bylaws, rules and regulations
for the proper government of the bank and
the transaction of its affairs, and alter and
change the same at pleasure; Provided,
that the same shall not conflict with the
laws OF this State, or the true intent end
meaning of this act; they shall have full
power to do and perform all acts and things
not herein provided for which may be neces-
sary to carry into full effect the object and
purposes of the said bank; and they shall also
have power to elect from time to time a
President, Secretary and al other necessary
officers and employees OF the bank, and may
remove them at pleasure.
ART. 6. The term and service of the afore-
said directors shall expire on the first Mon
day in January, one thousand eight hun
dred and seventy-one, and annually there
after, two weeks before which an election
shall be held for nine directors, to serve for
the ensuing year, who shall take their seats
at twelve O'Clock NJ. on the day the term of
their predecessors shall expire, or as soon
thereafter as practicable. At least fifteen
days notice shall be given in two newspa-
pers, published in this city, of all elections
to be held by the BANK, for which the
Board of Directors shall appoint three Com
missioners from among the stockholders,
not Directors, who shall superintend
and conduct the came; and in
case any person appointed decline or fail to
attend, the President shall appoint others to
fill the vacancy. Nothing in this act shall
be construed as to render any director ineli.
gible to said office of director. Those re-
ceiving a msjority If the votes cast shall be
considered duly elected. and shall take
their seats on the first Monday in January
after the election, and shall hold the same
until others are elected in their stead. In
the event of no election taking place on the
DAY fixed, the President shall cause an cleo.
ton to be held within ten days thereafter,
and shall give notice thereof by advertise
ment in two of the newspapers published in
the city of New Orleans, one in French and |
one in the English language, repeating the |
same, If necessary, until an election is eff |
iected.
ART. Z. No stock shall be transferred I'm.
ess such transfer be made in the books of |
,he bank at their place of business in the |
city OF New Orleans, and no transfer shall be |
made while any Indebtedness to the bank |
exists on the part of such stakeholder. But |
/ stakeholder wishing to transfer stock may
'e permitted to do so By substituting the |
obligations of the party to whom the stock |
8 TRANSFERRED; provided, AWAY, that the |
obligations proposed to be substituted shall |
,e in every respect satisfactory to the Board |
# Directors, and the said Board of Directors |
hall at any time have the right to require |
additional bond or security on the deferred |
insufficient. The stockholders |
hall not be responsible for loss or damage |
incurred by said bank beyond the amount |
# capital stock held and owned by him or |