Semi-weekly Louisianian., 1871-09-07
by such vote may deem sufficient

by such a vote may deem sufficient
grounds for such expulsion.
Sec. Z. BE it further enacted etc,
That at such time snd places as the
board OF directors may Mt any time
after the passage of this act desig-
nate, by public notice given III two
newspapers published IN the city OF
New Orleans, books shall be open
ed for subscription to the capital
stock of this corporation, and may
be kept open at the will of the
board. Payment of the said stock
s6ae be made in such sums and at
such times as the board may require,
and the board shall have pover to
provide for the forfeiture to the
corporation of the stock of those
who may fail TO make such pay
ment.
Sec. 8. Be il further enacted, etc
That at the expiration of every six
months the board of directors shall
make a semi-annual statement, de-
claring a dividend among the stock
holders of three -fourths of the net
profits OF the preceding six months,
and the remainder of said profits
shall be-reserved RS sinking fund
for the better security of depositors,
and for future operations, notwith-
standing such conversion should in
crease the capital stock to an
amount beyond the maximum sum
limited in the first section of this
section of this act, until the winding
up of the affairs of the said corpo-
ration, should any circumstances
render it necessary and proper to
bring the affairs of the corporation
to final closa and settlement, when
the board u directors shall have
power in themselves, OF by commits
sion appointed by them, to liquidate
adjust and arrange the affairs of the
said corporation in such q manner
as they may deem just and proper
for the interest of the stockholders;
and also to apportion equitably
among the stockholders the balance
remaining after such liquidation,
adjustment and arrangement, other
wise than is in this section; provid-
ed, no dividend shall be made by
the said board.
Sec. 9. Be it further enacted, etc,
That this corporation shall have the
power to establish as many branch
Offices or places of business, in con-
nection with their institution domi-
ciled in the city of New Orleans, in
any part or parts of the State OF
Louisiana, as may be deemed prop
er or necessary, for the interest of
the said corporation.
Sec. 10. Be it further enacted, etc.
That the said company shall pay
into the school fund Of the State OF
Louisiana the sum of FIVE thousand
dollars in and during the first years
operations of the said company Or
corporation, and the said company
or corporation shall pay into the
said school fund, each and every
succeeding year after the first year
aforesaid, the sum of ten thousand
dollars; and the said company or
corporation shall be exempt from
the payment Of all taxes, either
Stste. parish or municipal, on the
capital or property of said corpora
ton or company.
Sec. IL. Be it further enacted, etc,
That all laws or parts of laws con-
trary to, or inconsistent with, the
provisions of this act be and the
same are hereby repealed.
Sec. II. BE it further enacted, etc,
That this act shall take effect from
and after'its passage. . '
Signed MORTIMER CARR,
Speaker of the House of Represen-
tatives -
(Signed) OSCAR J. DUNN,
Lieutenant Governor and President
Of the Senate.
Received in the House of Repre-
sentatives January 2, 1871, and on
February l3, 1871 the House pro-
ceeded, in pursuance to the consti-
tuition, to reconsider the bill en-
titled Gan Act to incorporate the
Louisiana Land Company and Say
ings Bank" which was returned to
the Honse by his Excellency fhn