The Opelousas journal. [volume] (Opelousas, La.) 1868-1878, 1871-05-20

privileges shall be determined by a vote of
a majority in amount Of the stockholders
ARTICLE XVIII.
The funds of this association shall consist
of those funds which result from the sale
of the capital stock, as before said, and of
all those funds which may be received or
paid into said bank from time to time, in
any manner whatsoever, and they shall be
invested at rate not more than five per
cent month, or less, at the discretion of
the board of directors; provided that no
funds be invested for longer period than
ono year.
ARTICLE XIX.
All pledges, pawns or other obligations,
of whatever nature or kind the same may
be, and that may not have been redeemed
at the date Or period for which loans
may have been made thereon, shall be
considered forfeited to the association,
and at least once q year, or at such
periods as shall be designated by the board
of directors, after fifteen days advertisement
; in one or more of the city newspapers, such
unredsemed pledges, pawns, or other obl'
cations of Indebtedness thus forfeited to
the association, on account of non payment
of the same in principal loaned, as well as
all interest stipulated and thereon accrued,
shall be exposed for sale at public auction
or otherwise, and sold to the highest bidder
for cash, and the proceeds, after deductIng
the principal and interest, as well as all
costs of sale and advertisements, and shall
be placed to the credit of the debtor on the
books of the association, to be opened and
kept for that purpose, and should he or they,
or their heirs or assigns, fail to claim the
same within six months from and after the
maturity of such debt, twenty (2O per
cent thereof shall be paid into the hands of
the State Treasurer for the use and benefit
of the Charity hospital, and the remainder
thereof shall be added to the credit of the
f stockholders of the association.
ARTICLE Xxx.
At least once or twice year, if it shall
appear necessary, it shall be the duty OF
the cashier to cause to be made an estimate
of the profits and losses Of the association ;
| also, an estimate of oil cash on hand and
receivable by the company from all sources
whatsoever, and, further, statement OF all
the property, movable and immovahle, held
f or owned by the samei also, statement OF
z all property movable or immovahle and
, mortgagcd or pledged 10 the association,
together with all such other accounts as
may be necessary to exhibit complete
statement of the affairs Of the association
for the information of the stockholders and
: all parties therein interested; said state
ment shall be verified by the affidavit of the
cashier and the president of the association
and entered upon the books of the same to
,, befopened and kept for that purpose, and
which hooks shall be open to the inspection
of the stockholders and all persons therein
interested or concerned.
, If it shall appear by said statement that
the profits of the company do not exceed
its losses BY more than two per cent of the
stock subscribed the board of directors
: shall not declare dividend to the stock
holders, but such percentage ofprofts shall
be retained hy the company as a reserve
fund to be reinyested or to meet future
losses or liabilities, according to the objects
and purposes of this association. But if il
shall appear that the profits exceed the
losses by more than two rer cent of the
|, stock subscribed, then the board of direc-
tors shall reserve and set apart portion
|
such excess, to be kept as reserve fund as
before said, and the residue of such excess
. shall be ratably apportioned and divided
r between the stockholders respectively.
S ARTICLE XXI
Ths subscriber or subscribers to the cap
} ital stock of this association shall not be
!, responsible for any loss or damage that
i may be incurred by the same beyond the
amount of the capital stock held and
owned by him or them respectively.
/ ARTICLE XXI,
e The liquidation Of the affairs of the asso,
e citation shall be made by three commission.
t ers appointed by the stockholders, at q
a meeting convened for that purpose, after
thirty days previous notice in two of tht
c city newspapers Said liquidators shall be
c solvent persons, residents of this city, moi
Y indebted to the association. Their term o
s office shall be assigned, and all necessary
o power conferred upon them. The perioe
; of liquidation shall be fixed, as we'll as thei
n compensation, in suph manner as the stock
Q holders may by resolution in general meet
d ing convened determine.
e SEC. 2. Be it further enacted, ETC., Tha
d this act take effect from and afte
J. its passage.
= (signed) GEO. W. CARTER,
!, Speaker of the House of Representatives.
r (signed) OSCAR ]. DUNN,
It Lieutenant Governor and President of tn
Senate.
Approved March II, 1871.
= (Signed) H. c. WARMOTH,
4 Governor of the State of Louisiana
4 A true copy:
II GEO. E. BovEE,
y Secretary of State.
No. 46
,, AN ACT
To amend an act entitled ssau act to exten
- the limits OF the parish of Orleans, etc,
approved March 16, 1870; and to pres
~ cribe additional regulations for the gov
= ernmcnt of the corporation of the city G
y New Orleans.
SECTION l. Be it enacted by the Senat
and House of Representatives Of the State {
Louisiana in general assembly convened
c. That section four of said act No. z, ap
'e proved March 16, 1870, be amended and re
le enacted to read as follows: That the gov
r ernment of the city Of New Orleans and tn
o. administration Of its affairs shall be veste
n in Mayor and seven Administrators, to
N wit: one of finance, one of commerce, on