New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-03-10


New Orleans, to meet, at such time and
place rs the cxistin. directors may designate,
for the p.lruosc OF elcctiug persons to form
"a board of directors, to take the place OF
those whose term OF office is about TO cx-
pirc The persons chosen ut any siich elec-
ten must be Stockholders, holding at least
ten shares of the capital stock OF this cor
poration, and shall hold their places for live
wears and until their successors have ocen
duly elected. All elections shall be by Dal-
lot ans, The name and number OF shares Oh
each stakeholder voting shall he Endorsed
Oh his ballot. Every stakeholder shall br
entitled to one vote for each share OF ms
stock. and he may vote i'll person or ny
proxy Those persons receiving the highest
number of votes shall be declared elected.
and in The event of there being a tie be-
tween two persons or candidates, both OF
whom can not he directors without making
the number of the board greater than au-
thcrzed in the foregoing, the remaining
members OF the board shall by ballot decide
which OF the two candidates SO circunl-
stanccA shall serve
SEC. ,. BE it further enacted. etc. That
whenever vacancy shall occur il the said
board of dire ctor> by death OF resignation.
refusal. or inability 10 serve, or by expul-
sion from the board, the board shall fill the
the same by ii vote OF tile majority Of all the
directors then holding Office.
SCI 6. BE it further enacted. etc. That
the beard OF directors shall have power by
il vote Of t,so-thirdS OF the Whole number
20 cx,ri any director from the board for
| am cause Which. the board of directors by
| such "a vote may deem Sufficient .rcunds
| tor such expulsion.
! SIC T. Be il further enacted. etc. That
At such time and places the board OF
! directors may at any time after the passage
Of this act d-si .,nate, hv public notice gwen
f,t
! Nv Orleans, books sl,all be opened Tor
sab crIp'ion - rin capita, stock OF this cor
por;ttion, aAt! MAJ be kept open at the Will
! ol the boald Payment OF tho aa!d stock
| shall he maGr in surh sums and at sucii
times as the board may require. and the
| BOARD shal! have power 10 prov iHc !Ur the
| forfeiture to the corporation of the stock OF
those VIII" may fail 10 make such payment.
81. $. BE it furthe: enacted etc. That
| 4: the expiration of every six months the
beard o; directors shall make a semi-annuai
statement. declaring Il dividend among the
Stockholders Of thrce-funrths OF the net
profits ri the preceding six months. and the
remainder of said profits shall be reserved
~ Il sinhin. fund for the better security OF
| depoSitors. and for future operations, not
withStanslin. such conversion should i'll
crease the capital stock to an amount be-
vond the maximum sllnl limited in the first
section of this act. until the wiadn. up Of
the affairs of the said corporation. should
anv circumstances render it necessary and
| proper to bring the ;:ffairs OF the corpora
ton to Il final close and settlement, when
| the board of directors shall have power IN
| themselves, OF by % commission appointed
by them. to liguidaie. adjust and arrange
| the affairs of the said corporation III such Il
manner as they may deem just and proper
| for the interest of the stockholders, and
also toapportion eluitablv anon. the stock
| holders the balance remaining after such
! liquidation. adjustment aud arrangement.
| Otherwise than is III this section provided
40 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 connection with their institl-
| ZION doAlicil.d i'll the city of New Orleans,
| ii any part or parts Of the State OF Loulsl-
ana ~ may be deemed proper or necessary
fpr the interest of til" said corporation. by
| the board OF directors OF the said CORPORA
| ton.
! 81; II. BE it further enacted. etc. That
| the said company or corporation shall pay
| INTO the school rand oi the Stat" OF Louisi-
ana the sum OF tive thousand dollars in aud
durin. the first years operations Of the said
company or corporation, and the said com
pauy Or corporation shall pay into the said
school fund. each and every sliccced.n. year
after the first year aforesaid. the suln OF
zen thousand dollars; and the said company
or corporation shall be exempt from the
| payment of all taxes. either State. parish or
| municipal. on the capital or property of said
| corporation or company.
SEC. IL. lie it further enacted. etc. That
all laws or parts of laws contrary t. or i'll
| consistent with the provisions of this act be
aud the same are hereby repealed.
SEy. y. Be it further enacted. etc, That
this .act shall take effect from and after the
date OF its passage.
t>iyned) MORTIMER CARR
Speaker of the House of REPRESENTATIVES.
! (Syned) OSCAR j. DUNN.
| Lieutenant Governor and President of the
| Senate
Received in the House of Representatives
january. =. 1871, and ON February Is. IS7l
the House proceeded, in pursuance to the
constitution, to reconsider the bill entitled
| an act to incorporate the Louisiana Land
Company and Savin. Bank. which was re-
turned to the House bv his Excellency the
Governor with objections. 1t was resolved
that the bill do pass, twO-thirds OF all the
members present in the House agreeing to
| pass the same.
Tuesday. February II. 1871.
WILLIAM VIGERS.
| Chief Clerk.
Received in the Senate February II. 1871
and on February -, 1871. the Senate pro
ceeded. in pursuance to the constitution. to
reconsider the bill entitled AN act to in
corporate the Louisiana Land Company and
Saving Bank" which was returned to the
House by his Excellency the Governor with
objections: it was resolved that the bill Dc
pass. twO-thlrds OF the members present in
the Senate having agreed to the same.
Monday. February y. 1871.
(Signedl CHARLES Ii. MERRITT.
Secretary Of the Senate.
A true copy:
| Gro Il RovrE