New Orleans Republican., 1872-05-23
No. 00.
An ACT

No. 09.
To incorporate the Citizens Savings BaDI
Be it enacted by the Senate and HON
of Representatives of the S$ate of LEM
lana in General Assembly convened, Tb,
the following persons, B. Da Silva, b.
Brown, N. p Rice, +. j. KunhOltz, @
Fayerweather, William Hire and NJ. Ian
are hereby created body corporate un5s
the name and title of the Citizens Savsr
Bank, with powers and privileges of don
a general banking business, under and pu
suant to the general laws now in force, AM
also with the rights and powers as set foF6
in the following articles:
ARTICLE I.
The domicile of this corporation shall II
the city of New Orleans, and said e0rpor,
ton shall exist for term of twenty-fva
years from the date Of the passage Of thl
act.
ARTICLE II.
This corporation is hereby authorized an
empowered to receive on deposit from Al
persons money in all sums from ten cent
and upwards, and to pay out the same D
check or otherwise, and for which interef
shall be paid in accordance with this a.
and the bylaws of this corporation; also,
receive for safe keeping valuables Of Al
kinds, and to rent safes for the purpose
keeping valuables.
Deposits shall draw interest at the rat
| of six per cent per annum, and the inteFea
shall be placed to the credit of the depoait
ors on the first of July and January OF eaeh
year. A higher rate of interest may be bail
by special agreement, and all deposits sha
be paid on demand.
ARTICLE III.
For the security of the depositOrs inths
bank, all money therein deposited shall !
invested only in first mortgage on improya
property in the city of New Orleans,
stocks and bonds of corporations Of Ii
State of Louisiana, the market value
which is above par, or upon pledge Oflsua
stocks and bonds, or on pledge of UniN
States bonds, bullion, silver plate and dh
monds; but no loan shall be made f0f
greater length of time than one year
upon property that is not worth onethHi
more than the amount loaned thereon, aa6
at rate of interest not exceeding tour@i
cent a month. Other funds of the bank
may be loaned in the same way and at tie
same rate of interest.
ARTICLE ".
To facilitate the lOaning of money, a
specified in article three, full authority i
hereby given to execute and issue oeFdf-
Gates of pledge upon all kinds of movabs
property, and to do and perform every ait
and thing pertaining to the lOaning Of money
upon the security of pledge.
ARTICLE V.
The capital stock shall be one HUNDRED
thousand dollars, divided into one thOussna
shares of one hundred dollars each, and tho
same may be increased to wo hundrd
thousand dollars by vote of two-thirds d
the stock.
ARTICLE VI.
Upon the organization of thisl bank, su5
scribers to the stock shall pay into tR
hands of the cashier twenty dollars upon
each share subscribed. Assessments on he
stock shall be made thereafter at sud
times as the directors may determine; but
no assessment shall be made of over ta
dollars per share, or at intervals of less thai
sixty days. Stock on which any assessmeH
has been due and unpaid for sixty day
may, after personal notice has been givG
to the owner, be sold, and the proceeds aP
piled to paying the assessment.
ARTICLE VII.
The following named persons, B. d
Silva, B. L. Brown, G.. II. Fayerweather,
j. Kunholtz and M. Lara, are hereby con
stituted the first board of directors, i
whom and their successors are vested a
the corporate powers of this cOrpOrati0s
they shall hold their Office until the fin
Monday in May, eighteen hundred and ser
enty-three.
On the second Monday in April, eightee
hundred and seventy-three, and annual
thereafter. there shall be elected four direC
tors. Fifteen days notice of such eleeti0
shall be given in two of the daily papers Q
the city of New Orleans, and the director
then elected shall take their seats on th
first Monday in May following.
No one shall be eligible to the position O
director unless he is the owner of twent,
shares of the stock of the bank.
The cashier shall be ex-officio a membe
of the board of directors.
ARTICLE VIII.
On the first of January and July in eaet
year there shall be made a statement of thl
condition of the bank, setting forth in de
tail its assets and liabilities, and said state
ment shall be verified by the Oaths of the
president and cashier and be accessible tC
any depositor or stockholder.
ARTICLE IN
All pledges not redeemed on or before
the expiration of the time for which
the loan was made, shall be consid-
cred forfeited to the bank, and, after
ten days notice, either personal or in
two daily papers of the city of New Or
leans, shall be sold at public auction, and
the proceeds, after paying the principal, ,lin-
terest and expense of sale, shall be placed
10 the credit OF the party pledging the same,
but should the same not be claimed within
one year from the date of such credit, then
one-half thereof shall be paid to the Hatha
way Home and the other half be paid to the
Charity Hospital.
ARTICLE X.
At the expiration of this charter, if ths
same is not renewed, there shall be com,
mittee of three chosen by the stoekholdeFt
to whom shall be entrusted the i0uidatiO1
of the affairs of this corporation.
lSlgned) o. H. BREWSTER,
Speaker of the House OF Representatives
(Signedl P. B. S. PINCHBACK,
Lieutenant Governor and President of the
Senate.
Approved April "a, 1872.
(Signed) H. C. WARMOTH,
Governor of the State of Louisiana.
A true copy: