New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-05-24

AN ACT

! AN ACT
! To incorporate the Citizens Savings Bank.
! Be it enacted by the Senate and House
! of Representatives of the State of Louis
! lana in General Assembly convened, That
! the following persons, b. Da Silva, b. L,
| Brown, N. P. Rice, +. j. KunhOltz. G. H.
! Fayerweather, William Hire and NJ. Lara
are hereby created body corporate under
| the name and title of the Citizens Savings
| Bank, with powers and privileges of doing
| general banking business, under and pur-
| suant to the general laws now in force, and
also with the rights and powers as set forth
in the following articles:
ARTICLE I.
The domicile of this corporation shall be
the city of New Orleans, and said corpora
ton shall exist for term of twenty-five
years from the date of the passage Of this
act.
ARTICLE II.
This corporation is hereby authorized and
empowered to receive on deposit from all
persons money in all sums from ten cents
and upwards, and to pay out the same by
check or otherwise, and for which interest
shall be paid in accordance with this act
and the bylaws of this corporation; also, to
receive for safe keeping valuables Of all
kinds, and to rent safes for the purpose of
keeping valuables.
Deposits shall draw interest at the rate
of six per cent per annum, and the interest
shall be placed to the credit of the deposit
ors on the first of July and January OF each
year. A higher rate of interest may be paid
by special agreement and all deposits shall
be paid on demand.
ARTICLE III.
For the security of the depOsitOrs in this
bank, all money therein deposited shall be
invested only in first mortgage on improved
property in the city of New Orleans, in
stocks and bonds Of corporations of the
State of Louisiana, the market value Of
which is above par, or upon pledge of such
stocks and bonds, or on pledge Of United
States bonds, bullion, silver plate and dia-
mOnds; but no loan shall be made for a
greater length of time than one year, OF.
upon property that is not worth One-third
more than the amount loaned thereon, and
at rate of interest not exceeding four per
cent a month. Other funds of the bank
may be loaned in the same way and at the
same rate of interest.
ARTICLE ".
To facilitate the loaning of money, as
specified in article three, full authority is
hereby given to execute and issue certif-
Gates of pledge upon all kinds of movable
property, and to do and perform every act
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 thousand
shares of one hundred dollars each. and the
same may be increased to two hundred
Thousand dollars by vote of twO-thirds of
the stock.
ARTICLE VI
Upon the organization of thisl bank, sub
scrlbers to the stock shall pay into the
hands of the cashier twenty dollars upon
each share subscribed. Assessments on the
stock shall be made thereafter at such
times as the directors may determine; but
no assessment shall be made of over ten
dollars per share, or al intervals of less than
sixty days. Stock on which any assessment
has been due aud unpaid for sixty days
may, after personal notice has been given
to the owner, be sold, and the proceeds ap-
piled to paying the assessment.
ARTICLE VII.
The following named persons, B. Da
Silva, B. L. Brown, g. Fl. Fayerweather, +,
j. hunhOltz and NJ. Lara, are hereby con-
stituted the first board of directors, in
whom and their Successors are vested all
the corporate powers of this corporation;
they shall hold their Office until the first
Monday in May, eighteen hundred and sew
On the second Monday in April, eighteen
hundred and seventy three, and annually
thereafter, there shall be elected four direc-
tors. Fifteen days notice of such election
shall be given in two of the daily papers of
IAAO OAGJ VI ANUW OIlcduSg anu GlG directors
then elected shall take their seats on the
irst Monday in May following.
:. NO one shall be eligible to the position of
director unless he is the owner of twenty
shares OF the stock of the bank
The cashier shall be ex-oficio a member
If the board of directors.
ARTICLE VIII.
On the first of January and July in each
Tear there shall be made "a statement of the
OF the bank, setting forth in de-
all IT'S assets and liabilities, and said state
nent shall be verified by the Oaths of the
PRESIDENT and cashier, and be accessible to
ny depOsitor or stakeholder
ARTICLE IN.
All pledges not redeemed on or before
ae expiration of the time for which
ne loan was made, shall be consid-
red forfeited to the bank, and, after
IN DAYS notice, either personal or in
Wo daily papers of the city of New Or
cans, shall be sold at public auction. and
ne proceeds, after paying the principal Fin
crest and expense of sale, shall be placed
the credit OF the party pIedging the same,
ut should the same not be claimed within
ne year from the date Of such credit then
ne-half thereof shall be paid TO the Hatba-
ay Home and the other half be paid To tbe
harity Hospital.
ARTICLE X.
At the expiration of this charter. if the
l!Ae rs nuG feHeWeu' thefe snail be COM
lttGe of three chosen by the Stockholders
, whom shall be entrusted the liquidation
the affairs of this corporation.
lSigned) o. H. BREWSTER,
Speaker of the House OF Representatives.
lSignedl P. B. S. PINCHBACK-
Governor and President of tbe
Senate.
Approved April 81, 1872.
tSigned) H. G. WARMOTH.
Governor of the State of Louisiana.
A true copy:
f. j. HERRON,