Rapides gazette. (Alexandria, La.) 1869-187?, 1873-10-18
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OFTHE
State Of louisiana.
AN ACT


That E. Kenny, s. A Hamilton, C. c. An
tome, William Harper, A. E. Huff, James
u. Thompson, George L. Smith, H. Is.
Morse, Frank I. Hatch and NJ. A. Walsh
and their successors and assigns are hereby
created. q body polite and corporate, under
the. name and title of Shreveport Saving
Bank and Trust Company, with the pow
,ers and privileges of doing general bank
ing business under and pursuant to the
general laws now in force, and also with
the rights, powers and privileges Us set
forth in the following articl,s:
ARTICbEL
The name and title OF said corporation
shall be the Shreveport Savings Bank and
Trust Company, and its domicile shall be
in the city of Shreveport, with the privi-
lege Of creating branch or branches in
New Orleans OF elsewhere i'm his State, as
the board of directors may determine, and
shall exist for the. teYfn of fifty years from
the passage Of this act. 1t shall have pow
er to contract, sue and be sued; to hold
and receive, purchase. convey, mortgage,
and receive on mortgage, pledge aud receive
in pledge property, both real and personal
to make and use common seal, to name
and appoint such managers, directors and
officers e its interests may require, and
create and, establish proper ,by-laHs. and
rules for the regulation and management
of fhe affairs of the company. I'd
ARTICLE II.
This corporation is hereby authorized
and empowered to receive on deposit from
all persons money in all sums from ten
cents and upward, and to pay ont the same
by check or otherwise, and also to receive
from minors without the authorization Of
parents or tutor, and from married women
without the authorization of their hus
bands; also, to receive for safe Keeping
valuables of all kinds, and to rent safes. for
the purposes of keeping valuables. De-
posits shall draw interest at the rate DISK
per centum per annum, and the interest
shall be placed to the credit of the deposit
tors on the first day of January and July
Of each year. A higher rate of interest
may be paid by special agreement.
ARTICLE ill.,
For the security of the, depositors in this
bank all money therein deposited shall be
invested only in first mortgage on real es-
tate in the State of Louisiana, in stocks
and bonds of corporations of the State Of
Louisiana, or upon pledge of such stocks
and bonds, bullion, silver plate and dia-
monds but no loans shall be made for a
longer period than one year, or upon prop
erty that is not worth one-third more than
the amount 'soancd thereon, and at rate
of interest not exceeding seven per cent a
month. Other funds of the bank may be
loaned in the same way at the same rate of
interest.
ARTICLE ".
To facilitate the loaning of money as
specified in article three, full authority ia
hereby given to execute and issue certifi-
Gates Of pledge upon all kinls of movable
property, and to do and perform every act
and thing Pertaining to the loaning of
money upon security ofpledge.
ARTICLE
The capital stock shall lie one hundred
thousand dollars, divided into one Thousand
shares of one hundred dollars each, and tie
same may be increased to one million dol
lars by vote of two-thirds of the stock.
ARTICLE VI.
Upon the organization of the bank, sni-
scribers to the stock shall pay into the
hands of the cashier twenty dollars upon
each share subscribed. Assessment on the
stock shall be made thereafter at such time
as the directors may determine, but no
assessment shall be made over ten dollars
per share, or at intervals of less than sixty
days. Stock on which any assessment has
been due and unpaid for sixty days may,
after personal notice has been given to the
owner, be- sold, and the proceeds applied to
paying the assessment.
ARTICLE VII.
The following persons, namely: E. Ken
ny, s. A. Hamilton, G. G. Antoine, William
Harper, A. L. Huff, James l.. Thompson,
George L. Smith, H. B. Morse, Frank T.
Hatch and NJ. A. Walsh, are hereby consti-
tuted the first board of directors, in whom,
and their Successors, are vested all the cor
porate powers of this corporation. They
shall hold their Office until the first Mon
day in May, 1874. On the second Monday
in April, 1874, and annually thereafter,
there shall be elected seven directors by a
majority of the stock voted. Fifteen days
notice shall be given in one ofthe papers of
the city of Shreveport, and the directors
then elected shall take their seats on the
first 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.
ARTICLE VIII.
On the first of January and July of each
year there shall be made a statement of the
COuitiOu VI Tic Dduk, sttJA0R IOTtu III Qt-
tail its assets and liabilities, and said state
ment shall be verified by tho oath of the
president and cashier. and shall be accessi-
BILE to any depositor or stakeholder.
ARTICLE TX.
All pledges not redeemed on or before the
expiration of the time for which the loan
was made shall be considered f, rfeited to
the bank, and after ten days notice, either
personally or in one daily paper in the city
Of Shreveport, shall be sold at public auc-
tibn and the proceeds, after paying the
principal aud Interest and expense of sale,
shall be placed to the credit of the party
pledging the same; but shonld the same
not be claimed within six months rom the
time of the date of such credit, then it
shall be applied and added to the capital of
the company.
ARTICLE x.
This corporation shall have the sole and
exclusive right to construct and erect wa
terworks to supply tho city of Shreveport
with pure water and gas-works, to supply