New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-02-26
No. 20.
AN ACT
To iucOrnOrate the Bank of

| 40 incorporate tne oanK Oh Delth.
SECTION l. Be it enacted by the Senate
! and House OF Representatives Of the State
! Of Louisiana in General Assembly convened
That the following named persons. thell
| successors and assigns, viz P. j. Kennedy,
| Temple s. Kouns, M. G.. Maxwell, s. Gait
ers, Dennis O'Brien, Samuel 5. Harris
Spencer Roach, J. II. Laws, Moses FLYER
man and Curtis Pollard, are hereby created
| and constituted . body corporate and
polite under the name and title OF the
''Bank of Delta" with all the powers and
rights set forth in the following articles. viz:
ARTICLE (.
The Ga1ne and title OF said corporation
shall be the Bank Of Delta" and its dOmi
Gle is hereby established in the town of
Delta, Madison parish, Louisiana, and shall
exist for term of twenty-five years from
the passage of this act. 1t shall have power
to contract, sue and be sued, and shall have
and use common seal Of such device as
may be deemed proper.
ARTICLE II.
The object and purpose Of said associa-
ton are is carry on the business of banking
in all its branches, by receiving deposits,
buying and selling gold and silver, bullion
and bills of exchange. loaning money on
real and personal property, discounting
bills, notes and other evidences of debts,
and generally to exercise such privileges
and powers as may be conferred on them by
law.
ARTICLE III.
The capital stock of the association shall
be three hundred thousand dollars, divided
into three thousand shares of one hundred
dollars each, payable at the time and in the
manner following, viz: Ten dollars per
share in cash at the time Of subscription to
said stock. and the remainding ninety dol.
lars of each share in installments, OF not
more than ten dollars at any one time, and
not more than once in any one month,
which payment shall be called for and
payable in the town Of Delta. and a
notice to that effect shall be published
thirty days in at least one newspaper
in the town of Delta and one newspaper in
the city of Vicksburg, Mississippi, and
shall be payable at the Office of said COM
pany, and any stakeholder failing to pay
any installment shall forfeit the shares of
stock subscribed for and the amount already
paid by him, and the same shall revert to
the company; provided, that in case no
newspaper be published in Delta, notice OF
calls for payment of stock shall be posted
in hand bills in at least ten conspicuous
places in the said town. Said association
shall commence business as soon as one
hundred thousand dollars shall have been
subscribed and ten 2ercentum thereof
paid in.
ARTICLE ".
All corporate powers OF said association
shall be exercised by board of directors,
each of whom shall possess in his own right,
and during his continuance in Office, at least
twenty shares of stock OF said association.
The eorpOratOrS named in this act shall
constitute the first board of directors, and
shall hold their seats until the second Mon
in naaarnhap 1872 until THAR c11n.
cessors in office shall have taken their
places.
ARTICLE Y.
On the first Monday in December. 1873,
and annually thereafter, an election for
eleven directors by the stockholders shall
be held at the office of the company, of
which previous notice Of at least fifteen
days shall be given in one newspaper pub.
lished in Delta, and one published IN Vicks-
burg, mississippi; and in ease no paper
being published in Delta, hand bills must
be posted in at least ten conspicuous places,
giving due notice OF all elections to be held
by the association. In case no election il
held. for any causes. on the day fixed. the
president shall cause All election to be held
within ten days thereafter. and il is es.
pecially provided for, that the failure to
elect board of directors shall not forfeit
this charter, but the directors shall remain
until their successors shall. have taken their
places.
ARTICLE VI.
Said directors shall at their first meeting
after their election select from among their
number . president and vice president.
The president shall preside at all meetings
of the board and in his absence the vice.
president, or in absence of both. ono Of said
board shall be selected by the members
present and the officer thus selected and
presiding shall exercise only the casting
vote in case of an equal division in the vote
of those present. The president or cashier
shall shall be the proper person on whom
all citations of lega! process OF notice
shall be served.
ARTICLE VIZ.
The board OF directors shall appoint and
fix the amount of the compensation of all
officers, clerks and employees Of the associ.
alton and regulate the duties and ti1 the
securities of all the employees, whose posi-.
tons shall be subject to the will Of the
board. They shall make and adopt bylaws,
rules and regulations for the proper govern.
ment of the association and the transaction
Of its business, and alter the same at
pleasure, provided the same is not in con.
tiict with the laws of this State or true in.
tent and meaning Of this act.
ARTICLE WIZ.
The number of directors necessary for
paper and purchasing bills of
exchange shall be determined by the by.
laws. A majority of the board shall con.
stitute quorum, and decision of such
majority shall be a valid corporate act.
ARTICLE TX.
Said corporation shall be authorized TO
receive on deposit from all persons all sums
Of money from one dollar upward, and to
pay out the came by check or otherwise
without the authorization of the parent or
tutor of minors. or the husband OF the
married woman, for which money so de-
posted lfor ssvingi interest shall be al
lowed.
ARTICLE Z.
The board Of directors shall regulate from
time to time the rate of interest to be al
lowed to such depositors..
ARTICLE II.
Tho board Of directors shall, twice il each
year, If the profits Of the association justify
&, after paying or providing for the pay.