New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-05-31
AN ACT
No. 141.

AN ACT
To incorporate the Trust Investment Saw
ings Bank and Safe Deposit Company of
New Orleans.
SECTIoNI l. Be it enacted by the Senate
and House of Representatives of the State
OF Louisiana in General Assembly convened,
That the following persons, resident in the
der, w. S. Pike, w. j. Behan, Carleton
Hunt, Z. II. Levy, M. NJ. Simpson and E. T.
Lavillebeuvre, and their associates, shall be
and are hereby constituted body corpo
rate and polite by the name of the Trust
Investment Savings Bank and Safe De-
post Company of New Orleans, for the
term of twenty-five years from the passage
of this act, and by that name shall be
capable OF suing and being sued, defending
and being defended in all courts and places,
and may have common seal, and alter
the same at pleasure and all deeds, grants
and agreements made by the president,
treasurer, or any person, when duly author
lied by the board of directors, shall be
good and valid in law and equity. They
shall have power to hold and possess such
real estate as may be necessary for carry
ing on the business of the corporation, and
such other real estate as may be acquired
from the foreclosure of mortgages to the
corporation in the collection OF its debts,
bat all real estate, except such as is neces-
shall be disposed of at the furthest within
five years from the date of its acquisition.
SEC. 2. Be it further enacted, etc, That
the capital stock OF the said corporation
shall be two hundred and fifty thousand
dollars, divided [intol two thousand five
hundred shares OF one hundred dollars each,
but may be increased by vote OF tWo-thlrds
of the amount of stock.
SEC 3. Be it further enacted ETC., That
- hon ha N
receive on deposit valuables of every de-
scription whatsoever, and money in any
sums. and insure the former for safe keep
ing for the custody of which said valuables
the corporation shall be entitled to charge
such remuneration as may be agreed upon
with the depOsitors interested, and upon
which sums of money interest may be
charged in like manner at such rates as may
be agreed upon with the depOsitOrs inter-
ested, according to the bylaws of the cor
poration: and to pay out and deliver what
ever may be thus deposited, by check or
otherwise, to minors without the authorize
ton Of their parents or tutors. and to mar
RED women, without the authorization of
their husbands, and that the said corpora
ton shall be exempt from taxation, except
on real estate.
SEC. 4. Be it further enacted, ETC., That
the said Louis Schneider, w. s. Pike, w. j..
Behan, Carleton Hunt, K. H. Levy, M. NJ
Simpson and Z. F. Lavillebeuvre shall con-
sttute the first board of directors OF the
said corporation, and shall continue In
office until the first Monday in March, 1873,
or until their successors are elected and
qualified The stockholders shall, on the
frat Monday of March in each year, elect
by ballot from among their number board
of not less than seven directors, who shall
serve as such for one year or until their
successors are elected and qualified, and
4 n L 81 ala oil, ND
make such bylaws as they may deem neces-
sary not repugnant to the provisions OF this
act. In case vacancy should occur in the
interval between two elections the same
may be filled by the directors, provided
five members are present and vote when
such vacancy is filed. No stakeholder
shall be eligible to the Office of director who
shall not have held, in his own name or
that of his firm, for a period not less than
three months prior to the date of election,
at least ten shares of the capital stock OF
said corporation.
SEC s. Be it further enacted, ETC., That
at all elections for directors each share OF
stock shall be entitled to one vote, but nc
stakeholder shall, under any circumstances
be entitled to more than five hundred
votes.
Sec. 6. Be it further enacted, ETC.. That
the said corporation shall have the power
to lend money on real and personal security
at such rates of interest as may be agreed
upon, according to the bylaws of the cor
pOratiOn, and to exercise all incidental
powers necessary to carry on that business
SEC. 7. Be it further enacted. ETC., That
all pledges of stock. and other securities
for loans, made under and by virtue of the
preceding section, shall be made to the
president or treasurer, or such other officer
as shall, by the board of directors, be there
unto appointed; and that such pledges
when by him accepted and accompanied by
delivery of the subject pledged, shall bt
valid as well against third persons az
against all pledgere thereof
SEC s. Be it further enacted, etc., Tha
no director or other officer of the corpora
ton shall, either directly or indirectly, Dor
row, nor shall the corporation loan any o
the funds to any such officer or director a
aforesaid, nor shall any funds be loaned t
parties, or securities furnished or belonging
to such director or officer of the corpora
ton.
SEC Q. Be it further enacted, ETC.. Tha
the said corporation shall be authorized &
hold any trust fund or moneys belonging t
SUGGESTIONS, minors or other parties
shall by or under the decree of any cOur
of record within this State, be ordered to b
deposited therein.
SEC. 10. Be it further enacted, ETC., Tha
at least once every six months the director
shall cause to be made full and complete
statement OF the condition of the affairs Q
the said corporation which shall be pub
Eshed in the city of New Orleans.
SEC IL. Be it further enacted, etc., Tha
whenever it shall become necessary t
|. iauidate the affairs of said corporation thi
shall be done by three commissioners electe
| by ballot at meeting Of the stockholders
Sec. II. Be it further enacted, ETC., Tha