New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-02-28

~ / ~ INC 'AOuICu oCCIAOA SV1lAAAOA 40
= rule applied to such mortgages, and t.
9 per cent interest applied to the lace ct q
past due obligations for stock subscription
Duration of charter fifty-one years.
G Page sixteen, act of 1886, approved ia
uary 30.-An act amendatory and suppl
: nentary to the several acts relative to tt
4 act to incorporate the Citizens Bank {
Louisiana. The State subscribes its guaral
tee to bonds to be issued in aid of I'll
bank TO the amount OF x3OO0,0 O
with privilege to increase to Sl2OO0 GO
this identical with $l2.0000OO loan capits
of the act of 1889: bonds to be issued
equal series, having fourteen. twenty.thre'
thirty-two, forty-one and fifty years to TT
| from February /, 1886; ali mortgages bel
by the bank for stock subscriptions, or (
be at any future time so held. traDsterre
to State 10 secure it against loss on sal
guarantee.
No bonds to be issued by the Governo
until certified 10 him by the president {
the bank that mortgages to the amount G
one fifth more than said bonds have bee
| subscribed.
The State to receive pro rata with AM
| at the same time as the stock holders, one
sixteenth Of the profits of tie bank, j
! $4,000, 900 of bonds were taken; one-twelftl
OF the profits If $4,000 900 were taken. an,
one twenty fourth of the profits if $4,000, 90
only were issued to the bank. Such profit
to be paid to the State for the benefit of th'
tree school fund. Capital of the bank, in con
sideration OF such payments, exempted
from all further taxation, State, paIlsh OF
municipal.
Twelve directors to constitute the board
six of whom to be elected by the Legisla
fnre on joint ballot on the last Monday OF
January in each year, six TO be elected by
the stockholders, on the first Monday OF
February. The Legislature to have power
| at any time to examine the affairs of the
| bank by committee. The interest on stock
loans fixed at six and half per cent.
Section ten-Bound to pay $4,000 each
per annum to the three colleges of Jefferson,
in st. James. Franklin, in Opelousas and
jackson, in East Feliciana, out of the
| profits to which the State is entitled.
| Section sixteen-Provisions of act of
| April /, 1893, and all laws or parts of laws
! inconsistent herewith hereby repealed.
Section observation-disclosures herein au-
| thorized to be issued in aid of bank
| shall be negotiated and sold within two
years from date of their emission, provided
par can be- obtained therefor, otherwise
shall be aud remain null and void, and
shall in no wise be negotiated. Last sec.
ton repealed by act No. Is Of 1889.
Page 30, acts of lS36-An act supplement.
tary to the several acts relative to the Citi-
zens' Bank Of Louisiana, relative to the
eieCtlon OF directors On Tue part OF me
State and stockholders for that year, and
providing that such shall be landholdevs
and residents Of the State tor i've years
preceding.
Act No Is of lS39-An act to amend an
act amendatOry and supplementary to the
several acts relative to the act to incorpor-
ate the Citizens Bank Of Louisiana
Section oneThe bank shall establish seven
offices of discount and deposit, two each in
4 haf tvek Il
and three in the third con gressiOnal district.
Those in the first and second districts with
capital of 100000 each. and those in the
third with capital of $3.50, 1873 333li each; in
the country portion of the State 500, 900 of
capital to be furnished each branch at the |
date of establishment by the mother bank,
and the balance in proportion as the bonds |
which remain to be Issued by the bank |
shall have been sold.
Section two-Board Of directors of |
mother bank to appoint boards Of seven |
directors for each discount office, four Of |
whom shall in each case be planters and |
residents of the parishes for which said |
offices shall be established.
Section three-Parent bank shall appoint
cashiers and officers of branches.
Section four-Capital Of branches shall be
loaned in parishes for which they have been
established in proportion to the amount OF
1
within three months after said branches
shall have gone into operation.
Section uve-Re peals sections eleven and
seventeen, act of January 50, 1886, provided
hat two thirds OF capital of each branch
shall be loaned on mortgage OF real estate,
Tor not more than fifty per cent of cash
value OF property, such loans to be tor
we've months, with privilege OF renewal
or five years on payment of one
fifth OF principal and all accrued in
crest az expiration of each year.
md that no provision OF this act shall
,e construed to authorize the bank to dis.
rose of the bonds OF the State for less than
heir par value.
Section six-Protits to be equally dstrib-
tied between stockholders in city and
country, any law to the contrary notwth-
landing.
Section seven-When any branch shall |
all to net Six per cent profit upon it's
apltal for any two years after its capital
hall have been paid it may he withdrawn
y the mother bank.
Section ten-Ihis act to be accented by a
lajority in number and value of the stock. |
v,uu.:SS and certified BY the president :
hereof.
Act No. - OF lS30-An act to relieve such s
the banks OF this State whose charters {
lay be forfeited by the suspension of specie
ayments from such forfeiture.
Citizens Bank relieved from forfeiture of +
S charter incurred by a suspension OF
oecie payments A. d. 1887. p
Act No. 1873 of 1912, an act amendatory g
the charter of the Citizens Bank of I
ouisiana. !
Section one-From ana after January |
si3, State directors OF the Citizens Bank | 0
all be appointed by the Governor, by and f
ith the advice and consent Of the Senate, | 4
rec OF them from among the stockholders |
the bank residing outside Of New Or | {
ans, so that there shall be at least one v
on each congressional district. C
Act No. 90 OF 1913, an act to facilitate the n
quotation of the property banks chartered a
this State a
Section three--The assets Of the Citizens
anh of Louisiana are and shall remain In q
'-session and under the exclusive manage. | II
emit OF the State of Louisiana until final | O.
yment OF all the bonds Issued BY the | if
ate IN its favor. q
Twenty ninth section OF the act proyi6ino Il
r the liquidation of the banks approved | a.
arch II, 1912. modified and explained so Il
At powers and duties of managers shall be | t.
2 same as those OF the president and | "
rectors. and as in liquidation it can no pl
lger have power to issue notes. the first g
cuon OF act OF February >, 1872, to revise az
e charters OF the several banks located in ia
w Orleans. etc, in relation to dead is
eight and movement of the banks" az
all be repealed and no longer apply TO tt
9 Citizens Bank of Louisiana. th
Section nine-The affairs Of the bank to
all be conducted by six managers. to be W
pointed by the Governor, by and with b.
; advice and consent of the Senate. for a al
N of one year. tn
Section ten-The bank shall have the b!
BIT, with the consent of the holders of
, bonds issued by the State in its aid, TO tn
tend the time of payment of the same tic
not exceeding fifteen years, and at the | Ia
)iration of the bonds OF the State n mako | ~,