New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-02-27

to State to secure it against loss on said
guarantee.
No bonds to he issued by the Governor
until certified to him by the president Of
the bank that mortgages to the amount OF
one-tiith more than said boAGs have been
subscribed.
! The State 10 receive pro rata with and
az the same time as the stockholders. one
sixteenth Of The profits OF the bank, II
$4,000 900 Of bonds were taken; one-twelfth
OF the profits if S6,000,000 were takeE. and
one twenty fourth of the profits if $3 900, 0OC
only were issued to the bank. Such profits
to be paid to the State for the benefit Of the
free school .und. Capita! Of the bank, in con
tideration of such payments, exempted
from all further taxation, State, parish OF
municipal
Twelve directors to constitute the board
six OF whom 10 be elected by the Legsla
ture on joint ballot On the last Monday 81
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 a half per cent
Section ter-Bound to pay $1,000 each
per ahnum 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 J, 1888. and all laws or parts OF laws
inconsistent herewith hereby repealed.
Section seventeen-Bonds herein aE-
[ thorized to be issued in aid of bank
shall be negotiated and sold within two
years fro,u date of their emission, provided
par can be obtained therefor, otherwise
| shall be and remain null and void, and
shall in no wise be negotiated. Last sec
ton repealed by act No. ID of 1882.
Page 55, acts of l836-An act supplement
tary to the several acts relative to the Citi-
zens' Bank of Louisiana. relative to the
election of directors on the part OF the
State and stockholders for that year. and
| providing that such shall be lardholders
and residents OF the State Tor five years
| preceding.
Act No. - Of lS39-An act TO amend an
act anendatory and supplementary to the
| several acts relative to the act to incorpor
ate the Citizens Bank of Louisiana.
| Section one The bank shall establish seven
offices OF discount and deposit. two each in
the first and second congressional districts,
and three in the third congressional district
Those in the first and second districts with
capital of $500, 600 each. and those in the
third with capital of $333,333 333l, 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
sha have been sold.
Section two-Boa-d 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 shalt appoint
cashiers and officers Of branches
Section tOur-Capital of branches shall bs
loaned in parishes for which they have been
established in proportion to the amount of
State taxes paid by each of said parishes,
within three months after eaid branches
shall have gone into operation.
Section tve-Repeals sections eleven and
seventeen, act of January 80, 1886, provided !
that twO-J thirds of capital OF each branch |
shall be loaned on mortgage OF real estate, |
for not more than fifty per cent Of cash |
value Of property, such loans to be tor |
twelve months, with privilege of renewal |
Tor five years on payment of one- |
fifth of principal and all accrued in
terest at expiration of each year, |
and that no provision of this act shall |
be construed to authorize the bank to dis |
pose of the bonds of the State for less than |
their par value.
Section six-Proiits to be equally d;strib.
uted between stockholders in city and |
country, any law to the contrary notwith-
standing.
Section seven-When any branch shall |
fail to net six per cent profit upon its
capital for any two years after its capital |
shall have been paid it may be withdrawn
by the mother bank.
Section ten-Ihis act 70 be accepted by a |
in number and value of the stock
holders and certified by the president |
thereof.
Act No. - OF lS39-An act to relieve such
of the banks OF this State whose charters
may be forfeited by the suspension OF speci.
payments from such forfeiture.
Citizens Bank relieved from forfeiture of
its charter incurred by suspension Of
specie payments A. ID. 1887
Act No. Us OF 1879, an act amendatcrv |
TO the charter of the Citizens Bank of
Louisiana.
Section OnG-Froln and after January ],
1913. State directors of the Citizens Bank
shall be appointed by the Governor, by and
with the advice and consent of the Senate,
,hree OF them from among the stockholders
IF the bank residing outside of New Or
cans, so that there shall be at least one
rom each congressional district.
Act No. % or 1913, an act to facilitate the |
liquidation of the property banks cha rtered
~ this State.
Section three--The assets OF the Citizens
Bank of Louisiana are and shall remain III
'UsstssiOu anu ulutT INC tSciuSlNe manage |
Dent of the State of Louisiana until final
payment of all the bonds issued by the
tate Il its favor.
Twenty ninth section Of the act providing |
or the liquidation of the banks, approved /
larch II, 1872, modified and explained so I
hat powers and duties of managers shall be I
he same as those of the president and
directors, and us in liquidation it can no !
Dnger have power to issue notes. the first |
st act nj hrft = y f.,v /.
he charters of the several banks located in (
lew Orleans, etc, in relation to dead /
rGight' and movement Of the banks
hall be repealed. and no longer apply to I
he Citizens Bank of Louisiana. I
Section niue-The affairs Of tho bank | t
hall be conducted by six managers, to be '
ppointed by the Governor, by and with |
he advice and consent of the Senate for a | a
erm Of one'year. :
Section ten-Ihe bank shall have the /
ght with the consent of the holders Of
le bonds issued by the State in its aid. to {
xtend the time OF payment Of the same t
n not exceeding fifteen years, and at the b
Spiration of the bonds of the State to make c
rranc e,nents with the holders thereof TO t
xtend the time of payment provided such ! {
does not exceed ten years, and | (
lat in case the duration of the charter is Il
IS than ten years 1.-THE expiration Of last Q
Dnds) then TO a period that shall terminate |
it'll said charter. a
Section eleven-Repeais 80 much of sec {
on twenty-four of act of April !. 1888, az y
amadrs ten per cent interest on any por- e
on as may have become due and exigble.
Act No. 100 of lSi7-An act to protect the a
alta against loss on account OF its liabilities 8
r bonds issued for the use OF The property |
inks. c
Section one-Nepeals section nine. act No t
Of 1913. Fl