New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-03-11

demsnd: to -dlecount commercial paper; to
buy and sell gold, gold coin, silver coin and
silver bullion; to deal in bills Of exchange,
payable in any Of the States OF Territories
change payable in foreign countries. except
to secure the payment Of some prior de6s
bona fide made; to loan money on agr'cul-
tural products and merchandise on storage
in first class fire proof warehouses IN the
citv of New Orleans, to be shown by the
warehouse receipts duly signed by the pre-
prietors of the warehouse and sncn
other evidence as the said corpora
ton by its bylaws may require,
granted to exceed in amount sixty per cent
Of the market value at New Orleans OF the
said produce or merchandise so pledged,
and euch produce to be kept fully insured
against fire during the continuance OF the
loan on the same, ana the policy OF ineu-
rance thereon shall he made payab to the
said bank, either in the original or by valid
assignment The policy Of insurance TO be
attached to the warehouse receipt, duly IL
dorsed, and the simple possession OF the
warehouse receipt by the bank, Endorsed
as aforesaid, shall be prma facie evidence
that the produce and merchandise therein
mentioned have been pledged to the bank.
and the warehouse keeper shall be deemed
and held the custodian OF the bank; pro-
vided, that the foregoing provision shall not
exclude the bank from using other forms
of making the pledge allowed by law
through It's cashier Or in any other
manner.
SEC g. Be it further enacted, etc, That
the president and board of directors OF the
bank shall require OF the cashier, te5ier and
other employees of the bank. bonds with
security in sum and amounts to be fixed by
the said board to secure the faithful per-
Torrance of their respective duties. and IN
like manner bonds shall be required by said
bank from the proprietors OF warehouses
in which produce and merchandise shall DO
stored on which loans are to be granted,
for the custody and safe keeping Of euch
produce and merchandise; provided that in
the event no suitable arrangements can 90
made with the owners of warehouses, the
said bank shall have the right to engage q
warehouse and appoint an agent OF their
own and receive the goods pledged, into
the actual custody of the bank, IN which
event the possession OF the goods IN the
the pledge.
SEC 10. Be it further enacted. etc That
the said bank shall not receive more than
eight per cent per annum on its loans and
discounts.
Sec ii. Be it farther enacted. etc, That
the first board Of directors elected under
this charter, and every subsequent board.
shall, at their first meeting, elect commit
tee OF five from among their number. to be
styled 1.-The committee on values" who
shall examine and report upon ali app!ica-
tlons for loans on warehouse receipts before
granting the same.
SEC. II. Be it further enacted, ETC., That
the stock of said bank shall be assignable
and transferable according to such rules
a. shall be prescribed by the by-laws OF
said company.
(Sgned) E. D: ESTlLETTE,
Speaker Of the House of Representatives.
(Signed) c. c. ANTOINE,
Lieutenant Governor and President Of the
Senate.
Approved March 10. 1876.
(Signed) WIN. p. KELLOGG,
Governor of the State of Louisiana.
A true copy:
N. DURAND,
Assistant Secretary of State.