New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-03-24

tnoG may remain IN Cn0lf 00uOS SWoAk Cuo
stockholders rateably." Section twen-
ty-seven allows bank to 60 into voluntary
bankruptcy on giving security. Section
twenty eight excludes al banks in which
the State is q stockholder from all the fore
going provisions; voluntary liquidation
is prohibited; renuncistion of right Of
issuing notes required; the dead weight"
is to be converted into . sinking
fund, and on deficiency the
Governor may require . liquidation under
section twenty-nine by appointing six
managers to conduct the affairs under
corporate name, and the president, etc., are
to deliver to them all the assete, and they
then are only restricted by the charters of
the corporations and by act No. p. II resis-
tanoe was made to this section . writ of 80
questration was to issue on motion of the
Attorney General. Any bank might avail
itself of section twenty seven.
As above stated section twenty.nine was
modified by section eight of act No. 90 of
April S, lS43. This act confirms the managers,
prohibits notes. abolishes all salaries but the
presidents, which is limited to $4,000, ex.
tends the payment of bonds ten years. Sec
ton eleven amends the section twenty-tOur
of the charter of the Citizens Bank, by
saying:
That in future no mortgage granted to
secure stockholders shall bear an interest
of ten per centum per annum, after falling
due, except only on such portions of the
debt which shall not have been paid, and
not on the whole debt becoming thus ex-
igible.
The act of January 80, 1886, page sixteen,
amends the Citizens Bank charter. loans
$4,000, 600 in fl0O bonds, exempts the capi.
tai from tax, provides for directors, inspec-
ton, subscriptions, allotment of s2.YOO,0OO
to the country, limits loans to fifty per cent
of the cash value, crea 5es board of com
missioners. by section twelve repealed by
act No. So of l845), allows loans on
mortgaged property when double the
amount is deducted, and directs sub
scription to three csllings of 5000 each
during the existence of the charter.
The act of February II, 1886, page fifty
five, is supplemental to this, and requires
directors to be citizens and landholders,
and provides the manner Of election.
Act No. 36 of February %, 1887, page
thirty-two, requires parishes TO forward
books Of subscription by MAY l, 1887.
Act No. Is OF March l3, 1889, page thirty,
REQUIRES offices of discount and deposit;
divides the $3OOO,OOO loan of capital be-
tween them and apportions it to the par
isbes; repeals the eleventh and seventeenth
sections of the act of January 80, 1886; re-
iterates the prohibition of loans on more
than fifty per cent Of the cash value and
sales of State bonds below par, and re-
quires profit of six per cent from branches,
which revives for such district section
eleven, afore repealed.
Act No SO of March 7, 1912, page pa re-
amends act No. % of February ), 1912, re-
viving tho charters of all the banks, giving
more explicit directions: ~ restricts direc-
tors to citizens; ~ repesls the provisions
for suits by the Attorney General; (3) al
lows notes to be paid December, 1912 };
(4l restricts the reception of notes of other
liquidating banks to thirty-three and one
third per cent; (5) releases the obliga tions
to pay weekly balances in specie; t6) RENTS
liability of commissioners of criminal prose-
cution; az raises the rate Of interest from
five to six per cent; (S) allows payment of
stock for debts; (9) restricts liability on
loans previous to passage; u0) allows post
ponement of bonds; (ll) reduces directors
to eight; Q2 to ~ regulate meetings; us, l9
and 2O) proceedings on mortgages and de-
posits .as q dead weight, and (2D directs
specie payments to be resumed the first
Monday of December. 1s42.
Act No. 1873 of March g, 1842, page 1896,
amends the charter of the Citizens Bank,
that the Governor shall appoint three
directors, one to be from each congress
sional district.
Act No. 96 of April 6, ls43, page sixty
three, amending the several acts relative to
the banks of the State, makes the board OF
currency to consist only Of the Secretary OF
State and Treasurer, gives them $1,000
salary and $500 expenses, authorizes them
to sue in their own names as commissioners,
and allows banks to purchase their own
stock.
Act No. So of March 10. l845. page thirty
(section y, prohibits both banks from re-
ceiving unmatured coupons in payment OF
debts; (2l makes it the duty Of the mana
gers to apply all collections to payment Of
matured coupons and bonds; (3) allows
them to insure mortgage property; (4) un-
der section five of act No. 90 Of l843 allows
the appraisment of property on the amount
owing, at an amount equal to the entire
indebtedness secured on the property SO to
be taken in payment; (5) reduces the rate OF
interest to eight per cent, and (6) repeals
section twelve of the act of January 80,
1896.
Act No. 100 of April 6. 1847. page seventy
SIX, to protect the State ~ repeals section
nine of act No. 80 of l843; relative to man
ayers; (2) provides for three managers, one
a. president of the board Of $500 salary,
one president of the Citizens' Bank at $2500,
and one of the Consolidated Asso ciation at
$500, who were (3) to call q stockholders
meeting to elect three directors for the pur-
pose of liquidation. with approval of two
of the managers; (4| allowed to extend the
bonds Of the association six to eighteen
years, of the bank, due in 1850, one to five
years; (5) to set apart sufficient assets to
pay interest; l6) to provide a fund to meet
l.
holders to contract for release of the State;