New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-03-22

AN ACT
To incorporate the Merchants insurance,
Warehouse and Trust Company OF New
Otlesns, and to define it's powers and
authority.
SECTION l. Ba it enacted by the Senate
and House CT Representatives Of the State
of Louisiana in General Assembly ICON
ven.dl. That f Dahoval, Q. Tricou, Joseph
Lombard, a. DSisvigne, j. E. Chretien,
H. Norman, Joseph Ray Il. De Armas,
A. Poincy, and al other persons who may
hereafter becCrae their associates, or sue
cessors and holders of the stock OF the com.
pany Gre ated by this act, shall be and are
declared a body politio and corporate by
the name of TIE Merchants Insurance
Warehouse and Trust Company OF New
Orleans, and as suon and by that name
and ETY. lie ehall exist and continue for the
term OF twenty-five years, unless sooner
dissolved by q vote Of three-fourths of the
stock Of the company, repre- sented at
general meeting OF the stockholders, called
for the purpose, after thirty days notice
given in two daily newspapers published IN
the city of New Orleans. The domcile Of
said company is hereby established
in the city of New Orleans, and the presi
dent, or in his absence the secretary
thereof, shall be the proper officer upon
whom shall be served citations, notices
and all other legal process. This company
shall have the power to sue and be sued,
acquire and hold any real and personal
property py lease or purchase, and sell, as
sign, transfer, convey or otherwise dispose
OF the same, adopt and use common seal,
and shall possess in general all such powers
and privileges as are given by law to cor
poratiOne Said corporation is hereby
specificaliy authorized and empowered TO
transact q general fire insurance business,
aud establish agencies in this and other
States of the Union; to issue policies and
collect premiums, and TO cause Itself 10 be
reinsUred upon any risk 1t may have or
shall make any insurance: to receive all
kinds OF foreign Or domestic goods, mer-
cbaudiss or produce on consignment Hnf TO
forward tho same, and do a general ware
house or storage business, and TO that end
to own, rent and maintaln stOr.e, yards and
warehouses; TO receive ard keep GA storage
ali kinds Of goods, merchandise or produce,
+ rel gu or domestic, for such compensation
as is customary, CT shall be agreed upon
with the parties having control OF such
property; to make advances upon al goods,
wares, merchandise, produce or other prep
erty received or stored By them, or upon
any bill o. iadiag or stoIekeepers ceitlh-
cate, order Of delivery or posi- seiOn, or The
right thereto. upon sn3b terms as may De
agreed upon with the parties in interest,
whether they be the owners OF the agents III
charge of sala goods, ard 10 discount, buy
ana sell prumissoIy IOtes and accept drafts
or bills OF exchange, tho payment whereof
shall have been secured by pledge of any Of
tbs goods, wares, mercha ndise, produce and
documents above specified; to receive
moneys ON deposits, and allow and pay on
the same such interest. upon such terms
and condition. as the board Of directors
N V from time to time determine.
SEC. 9. Be it further enacted, etc, That
all charges, expenses, advances, commits
sions and interest .dae the company, ss
s,ecified in section first of this act, shall
operate a lien and privilege in tayor Vt the
company, on the said goods, wares, pro-
duce, msrch andise and documents showing
possession or the ri ght thereto; and that Il
the said charges, expenses, advances, coE-
nilsson and int rest, or any portion there
Of, shall not have been paid on the day
specified and agreed upon, the said com.
pany shall have power to cause the SAID
wares, goods, produce, merchandise ana
evidences OF property, or possession OF the
same to be sold at public auction by duly
commissioned auctoneer, in one or more
lois OF parcels, after five days notice given
in two daily newspapers OF the city OF New
Orleans: and in case the said property can
not be disposed of on the day advertised,
the sale shall be continued By verbal no.
tice gi en- to the bystanders by the auction
eer from the stand, and the same proceed
| ings shall be had until the property or part
thereof shall have been sold, sufficient TO
| cover all dues and costs. And after the
| sale shall have been effected, and the pro.
ceeds thereof collected by this company, it
shall he lawful tor said company to retain
| the amount Of all its claims and expenses
incurred in efiecting sale, and to pay over
the balance, if any, to the party OF parties
<;t1od IN rppp1va the aamQ.
SEC. 3 Be it further enao.ed, ETC., That
i've hundred thou sand dollars. to be divided
| into ehares of ono hundred dollars each; said
capitol may be increased at any time to IN