New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-03-03
LAWS OF the STATE OF LOUISIANA.
PUBLISHED BY AUTHORITY.
REGULAR SESSION OF 1876.

REGULAR SESSION OF 1876.
AN ACT No. Is
To incorporate the St. Patrick's Savings
Bank, and prescribing its powers and
privileges.
SECTION 1. Be it enacted by the Senate
and House of Representatives of the State
of Louisiana in General Assembly con-
vened, that the following named persons,
their associates and successors, to wit:
John Henderson, William ]. Csstell, John
McGinty, Emile Gsuche and Patrick Irwin,
of the city OF New Orleans, are hereby Gre
sted and constituted Q body corporate I'M
der the name and title of the St. Patrick's
Savings Bank, with all the powers, privileges
and franchises set forth in the following ar
ticles:
The domicile of said corporation is hereby
fixed in the city of New Orleans, State of
Louisiana; and this act Of incorporation
shall exist and continue in force for the
term of twenty-five years from the passage
Of this act. The said corporation shall have
power to contract, buy and sell. sue and be
sued and intervene in any suit, and do and
perform any and all other acts allowed by
law to corporations of this State possessing
banking privileges. 1t shall have COM
mon seal of such device as its board Of di.
rectors may select and prescribe. The pres
ident of said corporation shall be the proper
officer upon whom to serve citation and all
other notices In case of any suit or suits for
or against said corporation.
ARTICLE II.
The object and purpose of the st. Pat
rick's Savings Bank are to carry on the
business of banking in all its branches by
receiving deposits, by discounting, buying,
selling and collecting bills, notes and other
evidences of debt, drawing, buying and
selling bills of exchange, dealing in gold
and silver coin and bullion, loaulng money
on such security a. it may elect; and espe-
cially to receive on deposit small sums OF
money from the poor and laboring classes
of people, and allow them such interest
thereon, and on such conditions as may be
agreed on, and it is hereby vested with all
such incidental powers as now or may be
hereafter authorized by law. The rate of
interest or discounts to be charged by this
corporation may equal, but shall never ex-
coed. the highest rate allowed by law to be
charged by any other duly incorporated
bank of this State.
The capital stock of this corporation is
hereby fixed at ten thousand dollars, d.
vided into one hundred shares of ono hun
dred dollars each, to be paid or settled for
in full ct the time of subscription, and
which capital stock thus subscribed may
be increased at any regular meeting of the
directors, with the sanction of the stock
holders owning . majority of all the stock,
to any amount not exceeding five hundred
thousand dollars, to be represented in
shares of one hundred dollars each.
ARTICLE ".
All the corporate powers of said corpo-
ration shall be vested in and exercised by
q board of directors and such officers and
employees a. they may appoint. The board
of directors, to commence operations, ehall
consist of the five persons named in the
beginning of this act, and three of whom
shall form quorum. They shall on their
own resolution aud election to thirteen,
and thirteen shall be the regular and fixed
number of directors of said corporation,
and majority shall constitute quorum.
After the present year the board of direct
ors shall be elected by ballot, on the second
Tuesday of January of each year, at the
Office Of said corporation, of which election
the board of directors shall give at least ten
days notice in one of the newspapers pub
board of directors shall appoint three
stockholders to preside a. inspectors at
such election, and should any of the in
epectors decline or fail to attend, the presi
dent shall appoint other persons to fill the
vacancies. And any failure from any cause
whatever to elect directors on the day
named for that purpose shall not dissolve
this corporation, but the directors then in
Office, as we'll as the president and vice
president, and all other officers, shall hold
over until their successors are elected. In
the event of no election taking place on the
date aforesaid, the president shall cause an
other election to be held within thirty days
thereafter, and give notice OF the same as
aforesaid.
ARTICLE v.
The board of directors thus elected shall
assume their duties on the Tuesday follow
ing their election, and shall hold their Of
fees until their successors are duly elected.
Those stockholders receiving q majority
vote of the stock represented at an election
shall be considered and declared duly
elected. The board of directors shall elect
from among themselves q president and
vice president. The board of directors shall
have full authority to fill all vacancies in
their number from among the stockholders
of the corporation, And the said board is
hereby invested 18th full power to frame
and adopt such bylaws, rules and regula-
tons as they may ieem requisite and neces-
sary for the 0rprratiOn and transaction of
its business prov led, the same do not con
flict with this az, of incorporation or the
laws of this STATE. The said board shall
have power and are hereby authorized to
declare dividends, but not more than twice
each year; to buy real estate for the use
and purposes of ne corporation, to sell the
same, to make COZ TRACTS, leases, mortgages
and compromises, to borrow money, and TO
do all and singular such acts az may be nee
essary to carry on the business and further
the objects of this corporation.
ARTICLE vi.
In all elections the vote shall be by bal.
lot, and each and every stockholder shall
be entitled to vote. either in person or by
proxy, for each and every share which he,
she or they respec lively may hold.
ARTICLE VII.
No mere inform lily in organizing shall
have the effect OF rendering this charter
null, or of exposing the stockholders to any
liability beyond the extent Of their stock.
Moneys deposited by married women or
minors, personally and in their own names,
may be paid them, as we'll as the interest
thereon, on check or otherwise, under such
rules as the board of directors may pre-
band of the married woman or the parent
or tutor Of the minor who may have made
such deposit.
ARTICLE VIII.
The corporation may be dissolved before
the expiration CT this charter at general
meeting, to be convened for the purpose,
after thirty days notice in one of the news
papers published in the city of New Or
leans, with the assent Of three-fourths of
all the stock of said corporation. At the
expiration of this charter or the dissolu-
ton of this corporation prior thereto, the
liquidation of the corporation shall be con-
Quoted by board Of not exceeding three,
who shall be appointed by the board of d.
rectors, and which board of liquidators shall
immediately proceed to wind up the affairs