New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-03-25

| Cno manner 10uOWl0g, 10 WIT: Fifty 0Oll1rl
| per share in cash at the time of subscrip
| thirty days thereafter, and the remainde,
within twelve months after this corpora
l ton commences business, in such install
| ments and a. such times as the board Oj
| directors shall determine. Said bank NAV
| commence business as soon as ten Thousand
dollars shall have been paid in ON the sui.
| scripti0n of stock.
| SEC. 4. b it further enacted, etc, Tha,
the capital stock Of this corporation may
| hereafter be increased TO any sum not ex
| ceeding one hundred thousand dollars, such
| increase to be divided into shares OF one
hundred dollars each.
Sec. 5. Be it further enacted, etc, That
| all powers Of this corporation shall be
! vested in a board of directors to consist OF
| seven persons, each of whom shall at all
| times hold in his own right at least ten
shares of the stock Of the corporation. On
! the organization of this corporation the
| stockholders thereof shall elect a board OF
| direc tors, who shall hold Office until the
the first Monday of December, A. d. 1876,
and annually thereafter On the same day,
an election of directors by the stock
holders shall be held at the banking house
OF this corporation. and a majority
Of all the votes then and there
given shall elect. Fifteen days previous
notice Of such elections shall be given by
the president in one or more newspapers
published in this city. Each stakeholder
shall be entitled, directly or by proxy, at
all elections for directors, or on any other
question or matter, at any meeting of stock
holders, to one vote upon each share of
stock held by him. Every election OF d.
rectors of this corporation shall be by bal
lot. and shall be conducted by three COM
missioners, to be appointed for that pur-
pose by the board from among the stock
holders other than directors, at least one
week prior to the election. No two part
ners shall be eligible at the same time to
the offices of directors, nor shall director
Of any other bank, or his partner, be d.
rector of the bank Of this corporation. In
case no election is held On the day fixed,
the president shall cause an election to be
held within ten days thereafter, after due
public notice to that effect in two news
papers published in this city, and the d.
rectors shall continue in Office until their
successors are chosen. The term of office
Of directors shall commence On the the first
Monday of January of each year, and ter
inmate in one year thereafter.
SEC. 6. Be it further enacted, ETC., Tha:
the board of directors ahall at their frat
meeting elect one OF their number, and by
a majority of the votes Of the entire board
q president and vice president, and from
the stockholders cashier Of the corpora
ton. The president shall preside at the
meetings of the board, but in case of his
inability or absence the vice president shall
preside; and in the event of the absence or
inability of both president and vice presi-
dent the directors may elect from their
number a president pro tenn, who for the
the time being shall exercise the powers
and perform the duties of president or vice
president. The board Of directors shall
have full power to make bylaws. appoint
all officers of this corporation, define their
duties and fix their salaries. Such appoint
ments shall be made annually, and held
subject to removal at the pleasure of the
board. Said board shall fix the security to
be- & ven by eald officers respectively; NAV
change the BYLAWS whenever the interests
of the corporation demand it, appoint
agents within and out of the State: and fill
any vacancy that may occur in the board or
among the officers.
SEC. I. Be it further enacted. etc., That
the board of directors, after paying ali ex-
penses Of the corporation shall twice in
each year, it the profits OF the business
Justify it, declare and pay such dividends
as they may deem exnedient out of the sur
plus profits, and due notice of the came
shall be given IN two newspapers pub
lished in this city.
SEC. s. Be it further enacted, etc, That
all citations or other legal process shall be
served on the president, or in his absence on
the vice president, or in the absence OF botr
ID the president pro tempore. The president
and cashier shall sign all contracts, cect;ti-
,ates OF stock and evidence Of debt of the
corporation. All otEer regulations not
herein provided for Shall be determined by
The board Of directors, by the bylaws. or
wi
aw.
SEC 9. Be it further enacted, etc, That |
he beard OF directors shall be authorized
10 receive on deposit from all persons all
ums OF money from five cents upward, and |
% pay out the same by check or otherwise |
without authorization of the parent or tutor |
# minors, or the husband of the married |
vOman. for which money so deposited flor |
avings) interest shall be allowed as here !
natter set forth, and for all moneys thus |
deposited special and separate books and !
accounts shall be kept.
Sec. 10. Be it further enacted, etc, That |
interest at the rate of six per centum per |
Innum shall be allowed upon all deposits !
made for savinge, and the same shall be |
payable on or after the first day of January |
md on and after the first day of july |
# each year. but no interest shall be |
Illowed for or upon any sum deposited az |
foresaid for less space of time than three |
months.
SEC. ii. Be it further enacted. ETC., That |
he liquidation of the affairs of this cor
toner's, elected by the stockholders at a |
Meeting thereof convened for that purpose,
Ifter four weeks previous notice in two
newspapers published in the city of New
orleans. This said commissioners shall be
itiZens of the State of Louisiana, and not
Indebted to the corporation at such meet
ne. the stockholders may cede to such COM
nissioners all powers necessary to the
liquidation of the affairs of the corpora
iop; may fix their term of office and the
Of their compensation; define their |
Iuties. and the manner 10 which they may
70 removed, and their term of Office re-
.ewed; and said stockholders may further
more limit the period for the iquidati of
heir affairs If at any such election any
t tue commissioners go appointed should
all to attend, the president shall fill the
acancy or vacancies SO created by ap-
ointment from among the stockholders
possessing the requisite qualifications.
Sec. u. Be it further enacted. etc., That
% stakeholder shall ever be held liza bic or
for the contracts or the faults
f the corporation, or for the Losses or dam
yes incurred thereby in any further cum
han the unpaid balance due to the corpo-
alton on the shares thereof owned by him.
(Signed) E. d. ESTILETTE,
Speaker Of the House of Representatives
Signedl G. G. ANTOINE,
lieutenant Governor and President of the |
Senate.
Approved March 20. 1876.
iSignedl VIM. =. KELLOGG,
Governor Of the State Of Louisiana.
A true copy:
N. DURAND,
Assistant Secretary Of State
No. 81.
AN ACT