New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-03-11
No. IL.
AN ACT

To incorporate the Factors Warehouse
Bank; to provide Tor it's management and
the mode of securing pledges of produce
and merchandise on warehouse receipts
and actual pledges.
SECTION l. Be it enacted by the Senate
and House of Representatives of the State
of Louisiana in General Assembly con-
veued, That the folio wing named persons,
VIZ: John Phelps, John A. Stephenson, Will
liam H. Letchford, William c: Raymond,
Charles f. Dugazon, julius Weiss, Henry
Abraham, o. j. ForstalI. H. s. Buckner, A.
H. May, A. j. Gomilla, Theodore Hsllman,
George Frericks, E. w. Halsev, Thomas L.
Airey, William c. Black, John Chaffe,
Richard Flower, George P. Harrison, Will
liam L. Cushing, E. T. Merrick. j. c. Van
Wickle, A. w. Hyatt, William q. Denegre,
Arthur Denis, Lloyd r. Coleman, Isaac N.
Maynard, and their associates, successors
and assigns, shall, and they are hereby
constituted and created body corporate to
transact business as q bank. under the
powers and regulations hereinafter pro-
vided, and such bylaws as they may ordain
under the authority Of this act.
Sec. 9. Be it further enacted. etc. That
the said body corporate shall be known
under the name of the Factors Warehouse
Bank, and by that name it shall have the
power to sue and be sued. and contract and
be contracted with, and have perpetual
succession for the period OF twenty-five
wears from the passage Of this act, and to
have q corporate seal and the right TO
break the same and replace the same by
others.
Sec 3. Be it further enacted. etc.. That
the stock of said company shall consist Of
fifty thousand shares of one hundred dol
lars each, amounting to five millions, and
that when q majority of the shares have
been subscribed and twenty five per cent
thereon have been paid in, the said body
corporate shall be deemed organized and
may proceed to the transaction of business.
Sec. 4. Be it further enacted, etc., That
the affairs of the said body corporate shall
be managed by president and board of
directors, to consist Of thirteen persons. in
Guiding the president, who shall be elected
as follows, viz: So soon as sufficient stock
has been subscribed and said installment
OF twenty-five per cent thereon paid
in, and annually thereafter, the stock
holders shall by ballot elect thirteen
of their number, who, at the date of
their election, shall hold each thirty
shares of the stock Of said bank, as shown
by it's stock book, and said directors so
elected shall choose one of their number to
be president Of said bank, and said presl-
dent and board of directors shall elect
suitable person to be cashier, and such
other officers and employees as they by their
resolutions may declare necessary, it being
understood in the election by stockholders
that each share of stock shall entitlo the
holder thereof to one vote, and that not
more than one person. of any copartnership,
firm or company shall be elected director
in the said Factors Warehouse Bank.
SEC. 5. Be it further enacted, etc. That
the persons herein named, or ma GRITTY of
them, shall open the books Of the said body
corporate for subscriptions OF stock, and
when majority of shares shall have been
subscribed and the said first installment on
shares paid in and deposited in some safe
bank, they shall call meeting Of stock
holders for the election of board of d.
rectors, as provided in the preceding Sec
ton; provided, that no PERSON shall be au-
thOrized to vote who has failed to pay the
said first installment OF etock, and provided
also that such subscription OF stock and
payment of said first installment shall make
such stockholders cOrpOrators in said bank.
Sec. 6. Be it further enacted, etc., That
said body corporate ehell have Its domicile
in the city of New Orleans.
the said bank shall have power to hold, re-
ceive, purchase and convey by and under
it's corporate name such real and personal
property as may be necessary to the objects
and purposes of the corporation, including
such real estate as may be necessary for the
proper transaction OF their business; also
such as shall have been mortgaged to them
in good faith as security for loans, such
real estate as may be conveyed to them in
satisfaction of debts previously contracted
bona Jfde in the course of business, and
such as the corporation may purchase at
sales under judgments or mortgages held
by the corporation, or in which they may
have an interest by subrogation; provided,
that no property so acquired, except such
as is necessary to the proper transaction of
their business, shall be held by said bank
SEC. 8. Be it further enacted, ETC., That
the said bank shall have power to transact
the usual business of banking, which, among
other powers granted under this special
term, shall include the power to receive
money on deposit and to pay the same on