New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-02-29

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.
ARTICLE III.
The capital stock of this corporation is
hereby fixed at ten thousand dollars. d.
vided into one hundred shares Of one hun
dred dollars each, to be paid or settled for
in full at the time OF subscription, and
which capital stock thus subscribed may
be increased Mt 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 dollare, to be represented in
shares of one hundred dollars each.
ARTICLE w.
All the corporate powers OF said corpo-
ration shall be vested in and exercised by
a board of directors and such Cf1lcels anti
employees as they may appoint. The board
of directors, to commence operations, shall
consist of the five persons named IN the
beginning Of this act, and three Of whom
shah form quorum. They shall on their
first meeting Increase their number by their
own resolution and election to thirteen.
and thirteen shall be the regular and fixed
number of directors OF SAID corporation,
and majority shall constitute quorum.
ors shall DO elected by ballot, on the second
Tuesday Of January Of each year, at the
office of said corporation, OF which election
the DO ard of directors shall give at least ten
DAYS nGtic3 in one of the newspapers pub
lished in the city of New Orleans. and the
board of directors shall appoint three
stockholders to preside as inspectors at
such election, and should any OF tie IN
spectcrs decline or fail to attend, the presI-
I.n 9TH I'm
vacancies. And any failure from any canse
whatever to elect directors On The day
named for that purpose shall not dissolve
this corporation, but the directors then IN
office, as well as the president ard vice
presid mt, and all other officers, ehall hold
over until their successors ara elected. In
the event of 20 election taking place On the
date aforesaid the president shall caEse an
other election to be held within thirty days
thereafter, and give notice OF the sane az
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 majority
vote of the stock represented at an election
shall be- considered and declared duly
elected. Tho board of directors shall elect
from among Themselves q president and
vice president. The board OF directors shall
have tull Authority 20 fill all vacancies in
their number from among the Stockholders
of the corporation. And he said board is
hereby invested with full power to frame
and adopt such bylaws, rules and reGuli
tons as they may deem requisite and Eeces
sary tor the corporation and transaction OF
its business; prov !ded, the SANE do not con
h.ct with this act Of Incorporation or the
laws of this State. the said board shall
have power amt are hereby authorized to
declare dividends. but rot more than twice
each year; to buy real estate for the use
and purposes of the corporation, to sell the
same to make contracts, leases, mortgages
and compromises, TO borrow money, and 70
do all and singular such acts as may be nee
essary to carry on tie 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 ana every sh are which he,
she or they respectively may hold.
ARTICLE VII.
No mere informally 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 aud 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-
scribe, without the authoriza ion Of the hut
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 d esolved before
the expiration ct this charter at a general
meeting. 10 be convened for the purpose,
after thirty daye' notice in one of the news
papers pull shed in the city of New Or
leans, with the assent Of three-fourihs OF
al the stock Of sald corporation At the
expiration of this charter or the Gissolu-
ton of this corporation prior thereto, the
liquidation of The corporation shall be con-
Quoted by a board OF Eot exceeding three
who shall be appointed by the board Of di-
rectors and which board OF liquidators shall
Immediately proceed 10 wind IN the affairs
Of the corporation bg setting # the assets,
privils gas and property of the corporation,
collecting Gil amounts due the came, pay
ing all the just debts and distributing the
balance pro rata among the stockholders
The compensation OF said liquidators shall
be fixed by the board OF directors at the
time Cf appraisement.
SEC .. Be it further enacted. etc, That
this act shall take effect and be in force
trcm AID after its passage
fSigned1 L. ID. ESTlLETTE,
Speaker OF the House of Representatives.
(signedI C.. C.. ANTOINE,
Lieutenant Governor and President OF the
Senate.
Approved February 90, 1876
tSisnedl WIN. ?. KELLOGG.
Governor Of the State of Louisiana.
A true copy:
p q. DESLONDF