The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-03-17
AN ACE

WILL A. STRONG,
Secretary of State.
No. 105. AN ACI
To extend the charter of the New Orleans
Savings Institution with amendments.
SECTION 1. Be it enacted by The Senate and
House of Representatives. Of the State Of LOU
isia,ea, in General Assembly convened, That
the following persons, resident IL the city OF
New Orleans, viz: A. Moulton, i; Z. Bayne'
Adams, Thomas Allen Clark, L. A. Palfrey, j.
| G.. Gaines, Carl Kohn, Sam Jamison, shall be,
and are hery constituted q body corporate
and polite, BY the name OF the New Orleans
| five years from the fifteenth Of March, 1880,
and BY that name shall be capable Of suing
and being sued, defending and being Defend
ed, in all courts and places whatsoever, in all
and may have common seal, and alter the
same at pleasure, and all deeds, grants and
agreements, made by, the president and
treasurer, or by any other person. duly quail
valid in law and equity. They shall have
power to hold and possess such real estate as
may be necessary for carrying out the bust
ness of the corporation, and such other real
estate as may be acquired from the fore
closure of mortgages to the corporation in the
collection of its debts; but all real estate
acquired, except such as is necessary to the
transaction OF it's business shall be disposed
of, at the furthest, within five years from the
date Of it's acquisition.
SEC. 2. Be 1t further enacted ETC., That the
said r. A. Adams, r. L. Bayne, Sam Jamson,
A. Moulton, Thomas Allen Clark, Charles j.
Leeds, E. A Pafrey, D. Urquhart, Carl Kohn,
shall constitute a board OF trustees, for the
aforesaid corporation, any eight of whom
shall form quorum, for the purpose OF filling
any vacancies, by death or otherwise, which
| may, from time to time, occur in their body,
and of making such bylaws for the regu!a-
nd tnb 9TH uGiDnGC ae To n ch hal
seem advisable and necessary; provided, that
no election to fill any vacancy shall take
place, nor any change be made, in said by
| laws without one months notice to the trus
tees of the said election and OF the character
OF said changes; prouided, always, that such
bylaws and regulations are not repugnant to
this act, to the constitution and laws of this
State or of the United States.
shall be lawful for any officer or clerk Of the
corporation (who may to that effect be au-
thorized and empowered by the board of
trustees) to administer oaths in all cases
where, by the bylaws or regulations of the
corporation, oaths are required to be admin
istered
SEC. 4. Be 1t further enacted, etc., That any
trustee, officer or clerk, or agent Of the cor
poration, who shall appropriate to his own
use, or to the use OF others, any money or
funds or effects, of what kind soever, be-
| longing to the corporation, shall be deemed
guilty of a felony, and on conviction thereof
| shall be punished by Imprisonment in the
Penitentiary, at hard labor, for a term not less
| than one year, nor more than ten years, at
| the discretion OF any court OF competent juris-
| diction.
| SEC. S, Be 1t further enacted, ETC.. That the
said corporation shall be authorized to receive,
money, from one dollar upward, and to pay
| out the same, by check or otherwise, without
| the authorization of the parent, or tutor of
minors, or the husband Of the married woman !;
! ys,n&N
lowed in accordance with the provisions of
this act and the bylaws of the corporation.
SEC. 6. Be 1t further enacted, ETC., That the
investment Of the funds Of the corporation
public debt Of the Uuited States, of the State
Of Louisiana, and the States of the Union, of
| the city of New Orleans, contracted by author
ity OF the Legislature of the State, and to
loans on pledge OF above securities, or of the
stock OF any corporation or banking associa-
ton organized under the laws Of the United
States, or State Of Louisiana, and to loans,
secured by mortgage upon unincumbered
and improved real estate within the State of
Louisiana, and upon pledge of paper secured
that no loans shall be made on any stock ex-
ceeding in amount eighty per cent of the
market value OF the same, or on real estate
exceeding fifty per cent on the appraised cash
value Of the property offered for security;
| pr0Uided, that the board of trustees shall
have the power to make temporary deposits
in any OF the incorporated banks of the city
of New Orleans for the safe keeping of the
unappropriated funds of the corporation and
stipulate for an allowance of interest on such
| deposits.
SEC. 7. Be 1t further enacted, etc., That all
pledges of stock or other securities for loan
made under and by virtue of the preceding
section shall be made to the president or
treasurer, or such other officer as shall by the
| board OF trustees be thereunto appointed,
and that such pledges, when by him accepted
and accompanied by a delivery of the subject
pledged, shall be valid, as well against third
persons as against all pledgors thereof
SEC. s. Be 1t further enacted, etc., That no
trustee or other officer of corporation shall,
either directly or indirectly, borrow, nor
shall the corporation loan any of the funds to
any such trustee Or officer aforesaid, nor
shall any funds be loaned to parties on securi-
ties furnished by or belonging to such trustee
| or officer Of the corporation.
SEC. 8. Be 1t further enacted, ETC., That it
shall be the duty OF the board of trustees to
regulate, from time to time, the rate of in
terest to be allowed to the depostors, so that
they shall receive, as nearly as can be COM
puted, ratable share of all the interest or
profits accruing from the employment Of the
funds OF the corporation, deducting there
from all necessary expenses incurred in it's
management, as authorized by the present
act; proyided that the said board of trustees
are hereby authorized to accumulate gradual
ly from the profits of the corporation, in such
proportion and at such times as they shall
think expedient, a contingent fund to the ex-
tent of ten per cent on the whole amount at
any time deposited, to be kept and reserved