The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1880-04-10

| No. 49, AN ACT
| To enable the Citizens Bank of Louisiana &c
make compromises and settlements with
Its mortgage stockholders; to enable said
stockholders to free their real estate from
said mortgages, to secure the application
OF the amounts realized from said mort.
cages to the payment of tho State bonds
Issued In aid of the bank, and to the legal
liabilities and necessary expenses of said
mortgage stock department: to increase
the directors for the State on the board of
said bank, and to confer on them certain
duties and powers with reference to said
compromises; to prescribe the condition
on which this act Is passed and Is to
have effect, and to require and prescribe
the mode In which the benefits OF the act
shall be accepted.
Whereas, due proof has been shown to the
House In which this bill originated that ar
tice 48 OF the constitution has been com piled
with: therefore,
SECTION 1. BE il enacted By the General As
aembtu of The State Of Louisiana, That the
Citizens Bank of Louisiana, Ia addition to
the powers now conferred by law, shall have
power to compromise and settle the liability
OF the mortgage stockholders of said bank,
arising out OF the stock mortgages granted
by them to secure their subscriptions to the
capital stock OF said bank; said compromises
to be made when deemed judleious by said
bank, and with the assent OF the bondhod-
ers; provided, the same be approved by the
directors on the part Of the State, as pro-
vided In this act, on such terms as may be
agreed upon, and when effected. the said
stock mortgages to be- released and can
Celed.
Seoond-That all sums realized from said
compromises, rs well as from the enforce
ment OF said mortgages, by the usual legal
proceedings, shall be held and applied, by
the banking department OF said bank to the
satisfaction of the bonds Of the State, issued
In aid OF the bank. and to the legal liabilities
OF said mortgage stock department. and to
the necessary expenses Of said department
Third-That the directors for the State on
the board OF said bank shall be increased to
five, to be appointed by the Governor, when
this act shall be accepted by the bank, whose
duties shall be- the same as now provided by
law: and in addition thereto they shall super
wise the compromise, as contemplated In sec
ton OF this act, and for this purpose they
shall hold meetings. when called upon 80 to
meet by the president OF the Board of Direct
ors Of the Citizens Bank, and shall keep a
record of their meetings. and no compro-
misses, under the provisions of this act, shall
be effected without the approval of the major
ity of said directors on the part of the State.
Fourth-That this act shall not be binding
or confer any right upon the bank unless ac-
cepted within twelve months from the date of
this act, and under the conditions prescribed
In articles 234 and 237 OF the constitution, such
acceptance to be manifested by the bank In
writing, and filed In the office of the Secre-
tary OF State.
Speaker Of the House OF Representatives,
S. ID. MCENERY,
Lieutenant Governor and President Of the
Senate,
LOUIS A. WILTZ,
Governor OF the State OF Louisiana.
Will. A. STRONG.
Secretary OF State.