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An Act granting banking privileges to the New Orleans Improvement Company, and for other purposes. 1836 47 (1836)

handle is hein.slavery/ssactsla0192 and id is 1 raw text is: 417 AN ACT GkRnting:: Ballking privjiejes-to the NOw-Orleans iMprovementl 03SF' ps.11P, aw~ ur btier.-pUrpOsqs.' stativea of the State of onisiana ti eial Aisemdl e on- Iened, That the cipital of oie niilion of dolIfrstathorized to be subscribed by the sith sectbi of the 9riginal ac ofincorifo- ratioui of the twenty-sitth of February, uighteen hundied and thirty-four, shallb6 extehded to tho sum df two millions of dol- lark, that the nev subscribers shall bo assithilated to&lh fonier stockholders, except in cases provided for the third ard fouth sections oflthis present act. Sie; 2.; Be it fArther enacted, 4-., That said company b' in- vested with all rights and privileges usallyexercised by a bank, may issue notes payable to order or bearer, discount notes and bills sof exchange, buy and sell bills ofexchange and other drafts, loan money on stocks or other rights and credits, on slaves or janid secured by mortgitge, buy and sell, or negotiate in all kiids of stocks allow interest on depositp at suich terms and conditions- they shall decin fit. SEc. 3. Be it further enacted, c'c., That immediately after the promulgation of this act, books of subscription for the remain- der of the capital not already taken, shall be opened at the office of said company under the superintendence of the Directors for the time being, or their successors in office, and said books shall be continued open every day from the time of qpening the same (Sundays excepted) between ten oclock in the morning, until two o'clock in the afternoon, for the term of thirty days, at the expiration of which, the Directors, or a majority of them, shall immediately proceed to take an account of the subscriptions, and if any morg. than the amount necessary to complete the sum of two millions shall hav'e been subscribed, the said Direc- tors shall deduct the amount from the largest subscriptions, in such a manner, as that no subscription shall be reduced in amount while any one remains larger; provided that the sub- scriptions made previous to the lhirty-tfirstof December last past, shall in no case be reduced; in case of deductions as aforesaid, the Directois shall cause the lists of such apportioned subscrip- tions to be made out, that the subscribers may thereby ascertain the number of shares apportioned to them respectively. The time when the subscription books shall be opened, shall-be adver- tised by the Board of Directors, in English and French, in at least two of the newspapers, for fifteen (lays previous to opening the same : if, at the expiration of thirty days, when the sub- scription books shall have bcon kept open, two millions have not beea completed, the books shall remain open until the whole stock is subscribed for.

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