provided in cash liabilities shall not be lawful thereafter for such banker or banking compreceding sec- pany to make any loan or discount whatever until its, or their, position is re-established according to the terms of the preceding section. tion. panies estab New Orleans may have an Orleans. A violation of this provision shall be held to be an act of insolvency, and the auditor shall cause the necessary steps to be taken for the liquidation of the affairs of such banker or banking company, as in cases of insolvency; and every director or manager of a banking company, who may participate in or assent to such violation, shall become individually liable for all its debts and obligations. Sec. 302. Every banker and banking company out of the city Banking com- of New Orleans, doing business under this act, and issuing cir lished out of culating notes as herein authorized, may keep an office or designate an agency in the city for redemption of their notes. The Agency in New appointment of such officer or agent shall be made in writing, and filed with the auditor, and in the office of the recorder of mortgages in which the charter is filed. But nothing herein contained shall be so construed as to authorize such banker or banking company to refuse to redeem its notes at the counter of the principal bank. Powers and duties of the of State. Sec. 303. The State treasurer and secretary of State shall supervise the execution of this act, and possess all the power State treasurer and perform all the duties which are conferred or imposed upon and secretary them by the laws in regard to incorporated banks. They may examine the affairs of bankers and banking companies doing business under this act, whenever they may deem it necessary to do so, and shall require from them weekly statements, verified upon oath by the banker and his cashier, or by the presi dent and cashier, which weekly statements shall give the following particulars of the affairs of the bank: 1st. Capital paid in. 2d. The amount of stock deposited Weekly state- with the auditor, with a list of the same, and the rate at which made by the they were received for circulating notes. 3d. Amount of inbanking com- vestments in real estate. 4th. Amount of investments on ment to be panies. lication of statements. loans having longer than ninety days to run, distinguishing whether on mortgage or otherwise, or loans on stocks, and what stocks. 5th. Suspended debt and protested paper. 6th. All other assets not realizable in ninety days. 7th. Loans on paper maturing in ninety days. 8th. Exchange, domestic and foreign. 9th. Deposits 10th. Circulation. 11th. Other cash liabilities. 12th. Specie and cash assets, stating each item separately. D. Sec. 742-745, 877, 1543. Sec. 304. The statement shall be regularly furnished; and, Monthly pub- on the last Saturday of every month, shall be signed by the treasurer and secretary, and published in the official journal on the first Wednesday of every month. They shall prescribe for Time to be each banker or banking company a period within which their prescribed for weekly reports shall be furnished to them, and the monthly statement published by them shall include the last weekly state furnishing statements. ment duly received from every such banker or banking com pany. furnished Sec. 305. A list of the stockholders in every banking corpo- List of stockration doing business under this act, verified by the oath of the holds to be president or cashier, shall be furnished monthly to the treasurer monthly. and secretary, but need not be published with their monthly reports. Sec. 306. All banks hereby established shall be banks of deposit and discount, as well as banks of circulation. Banks to be banks of de posit and dis count as well as banks of cir Sec. 307. Bankers and banking companies doing business culation. under this act shall be taxed upon their capital stock at the Capital stock, same rate as other personal property under the laws of this State. 23 A. 307. how taxed. securities deposited with auditor. Sec. 308. Whenever any banker or banking company shall How banks have redeemed eighty per cent. of its notes, and delivered to may take up the auditor a certificate of a deposit to the credit of the State treasurer, in such bank as the auditor may approve, to an equal amount with the circulating notes still unredeemed, it shall be lawful for him to receive the same and give up all securities therefor deposited by such banker or banking company for the redemption of the circulating notes issued. Notice to hold same to the Sec. 309. Such banker or banking company, after having complied with the provisions of the preceding section, may give ers of notes to notice, once a fortnight for one year, in the State paper, also in present the a paper published in the city of New Orleans, and in a paper auditor. published in the parish in which the banker or banking company has its or their domicile, if any paper be published therein, that all the circulating notes issued may be presented at the Notes to be anditor's office within one year from the first publication of presented such notice, or that the funds deposited will be given up to such year. tanker or banking company; and, on receiving satisfactory proof of giving notice for the time aforesaid, the auditor shall surrender to the banker or banking company any funds which he may hold for the payment of the unredeemed notes. within one appoint, with governor, ad Sec. 310. The auditor of the State shall have authority, with the approval of the governor, to employ in his office such Auditor may additional clerk or clerks, as he may deem necessary, in order to approval of execute the duties imposed upon him by this act, and to pay ditional clerks. such compensation therefor as he may deem sufficient, the same to be paid by a general assessment upon the bankers and bank- Said clerks, ing companies for whom the services were performed. how paid. of treasurer Sec. 311. The compensation and contingent expenses allowed to the treasurer and secretary shall be assessed upon all banks Compensation subjected to their supervision under this act, as well as upon and secretary, the incorporated banks, and paid in the same proportion and in the same manner. how paid. Auditor's fees signing, regis Sec. 312. The auditor shall be entitled to demand three for countercents for each bank note which shall be countersigned, num-tering and bered and registered in his office. bank notes, Stock of persons dying, being nonresidents, transferred. Sec. 313. Whenever any person, permanently residing without the State, shall die, being the owner of any bank stock in how sold or any of the incorporated banks in this State, except the property banks, it shall be lawful for his heirs, executors or representatives to sell and transfer any or all stock so held upon the books of the bank, or in any other manner recognized by the charter of the bank, without the necessity of having themselves recognized as such by or obtaining from any court in this State a decree for the sale and transfer of all or any of the bank stock; and no State tax prescribed in cases of succession shall be applicable to such stock. Penalties D. Sec. 3397. Sec. 314. All the banks of this State are prohibited from against banks buying, selling, bartering or trading for cotton, sugar or any buying or sell- other produce; and for any infraction of the provisions of this ing produce. section, the bank shall forfeit a sum not exceeding five thousand Licenses of banking companies. dollars, and every director assenting thereto shall be fined not exceeding one thousand dollars, and shall be responsible for all damages. Sec. 315. There shall be levied and collected an annual amount as a license from each insurance company, whether incorporated or not by the laws of this State, and transacting an insurance business herein; from each banking company or agency, unless exempted by their charter, one thousand dollars. D. Sec. 732, 1881, 3234. Act 1869, p. 146. Sec. 316. From and after the passage of this act, the bankBank discount. ing institutions of the State of Louisiana are hereby authorized to discount paper at the rate of eight per cent. per annum in State tax on auction sales of stocks, bonds, etc. terest. C. C. 2924 (2895); D. Sec. 299, 1887, 1890. Act 1866, p. 58. Sec. 317. The State duty or tax upon all sales by public auction of stocks of banks or incorporated companies, bonds of the State, bonds of the city of New Orleans, or bonds of incorporated companies, or insurance scrip of any kind, shall be onequarter of one per cent. D. Sec. 161, 3339, 3104. Act 1859, p. 166. BATTURE. Rights of ripa cities and Sec. 318. Whenever the riparian owner of any property in the incorporated towns or cities in this State is entitled to the right of accretion, and batture has been formed in front of his rian owners in land more than is necessary for public use, which the corpora- towns. tion withholds from him, he shall have the right to institute suit against the corporation for so much of the batture as may not be necessary for public use, and if it be determined by the court that any portion of it be not necessary for public use, it shall decree that the owner is entitled to the property, and shall compel the corporation to permit him to enjoy the use and ownership of such portion of it. C. C. 509, (501.) Act 1855, p. 37. Bills and be written, when express Sec. 319. No bill of exchange, promissory note, or other obnotes, how to ligation for the payment of money, made within this State, shall be received as evidence of a debt, when the whole sum shall be ed in figures. expressed in figures, unless the same shall be accompanied by proof that it was given for the sum therein expressed. The cents or fractional parts of a dollar may be in figures. C. C. 2213; D. Sec. 1458. Act 1855, p. 47. Sec. 320. The rate of damages to be allowed and paid upon Damages on the usual protest for non-acceptance or non-payment of bills of protested bills. exchange, drawn or negotiated within this State, shall be as fol What interest lows: On all bills drawn on and payable in foreign countries, ten dollars upon the hundred upon the principal sum specified in such bills; on all bills drawn on and payable in any other State in the United States, five dollars upon the hundred upon the principal sum specified in such bill. C. C. 1935 (1929), 2117 (2113); D. Sec. 298, 1886. Sec. 321. Damages shall be in lieu of interest, charges of protest, and all other charges incurred previous to, and at the time and damages of, giving notice of non-acceptance or non-payment, but the holder shall be entitled to demand and recover lawful interest allowed. |