banker, president, director, manager and officer assisting to such assignment, transfer, conveyance or sale of such property or assets, shall be personally liable in full for all the debts of the company, and may be adjudged guilty of a misdemeanor and punished on conviction by fine and imprisonment.

The protest of the notes first protested shall constitute a lien for Notes protested the benefit of the creditors of the bank upon all the assets of the bank not in the hands of the Auditor.

to be a lien.

Auditor in certain cases to sell

the securities

deposited with

him.

SEC. 296. The Auditor immediately on giving the public notice of the non-payment of any protested bills or notes, shall proceed to advertise for sale at public auction, in the city of New Orleans, the stocks or bonds deposited with him by the maker or makers of the protested notes. The advertisements shall be published at least twice per week for four weeks, in two daily newspapers printed in the city of New Orleans. On the day of sale, which shall not be less than thirty days from the first advertisement, he shall cause the securities to be sold for cash under his own supervision, and shall, after deducting the expenses of such advertisement and sale, apply Proceeds of said the proceeds to the redemption, pro rata, of all the notes in circulation, whether protested or not, made and put into circulation by the maker or makers of such protested notes; nothing in this act shall be considered as implying any pledge or undertaking on the part of the State for any payment beyond the faithful application of the securities deposited with the Auditor.

sale, how ap

plied.

Appropriation

of the proceeds

of sale of securities by the Au

ditor.

SEC. 297. If the proceeds of the sale of the securities should exceed the amount required to redeem and pay the circulating notes aforesaid in full, the Auditor shall pay over such excess into the general fund of the assets of the insolvent banker or banking company; but if the proceeds of such sale should be insufficient to provide in full for the circulating notes, and he should declare a distribution, pro rata, thereupon, he shall forthwith furnish to the commissioners or liquidators of the insolvent, a certificate in writing Manner of mak- of the amount of the deficiency, which certificate shall be legal ing up deficiency when the notice to them to reserve out of any assets of such insolvent, which proceeds of sale may be in or come into their hands, an amount sufficient to provide to pay the circu- for such deficiency; and he shall further furnish to every holder of

are insufficient

lating notes.

of stockholders.

any note or notes presented to him for redemption, and redeemed in part, a certificate of the amount unpaid on such notes, and such certificate shall entitle the holder to payment of the amount therein designated in full out the assets of the insolvents herein directed to be reserved, if the assets should be sufficient to pay all of the notes in full; or ratably if they should not be sufficient, in preference to any other claims and debts whatever, except the costs of liquidation.

And should the proceeds of the sale of the securities be insuffiResponsibility cient to redeem all the notes put in circulation by any corporation established by this act, then the stockholders of the corporation shall be liable for the full amount of all unredeemed notes in the ratio of the stock which each one may own.

Damages due

holders of protested paper.

SEC. 298. The holder of any circulating note which may have been protested for non-payment, shall be entitled to damages at the rate of twelve per cent. per annum, in lieu of interest, until final payment, payable out of the general fund of the insolvent party.

SEC. 299. Bankers and banking companies, doing business under Rates of interest this act, shall be entitled to charge and receive discount at a rate corporations. not greater than the maximum allowed by law on conventional

chargeable by

obligations; and their other contracts shall be regulated by the laws in regard to interest upon contracts between individuals.

specie, specie

discounted paper banks are

SEC. 300. Every banker or banking company, doing business under this act, is required, in addition to securities for circulation Amount of deposited with the Auditor, to have on hand at all times, in specie, funds, bills and an amount equal to one-third of all their other cash liabilities, and for the other two-thirds of said liabilities, an equal amount in specie, required to have specie funds, bills of exchange or discounted paper, maturing within ninety days and not renewable.

on hand.

Penalty for

portions to cash

SEC. 301. If at any time the specie, specie funds, and short paper held by such banker or banking company, should fall below banks falling the proportions to cash liabilities prescribed in the preceding section, below the proand shall remain so for a space of ten days, it shall not be lawful liabilities prothereafter for such banker or banking company to make any loan vidio or discount whatever until its, or their, position is re-established according to the terms of the preceding section.

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.

ceding section.

nies established

an agency in

SEC. 302. Every banker and banking company out of the city of New Orleans, doing business under this act, and issuing circulating Banking compa notes as herein authorized, may keep an office or designate an agency out of New Orin the city for redemption of their notes. The appointment of such leans may have officer or agent shall be made in writing, and filed with the Auditor, New Orleans, 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.

State Treasurer and Secretary of

duties of the

State.

SEC. 303. The State Treasurer and Secretary of State shall supervise the execution of this act, and possess all the power and Powers and perform all the duties which are conferred or imposed upon 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 president and cashier, which weekly statements shall give the following particulars of the affairs of the bank:

ment to be made

1st. Capital paid in. 2d. The amount of stock deposited with the Auditor, with a list of the same, and the rate at which they were Weekly statereceived for circulating notes. 3d. Amount of investments in real by the banking estate. 4th. Amount of investments on loans having longer than companies. 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.

item separately.

12th. Specie and cash assets, stating each

SEC. 304. The statement shall be regularly furnished; and, on the Monthly publast Saturday of every month, shall be signed by the Treasurer and lication of stateSecretary, and published in the official journal on the first Wednesday

ments.

Time to be scribed for

of

pre- every

month. They shall prescribe for each banker or banking furnishing state company a period within which their weekly reports shall be furnished to them, and the monthly statement published by them shall include the last weekly statement duly received from every such banker or banking company.

ments.

List of stockholders to be furnished

monthly.

Banks to be

banks of deposit and discount as

well as banks of

circulation.

Capital stock, how taxed.

take up securities deposited with Auditor.

SEC. 305. A list of the stockholders in every banking corporation doing business under this act, verified by the oath of the president or cashier, shall be furnished monthly to the Treasurer 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.

SEC. 307. Bankers and banking companies doing business under this act shall be taxed upon their capital stock at the same rate as other personal property under the laws of this State.

SEC. 308. Whenever any banker or banking company shall have How banks may redeemed eighty per cent. of its notes, and delivered to 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

ers of notes to present the

same to the Au

ditor.

SEC. 309. Such banker or banking company, after having complied with the provisions of the preceding section, may give notice, once a fortnight for one year, in the State paper, also in a paper published in the city of New Orleans, and in a paper 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 to be pre- notes issued may be presented at the Auditor's office within one year from the first publication of such notice, or that the funds deposited will be given up to such banker 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.

sented within

one year.

Auditor may appoint, with approval of Governor, additional clerks.

Said clerks how paid.

Compensation

SEC. 310. The Auditor of the State shall have authority, with the approval of the Governor, to employ in his office such additional clerk or clerks, as he may deem necessary, in order to execute the duties imposed upon him by this act, and to pay such compensation therefor as he may deem sufficient, the same to be paid by a general assessment upon the bankers and banking companies for whom the services were performed.

SEO. 311. The compensation and contingent expenses allowed to the Treasurer and Secretary shall be assessed upon all banks suband Secretary, jected to their supervision under this act, as well as upon the incorporated banks, and paid in the same proportion and in the

of Treasurer

how paid.

Auditor's fees

for countersign

same manner.

SEC. 312. The Auditor shall be entitled to demand three cents ing, registering for each bank note which shall be countersigned, numbered and and numbering registered in his office.

bank notes.

SEC. 313. Whenever any person, permanently residing without Stock of persons the State, shall die, being the owner of any bank stock in any of non-residents, the incorporated banks in this State, except the property banks, it shall be lawful for his heirs, executors or representatives to sell and

dying, being

how sold or

transferred.

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

SEC. 314. All the banks of this State are prohibited from buying, selling, bartering or trading for cotton, sugar or any other produce; against banke and for any infraction of the provisions of this section, the bank buying or sel shall forfeit a sum not exceeding five thousand dollars, and every director assenting thereto shall be fined not exceeding one thousand dollars, and shall be responsible for all damages.

ing produce.

SEC 315. There shall be levied and collected an annual amount 1869-146. as a license from each insurance company, whether incorporated or Licenses of not by the laws of this State, and transacting an insurance business banking comherein; from each banking company or agency, unless exempted by their charter, one thousand dollars.

panies.

SEC. 316. From and after the passage of this act, the banking 1866-58. institutions of the State of Louisiana, are hereby authorized to Bank discount. discount paper at the rate of eight per cent. per annum interest.

tion sales of

SEC. 317. The State duty or tax upon all sales by public auction 1859–166. of stocks of banks or incorporated companies, bonds of the State, State tax on auc bonds of the city of New Orleans, or bonds of incorporated compa- stocks, bonds, nies, or insurance scrip of any kind, shall be one-quarter of one per cent.

etc.

BATTURE.

rian owners in

SEC. 318. Whenever the riparian owner of any property in the incorporated towns or cities in this State is entitled to the right of 1855-37. accretion, and batture has been formed in front of his land more Rights of ripa than is necessary for public use, which the corporation withholds cities and towns 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.

1855-47.

how to be

SEC. 319. No bill of exchange, promissory note, or other obligation for the payment of money, made within this State, shall be Bills and notes, received as evidence of a debt, when the whole sum shall be 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.

written.

Damages on protested bills.

What interest allowed.

Principal and damages, how ascertained

SEC. 320. The rate of damages to be allowed and paid upon the usual protest for non-acceptance or non-payment of bills of exchange, drawn or negotiated within this State, shall be as follows: 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.

SEC. 321. Damages shall be in lieu of interest, charges of protest, and all other charges incurred previous to, and at the time of, giving notice of non-acceptance or non-payment, but the holder shall be entitled to demand and recover lawful interest upon the aggregate amount of the principal sum, and of the damages thereon from the time at which notice of protest for non-acceptance or nonpayment shall have been given, and payment of such principal sum

shall have been demanded.

SEC. 322. If the contents of the bill be expressed in the money of account of the United States, the amount of the principal and of the damages shall be ascertained and determined without any when in United reference to the rate of exchange existing between this State and the place on which such bill shall have been drawn at the time of the demand of payment or notice of non-acceptance or nonpayment.

States currency.