The enquirer. [volume] (Richmond, Va.) 1804-1815, 1808-06-21

any OTHER means, the president shall be una
Die to act, the director standing first in order
, shall act as president; and the remaining di-
! rectors ma arrrrains f.en. s.acsfe. The s;aek
holders resident rs aforesaid, another dire CT
or and in case OF a vacancy in their own
Body iron any OF the foregoing causes, the
Remaining directors may hll up such vacan-
CT, till the next election in course.
ARTICLE VIII.
ne president and directors and their sue
cessors, or majority of them, under the
rules aid regulations which arc, or may be
entered intoby geHera' meeting, shall have
power,
1. Iopurchase and hold in fee simple. or
otherwise lands and real estates suitable for
the erection of the necessary works and for
inc Accomplishment OF their undertaking, as
'hey snail Judge necessary and proper.
T. 10 prepare or procure, adopt and exc
cute, such plan or plans as they shall think
most advantageous and effectual FOR esta-
oiishing and carrying on the manufactures
which are the objects of this association com
| mencing first with the car,ling and spinninp
| OF cotton and wool by means OF the latest i'm
proved iabor-sa wing machines, to be put in
motion by water: and to the dying and full
| ing of Cloths.
5. TO make all bye-laws, rules and ree-u
/
be fixed By general meeting, for the well
ordering and conducting the business of the
| company and such internal bye-,aws, rules
ana regulations, TO alter, change or annui at
tnclr pleasure subject neverthe ,css, to the
revision and Correction of the stockholdeys
at a general meeting, or alta called meeting
to be held Tor that purpose. by any Fifty OF.
more stockholders. provided there be pre-
sent at such meeting stockholders holding
\ two hntt .t,I -
proXies-and that -four. weeks notice be given
i'll at least two newspapers printed in the
city OF Richmond of such nicotine and Of
the alteration or repeal intended to be pro-
| posed thcreat.
| 4. appoint and remove at their plea
sure, all clerks, supcrintendants, agents or
! other officers appointed by them for carry
ing on the business of the said Company: to
NIX and pay out of the funds of the Compa-
NY the cc,nPensat'ons to all such clerks, So
lper'ntehoants, agents, other officers, artists
and labourers as may be so employed.
>. 10 make contracts for all the necessa-
ryraw materials, engines and machines. and
to dispose OF the articles when manufactu-
red In such manner, as to them shall seem
most beneficial to the institution and inter
est of the company.
! 8. 10 call for the instalments on the shares
at such times at they shall deem them neces-
| sary. provided, however, that after the Sc
cond nstaiment shall be paid, four months
at the least shall intervene between each
subsequent call for payment.
/ / deposit ali the money which sh,ii
come to their hands on behalf of the stock
holders in the bank of Virginia, and to draw
Tor the same as it shall be REQUISITE to meet
the expenditures of the COMPANY, by checks
on the bark.
g. The president 6 directors shall receive
! tor their services such compensation as shall
be directed by general meeting of the
| stockholders
ARTICLE IL.
| The president and each director before h a
enters upon the duties of his Office shall fax q
the following oath or affirmation, as the case
may BEL do solemnly swear or a firm that
l VIII impartiaily, faithfully, diligently, and
honestly, execute the duties of
Iconformabiy to the constitution. or articles
OF ASSOCIATION OF the same; and the trusts re-
posed in me, to The best of nv skill and Jude
ment. The clerks, book-kecpcrs ard 9th Ter
oH!cers shall also take similar oath o. af
hrnatlon and the said president and di
| rectors, rs well as the clerks, book keapers
ana other officers, shall besides, give bonds
with security: that is to say, the president
and each director in such sum as shall he
directed by general meeting of the stock
holders; and the clerks, book-keepers and
other ofhceTs In such sums as shall he ca.
tisiactory to the president and directors.
Tor the faithful discharge of their duties. in
their respective stations.
ARTICLE x
The original subscribers to this associati-
foD and the assignees, transferees and Ieral
representatives OF all such original subsc,i-
oers forever, shall be taken and deemed IN
all intents and purposes to be members Of the
company, aud Shall be entitled to all the
rights, benefits and advantages to arise IN
any manner therefron, or from the propertv
works and capital stock thereof, in propor,
ton to the amount Of their stock and interests
respectively provided, that no transfer ,r
assignment of the capital stock shall be va.
Id, but in .ntire share or shares, and be
made on the books Of the company and in
sdch manner as the president and directors
snail appoint; and every person or persons
having so transferred or assigned the wb,Ie
OF his, her, or their Interest and stock IN tine
sad company, shall thereafter cease tn he q
member or members Of the said conIpany TO
all intcnts and purposes.
! ARTICLE H.
| The president and directors. so soon as tba
progress OF the works and the state of the
funds Will permit, shall make, declare and
! pay to the stockholders or their LEGAL rci,-o =
sentatives, yearly dividends on the stock Of
the company, reserving, however, out of the