Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1811-04-25
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CS6y Aof&orl'ty J
LAW OF THE UNITED STATES
AN ACT

II
Farmers Bank of Alexandra.
E it enacted by the Senate and Hous,
- OF Representatives of the United State
Iot America, in Congress assembled, Tha
the present Subscribers to the Farmer:
Bank OF Alexandria, as well as thos-
who shall hereafter become subscri
bers TO the same, their successors ano
asslgns, stall be and thev are hereby
created corporation and BODY politic
by he name and stsle of the Farmers
Bank of Alexandria and BY thai
name and style, shall b. and are here.
by made able and capabl- i'm law to
nave, purchase, receive, possess. enioy
and re- am TO the & their successors.
lands, rents, hereditament4, goods.
chattels& effects, OF what kind, ns,ure
or qcality soever, sud the same to sell,
grant, demise, alien, or dispose OF ;
o SIC and be sued, plead and be I'M
pleaded, answer and be answered.
defend and be defended, in cour,s of
record or any other place whatsoe yer,
subject nevertheless to the rules, regu.
la'ions, restrictions, limitations and
provisions hereinafter prescribed and
declared.
Sec. 2. And be it further enacted.
iha, the capi'al stock OF said corpor.
ton NAV consist, Of FIVE hundred thou.
sand dolla s, divided into shares pi
fifty dollars each; and su ,scriptions
towards hllir s up the remaining par
ot said stock not already subsc bed
NAV be opened by the President and
Directors of the Bank, at such tine
and places, and under such re eula1ions,
as they shall direct; and il shall be
lawful Tor any person Ct izen of the
'Oni'ed States, to subscribe; and !
shall be the duty of the President and
directors, to give notice IN two news
papers or more, published in the dis
erict IF I9i---L:.., Of The t;,,as
places of op ming ..-L t--aeS @io
1T least thirty days previous thereto !.
and each OF said subscripti rs shall be
kept open one day at least, and such
further time as SAID directors may or
der.
Sec. 3. And be it further enacted,
That the lands, renements Z heredi.
taments, which it shall be lawful for
the said corporation 70 hold, shaE be
only such as shall be requisite for its
Immediate accommodation, in relation
TO the convenient transaction of its
business and such as shall nave been
conveyed to it, in satisfaction for debts
previously contracted III the course OF
IFS dealings, or purlha ed at sales o
judgments, which shall have been o.
tanned for such debts nor sail this
lcorPoraripn directly or lnd'rectly DEAL
IN or trade in any thing, except bills
OF exchange, gold or silver bullion, !,
ior IN the sale ofgodds, really AID tn
Iy pledged TO money l. mt, and ntt
ircdeeK med in due time; or OF goods
which shall be the produce OF it's Isnd /;
or Of goods sold BY virtue OF an *
cution, on a Judgment obtained b,
them.
Sec. 4, And ne it further enacted
That for the well ordering the affairs
ct the said corporation, IN re shall be
thr cen directors, OF whom there
shall be an election on the first Mon
day IN January, IN each year, by the
stockholders or propJietors Of the p
itsl stock of the said corporation, and
| by plurality of the votes actually Civ
en- ; and those who shall be duly cno
en- at any election shall b capable OF
serving as directors, by Virtue OF such
choice, until the end or xpira.i n Of
the first Monday of January mex en-
suing The time Of such election, aud
until others shall be chosen. But the
first Ell ction of directors under this
act, shall not take place, un;il the Grst
Monday in January, ID the year oue
thousand eight hundred and twelve
and the said directors AZ their frs
Injecting after each election, shall
choose one OF their number as Presi.
dent. No person, a dire ctor Of ano
her bank, shall be a director Of thi.
Bank Provided, That in case q
should at any time happen that an E
lection Of directors should be made
upon any day, when pursuant to thi.
act 1t ought TO have been made, the
corporation shall not for that causs
he. H. ,,.I - Il 4