Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1811-04-22
CsBy A~t@orSty.)
LAW OF THE UNITED STATES
AN ACT

AN ACT
10 incorporate the Bank of Potomac.
| II E it enacted by the Senate and House
- of Representatives OF the United States
OF America, IN Congress assembled, That
from & after the fourth day of March,
which will be in the year Of our Lord
one thousand eight hundred and ele-
ven, I'll those who have or hereafter
may become stockholders in the Bank
OF Potomac, their successors and as
signs, shall be and they are hereby
created and made body politic. bv
'ha name and style of &c The PRESIDE nj,
Directors and Company of the Bank
of Potomac" and so shall continue uh.
til the fourth day of March, in the
year of our Lord one thousand eight
hundred and twenty one, and no longer;
and by that name, shall have SUGGEST
on and shall be and are hereby made
able and capable in law to have, pur-
chase and receive, possess, enjoy and
retain to them and their successors,
lands, rents, tene ments, hereditaments,
goods, chattels & effects, of wha; kind.
nature or quality soever, and the same
TO grant, demise, alien, or dispose OF i;
and by the name aforesaid, may sue
and be sued, plead and be impieadcd,
answer and be answered, defend and
be defended, in any court of law or c.
guilty. And by the name aforesaid.
may do and execute every other mat
ter aud thing, that they are author
| ised to do by virtue of this act Pro-
vided always, That ne lands, tene.
inents & hereditaments, which it shall.
| De lawful for the said President, aud
directors to hold, shall be only suct
as snail be requisite tor their lmmel.i-
tie accommodation, In relation TO he
| -onvenient transacting their business,
and sucn as shall have been bona
hide mortg2ged to- them by way OF
security, or conveyed to them il.
satisfaction for debts previously con
racted Ill the course of their dealings :.
Provided also, That the Pres: lent ana
directors shall not Purchase any goods :,
| chattels or effects, unless such as are
sold by virtue of an execution, upon
Judgment Obtained by them, ex.ep;
such articles as may be necessary tor
them In transacting the business of the
bank but it shall be lawful for them
to receive and hold such securitie
goods, chattels and effects, by way OF
deposit for advances made by them to
any person or persons, and, on faiIur,
OF payment, the same TO sell and dis
pose of at public sale.
Sec. 2. And be it further enacted.
That the capital Of The said bank shall
consist, as it now does, of the sum OF
FIVE hundred thousand dollars, divided
into shares of one hundred dollars
each.
Sec. 3. And De it further enacted
That every stakeholder being citi
zen of the Uni:ed States, shall be emit.
tied to vote at all elections, to be hol-
den by the stockholders in vnrsuapce
OF this act; and shall have as man,
votes in proportion to the stock he NAV
hold, as follows: For one share and
not exceeding two shares, one vote
each /; for every two shares above two
and not exceeding ten, one vote for
every four shares above ten and not
exceeding thirty, one vote for every
SIX shares above thirty and not exceed.
ing sixty, one vote for every eight
shares above sixty and not exceeding
one hundred, one vote and for every
ten shares ABOVE that number, one
vote. But no person or persons, bo.
dies corporate or otherwise, shall BIZ
entitled to more than fifty votes. Mo-
share or shares shall confer Alright of
suffrage, which shall not have been
holden two calender months previous
TO the day OF election. And in the
choice of directors, every stakeholder
shall vote IN person, Except those who
shall reside out OF the town of Alex-
andrIa) who may vote either in per.
son, or by written ballot by him or
her Subscribed with his or her nam
and duly knowledged before Judge
OF a court, a justice OF the peace, or no.
tary public, bsfore whom such ac
knowledament shall be made and said
ballot shall be by him sealed I'D, and
addressed to the cashier of The Bank.
being transmitted to said cashier be fore