Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1811-05-24

+. liable for no written contract or engage
rnent. unless the same Shall be signed and
countersigned in the manner before mention
! ed.
! lind be it further enacted, That the books,
funds s. papers ofthe said society, shall be Sub
! iect to the inspection and examination OF tie
Said society at a general meeting, or OF any
| committee. appointed from time to time by a
general meeting.
4nd he it further enacted, That the shares
owned by the stockholders shall be transferred
on the books of the society only, accordhs 20
| such rules as may be established IN tnat re-
spect by the managers; but no stocN Si''ii DC
transferred by any STOCKHOLDERS, VINO Shall at a,
the time be indebted to the said society, until
such debt shall first be paid aud any person
who shall accept a transfer OF amy stock, shall
;rso facto become a member OF the said socle-
tr and the share or shares OF any stockhoiuer
or stockholders indebted to the society, shall
always be considered as liable Tor such debt
ar acbts, and may be sold by the managers Tor
,be pavment thereof, under such regulations
as they may from time TO time ordaln and es-
tabiish.
Ind be it further enacted, Ti!at the capital
stock and funds of the said society SHALL alone
be responsible for its debts and engagements,
and no person who Shall or may deal with the
society, or 10 whom they shall IN aihy manner
become indebted, shall, OH any pretence what
oeyer, have recourse to the private property
of the managers or stockholders OF the SAID
society, or against their persons but all per-
sons acceptine any bond, bill, note CT other
obligation Of the said society, signed oy the
president, or dealing with It In any manner
Shall be considered is giving cfeu.t On the
Joint stock and capital only an all contracts,
bonds, bills, notes and covenants OF any demo
,oi,,ation, made on behalf OF the society, aud
signed by the president, shall clearly declare,
that the capital stock and funds OF II society
only, shall be liable for the payment thereof
and it is expressly declared and understood,
that no contract of the society which shall not
clearly express the liability of the pro- rty and
funds of the seciety only, for the payment
thereof shall be obligatory. ]
And 6e it further enacted, That dividend
shall be made, at the expiration OF each year.
OF so much of the profits OF the said soclcty>s
capital stock as shall be deemed expedient,
and the same shall be determined by MAORI
ty OF the board of managers at meeting to
be held for that purpose, which dividend shall
III no case exceed the amount OF the nett pre-
fits actually acquired by the said society, i'll Or
der that the capital stock may never be di-
minished.
And BE- it farther enacted, That the presi-
dent. MANAGERS and clerks or officers, which
NAV he emp,oyed by the said society, shall,
before they enter on the duties Of their res
nect;ve Offices, take an oath, for the due and
faithful performance thereof Inc president
shall be the principal agent, under the dlrec-
ton of the managers, Tor carrying Oh the ou-
siness of the society," and Shall, !or his services,
pe entitled to such compensation rs Shall DC
allowed by the managers.
Ind be it further enacted, That the trea-
surer shall keep the books OF the Said society,
which shall contain a Just and tar account OF
the receipts and expenditures, and all other
transactions relating to said society, and shall
do and perform all the business appertalning
r, that Office He shall, before he enters upon
the duties Of that office, enter into bond with
sufficient security in such sum as Shall be tlX-
ed on by the board of managers, conditioned
for the faithful discharge Of the duties OF his
office, which bond may at any time be Put IN
suit by the president and managers OF said So
ciety, for any malfeasance OF nlisfeasance in
Office, or for any misapplication or non-pay-
ment of any sam or sums of money, which
he may at any time receive for, or Oh account
Of said society, and shall either refuse or neg.
lcct to pay away, in such manner as the board
of managers MAY from time to time prescribe
and order.
find vcaereas, the said society may hereaf-
ter find it expedient to enlarge their plans OF
operation. and extend its views, so that an In
crease of its capital may become necessary
Be it therefore enceted, That the SAID socle-
tv shall have power and authority by srtbscrlp-
ton to increase its capital stock to an amount
not exceeding the sum of Twenty Thousand
Dollars, whenever majority of stockholders,
WHIT shall be the owners of at least one half of
the original capital stock, shall deem it aelvisa-
bic and expedient to do so; and, before any
subscription shall be opened for the purpose
ofincreasing the said capital stock, the presi-
dent and managers shall convene the stock
holders for the time being, for the purpose of
ascertaining their opinions upon the subject;
and if a majority of them, who Shall be the