Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1811-03-28


such as are sold by virtue of ali execution, up
on judgments obtained by them, except such
articles as may be necessary for them in trans
acting the business of the bank /; but it shall be
lawful for them to receive and hold such Sc.
curities, goods, chat els, and effects, by way of
deposit for advances made by them to any per-
son or persons, and on failure of payment
the same to sell and dispose of at public
sale.
SEC. 3. ind be it further enacted, That the
capital stock of the said bank shall consist of
! five hundred thousand dollars, in shares of two
hundred dollars each.
SEC. 4. .aud be it further enacted. That e.
very stakeholder shall be entitled to vote by
himself, his agent or proxy, appointed under
his hand SEAL at all elections in virtue OF this
act; and Shall have as many votes as he has
shares, as far as ten shares, and not more than
one vote for every Ave shares thereafter; and
| every stakeholder may sell and transfer his
| stock in the bank, or any part thereof, at his
! pleasure, not being less than one complete
| share or shares the tranfer to be made in the
! bank books, in the presence and with the APP
probation OF the proprietor or his lawful at
torney, and the purchaser then to be entitled
to all the rights which the original proprietor
| enjoyed.
SEC. 5. Ind be it further enacted, That
meeting of the stockholders in the town of
Alexandria, shall be held annually on the third
Monday of January, in every year, during the
continuance of this act previous notice where
of shall be published in some newspaper prin-
ted in Alexandria, Richmond, Winchester
or the city of Washington, for the space of
four weeks succcssiyciy ; and the stockhold-
ers assembled In consequence of such ..otice,
shall choose by ballot from among themselves,
by majority OF votes of such as shall be pre-
sent, or by proxy, nine directors being citizens
of the United States, for the term of one year
thereafter; and ON the same dav annually, for
and during the continuance of this act, like
election shall be made and in case of refusal,
death, resignation, disqualihc or removal
out the district of Columbia, ofany director,
the remaining directors at their next meeting
thereafter, shall elect by ballot another person,
qualified rs aforesaid in his place, for the re-
sidue OF the year. The directors, or any seven
of them, shall, at their first meeting after eve
~ general election, elect by ma oritv ct
members present, by ballot, from among the
stockholders, president, who shall whether
director OF not, be thereupon entitled to all the
powers and privlledges OF one; and if he was
before director, another director shall be G.
lected as aforesaid, SO as to keep up the num-
Der OF directors prescribed by this Act, ex-
elusive OF the president and in case of re-
fusal, death, resignation, or removal out of
the district aforesaid of the president, the di-
rectors shall meet as soon as conveniently can
be thereafter, and elect another person for pre-
sident, in manner before directed
SEC. 6. ind be Il further enacted, That
there be meeting of the directors quarterly,
for the purpose OF regulating the affairs Of the
bank, any FIVE of whom shall make board /;
and that the board nave power to ad ourn {rom
time to time; and the president Or any three
of the directors may call special meeting at
any other time they may think necessary.
Sec. Z. .3nd Be further enacted, That the |
board of directors shall determine the manner !
of doing business, and the rules * forms to he |
pursued; appoint and pay the various officers !
which they may find necessary and dispose
Of the money & credit of the bank, at a rate not
exceeding six per cent. per annum and make
half yearly dividends OF the profits, or of such
part thereof, as they may think prudent.
SEC. 8. .4nd be it further enacted, That in |
tllC VI IdSlllSf VI inc SdlQ Od0k,
ma ority of the votes of seven directors
shall be necessary to choice.
SEC. 9. Ind be it further enacted, That the
board shall at every quarterly meeting, choose
three directors to inspect the business Of the
bank, for the ensuing three months and the
inspectors so chosen or any two of them, shall
on the evening of every Saturday, examine in
to the state of the cash account, and all the /
notes receiv ed and issued and see that those |
accounts are regularly balanced and transfer
red.
Sec. 10. .4nd be it further enacted, That any
director, officer or other person, holding any
share or capital of the said stock, who shall !
commit anv fraud Or embezzlement, touching
the money or property of the said bank, shall |
be liable to be prosecuted in the name of the |
Tinted States, by Indictment for the same in |
any court of law, in the district wherein the
offence shall be committed and, upon convic.
ton theroof shall, besides the remedy, that
may be had by action, in the names of the pre-
sident, directors and company of the bank of |
Alexandria, for the fraud aforesaid forfeit, for