Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1812-06-01


Bank of Alexandria.
BE il enacted6y tie Senate and House
Of Representatives Of the Unned States of
America, in Congress assembled, That the
subscribers TO the Mechanics Bark of A
lexandria, their successors and assigns,
shall be, and they are hereby created and
made body polite, by the name and style
OF the Mechanics Bank of Alexandria,
and by that name and style shall be, and
are hereby made able and capable in law,
20 have, purchase; receive, possess, enjoy
and retain to them and their successors,
lands, rents, Entertainments, goods, chat
tells and effects, of what kind, nature or
quality soever, and the same to sell, grant,
demise, alien or dispose of, to sue and be SUI
ed, plead and be implicated, answer and
be answered, defend and be defended in
courts OF record or any other place what
soever, subject, nevertheless, to the rules,
regulations, restrictions, limitations and pro-
visions hereinafter prescribed and declar-
ed.
Sec. 2. -fnd be IL further enacted, That
the capital stock of the said corporation
may consist of five hundred Thousand dol
lars, divided into shares Of ten dollars each,
and shall be paid in manner following, that
is to say One dollar on each share at the
time of subscribing, one dollar ON each
share at sixty days, and one dollar on each
share ninety days after the time of subscri-
bling the remainder to be called for as
the President and Directors may deem pro-
per: ProUided, They do not call for any
payment in less than thirty days. nor for
more than one dollar on each share at any
one time.
Sec. g. .And be il further enacted. That
the subscriptions for filling up said stock
shall be opened at the court house in the
town of Alexandria, on the first Monday
in June next, under the direction of fifteen
commissioners, and that John Langden,
William Veitch, James G. Deneale, Daniel
M'Leod. John Cohagen, James M'Guire, A
dam Lynn, Mark Butts, Joseph Dean, Jas.
Sanderson, John Young, Isaac Entwistle,
Robert Young, Peter Saunders and John
Grid, are hereby appointed commissioners
tor that purpose, which subscriptions shall
be kept open for one day at least, and such
further time as said commissioners may di-
rect; but in case the amount of the sub
scriptions shall exceed the number of shares
herein before allowed to be subscribed, the
excess thus created shall be reduced with
SO The aumher of shares authorised to he
subscribed as aforesaid, in the manner fol.
scriptions highest in amount, the commissi-
oncrs shall subtract share or shares un-
til the same be made equal to the sub
scription or subscriptions next highest in
amount, and until the number of shares shall
be reduced to the amount aforesaid: Pro
Uided Always, That it be hereby expressly
understood, that all the subscriptions and
shares obtained in consequence thereof,
shall be deemed and held to be for the sole
and exclusive use and benefit OF the persons,
co-partnerships or bodies polite subscribing,
or in whose hehalf the subscriptions res
pectively shall be declared to be made at
the time OF making the same, & ali bargains,
Contracts, promises, agreements and en-
gagementsin any wise contravening this pro-
VISION, shall be void, and the persons, Co
partnerships or bodies polite respectively
so subscribing, or for whose use the SUBJ
scriptions are declared to be made as afore-
said, shall have, enjoy and receive the
share or shares respectively, in consequence
thereof, obtained, and all the interest and
emoluments thence arising, as freely, fully
and absolutely as ifthey had severally and
respectively paid the consideration therefor,
any such bargains, contracts, promises, a.
greements or engagements to the Contrary
thereof notwithstanding.
Sec. 4. ind be IL further enacted, That
the lands, tenements and hereditaments
which it shall be lawful for the said corpo-
ration 20 hold, shall be only such as shall be
requisite for its immediate accommodation,
III relation to the convenient transaction of
its business, and such as shall have been
conveyed to tin satisfaction of debts previ-
oAisly contracted in The course Of its dealings,
or purchased at sales on judgments which
shall have been obtained for such debts
nor shailtliis corporation, directly or intii-
rectly, deal in or trade in any thing except
bills of exchange, gold or silver buttons, or
in the sale of goods which shall be the pro-
duce fits land, or Of goods sold by virtue
Of .ane1ecution on a judgment obtained BY
them.
Sec.s5. IND be ft further enacted, That
for TIE we'll ordering the affairs of the said
corporation, there shall be fifteen Directors,
eight of which Directors at least shall be
practical mechanics, and not less than ten
of said Directors shall be resident in the town
Of Alexandria, of whom there shall be an
election OH the first Monday after the sub
scripton shall be closed. and on the second
Monday in March, in each year thereafter,
by the stockholders or propretors Of the ca
pital stock of the said corporation, and by
plurality OF votes actually given ProDid-
cd, howeVer, That the eight mechanics shall
first be declared clicked, although they
should not have the greatest number Of votes
and those who shall be duly chosen at any
election, shall be capable Of serving as Di-
rectors, by virtue of such choice, until the
end or expiration of the second Monday in 4
March, next ensuing the time Of such cleo
ton, and until others shall be chosen. And
the said Directors, at their first meeting aft
ter each election, shall choose one Of their
number as President; no person, Direc-
tor Of another bank, or the partner in
trade Of a Director of another bank, shall
be Director Ia this Bank :-~--Provided,