Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1812-05-20
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Rehresentattoes Of the United States Of ,fme-
RIGA, IN Congress assembled, That the subscrl-
bers to the Mechanics Bank of Alexandria,
their successors and assigns, shall be, and they
are hereby created and made a body polite,
by the name and style ofthe Mechanics Bank
of Alexandria, and by that name and style
shall be and are hereby made able and capable
In law, to have, purchase, receive, possess,
cnjov and retain to them and their successors,
lands, rents, Entertainments, goods, chattels
and effects, of what kind, nature or quality
soever, and the same to sell, grant, demise,
alien or dispose of, to sue and besued, plead
and be implicated, answer and be answered,
defend and be defended in courts of record or
any other place whatsoever, subject neverthe-
less to the rules, regulations, restrictions, IL
mutations and provisions, hereinafter prescrlD-
ed and declared
Sec. Q. md be IL further enacted, That the
capital stock of said corporation may consist
of FIVE hundred thousand dollars, divided into
shares of len 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
ofsubscribing; the remainder to be called for
as the President and Directors may deem
proper: PROVIDED, They do not call tor any
payment in less than thirty days, nor Tor more
than one dollar on each share at any one
time
Sec 8. ind Be it further enacted, That the
subscription for filling up said stock, shall be
opened at the Courthouse in the town OF A
lexandria on the first Monday in June next
n.
and that John Longden, William Veitch, Jas.
C.Deneale, Daniel M.Leod, John Cohagen,
James M'Guire, Adam Lynn, Mark Butts,
Joseph Dean, James Sanderson, John Young,
Isaac Entwisle, Roberts Young, Peter Saun-
dcrs and John Grid, are hereby appointed
commissioners for that purpose, which sub
scriptions shall be kept open for one day at
least and sach further time as said commits
Sioners may direct but in case the amount of
the subscription shall exceed the number of
shares herein before allowed to be subscribed,
the excess thus created shall be reduced
within the number of shares authorised to be
subscribed as aforesaid, in the manner follow
Ing, 10 wit : that is to say, from the subscrlr-
tons highest In amount the commissioners
shall Substract share or shares, until the
same be made equal 10 the subscription or
subscriptions next highest in amount, until.
the number of shares shall be reduced to the
amount authorised to be subscribed as aforc-
said PROVIDED aizVays, that it be hereby ex
pressIy understood, that all the-Subscriptions
and the snares obtained in consequence there
of, shall be deemed and held to be for the sole
and exclusive use and benefit ofthe persons,
co.paltnerships or bodies polite subscribing,
or in whose behalf the subscriptions respec-
lively shallbe declared to be made at the time
of maxine, the Same and all bargains, con-
tracts, promises, agreements and engagements
in auywise conrravening this provision, shall
be void, and the persons, partnerships, or
bodies polite respectively so subscribing, or
for whose use the subscriptions are declared
to be .yaade as aforesaid, shall have, enjoy and.
receive the share or shares respectively in.
consequence thereof obtained, and all the In
teresfs and emoluments thence arising as free
", fully and absolutely as if they had several
" and respectively paid the consideration
therefor, any such bargains, contracts, promi-
ses, agreements or engagements to the con-
trary thereof to the contrary notwithstanding
Sec. 4. Ind be itjurther enacted, That the
lands, tenements and hereditaments which 1t
shall be lawful for the said corporation TO hold,
shall be only such as shall be requisite tor It's
immediate accommodation, in relation to the
convenient transaction of its business, and
Sueh as shall have been conveyed to 1t in sa-
tisFacton of debts previously contracted III the
course of its dealings, or purchased at sales
on judgments which shall have been obtained
for such debts !; nor shall this corporation di-
rectly or indirectly deal in or trade in any
tbsNcr exceSt hills 0f ex rhanCrp Uold f,r silver
ed by them.
Sec. 5 .4,d6eh further e'sRcted, That for
Of 4