Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1812-03-03
binding On the, Company, unless made on their

AnT,cLr 10. Dividends of the profits OF
the Company shall be made haltyearly, on the
third Monday of December and June; the al.
vidends shall be made by the President ana
Directors, who shall never divide more tha'i
the nett profits and all directors present at the
making of any dividend that shall diminish the
Capital Stock, shall be personally responsible
for the same, unless he or they shall immedi-
ately enter his or TIER dissent IN writing on
the minutes &C the proceedings OF the Board,
or give notice to the Stockholders that such
dividend has been declared; but the President
and Directors may retain for contingencies SO
much of the nett profits as to them may APP
pear eligible, not exceeding one per cent.
ARTICLE Is. The Company shall in no case
own any ships or vessels, or purchase any
goods, wares or merchandise unless for the
purpose Of securing any debt or debts which
may be due to them and when the Company
thus acquires the possession Of such property,
the President and Directors are empowered
to dispose OF the same in such manner as to
them shall appear most advantageous.
ARTICLE IA. The Company shall not pur-
chase or hold any land, tenements, or real es-
state, excepting only sucf as may be necessa-
ry FOR the transact:op of their business, unless
such land tenenents or zeal estate shall be
taken either for security, or in payment of
debts due to them, and when the Company
thus acquires such possessions, the President
and Directors are empowered to dispose OF
them, as expressed in the foregoing article.
ARTICLE Is. 1t is hereby expressly and
explicitly declared, that any engagements
which this Company may enter into, in the
name OF the President. Directors and Compa-
ny of the Mechanics Bank Of Alexandria,
whether by bill, bond, note or otherwise, shall
be binding only on the Joint funds of the Com
pany, and that in no instance, or under any
circumstances, shall any Stakeholder in his
private capacity be responsible for the engage
ments OF tie Company and 1t is to be clearly
understood, that any person or persons making
Deposit OF Money, or accepting any bill,
bond, note or ether engagement of the Com
pany, that in accepting such engagement he
agrees to consider the joint funds of the Com
pany as his only security; and it is most eX-
pressly declared, and it is to be fully under
stood, that no persons who shall or may have
any claim against this Company, shall on any
pretencc whatever, have recourse against the
seperatc property of any present or future
member Of this Company, or against their per-
sons, except the officers and servants of the
Company in regard to their faithful discharge
of the duties assigned to them as such.
All Suits to be brought against the Compa-
ny, (if any, shall be brought against the Pre-
sident, and the Directors shall make such re-
guations that the plaintiff shall not be in jured
or DELAYED by the death or removal ofany Pre-
sitent from Office; but that the suit may con-
tinue in the same manner, Notwithstanding any
change which may in the mean time take
place as if the president against whom the
suit was brought had still continued in Office,
and any recovery obtained shall be fully bind
inp on the Joint Stock of the Company, and
no further; and the Company shall immedi
atelv pay the amount of the money out of the
Joint Funds, but not otherwise.-And i'll case
of any suit at law, the President shall sign his
appearance upon the writ, or file common bail
thecrto, il being expressly understood and de-
clared, that all persons dealing with this Com
pany, agree to these terms and are bound
thereby-and will not require special bail
from any person for or on account of any claim
or demand upon the said company.
ARTICLE l6. The Notes issued by the
Company shall express that the amount is
payable out of the Joint Funds thereof agree
able to the articles of association and under
no circumstances shall the Company make
any engagements wherein the above stipula-
ton is not recited. & printed copy of the
18th Article ofthis agreemet shall be deliver
ed 70 every person with whom the Company
opens an account
ARTICLE II. Neither the President nor
any Director shall be entitled to receive, on
accommodation paper, discounts or loans, ex-
ceeding in the whole, at any time, the sum
of FIVE thousand dollars, renewable however
from time to time at the discretion of the Pre-