The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1812-09-24
(Bp Autboritp.)
Laws of the United States.


10 incorporate Bank IN the town OF Alex
andria, by the nsne and style of the Bank
of AlexanGria.
DEu euac'ed By he Senate aud House oT Repre-
~ Seasatires Of he UNiled STATES Of .imerico, "a
Congress assea6ed, That the subscribers 10 the Me-
ehanics Bank of Alexandria, their successors and
sgns shall BE- and they hereby created and made
body polite by the and style of the Mschan-
ics Bank of Acxandrs, and by that name and style
shall be and hereby made able aud capable in law,
10 have purchase, receive, possess, enjoy and retain
to them AID Niies ssors, lands, rents, heredt.
Gens, goods, chates and effects, of what kind na-
ture or quality soever, ana the same to sell, grant,
denise, alien dspose of, to sue and be sued, plead
and be impleaded, answer and be answered, defend
and be defended in ofrecor any other place
whatsoever subject nevertheless TO the rules, rogula
lions rest ictions limitations and provisions berenai-
ter prescribed and declared. ar.
Sec g. .ina be t further enacted, That the capital
stock OF said corporation may consis; OF i've hundred
thousand doafs, divided into shares of ten dollars
Cach, and shall be paid in manner following, that is
10 say One dollar each share at the time of SUBJ
scrbng, dollar each share at sixty days, and
doiar each share ninety days after the time
Vi Subscribing; the remainder to be called for the
II -sidcnt and Directors may deem proper Pforided
They do notca for any payment in less than thirty
days, nor for more than one dollar each share
any one time.
Sec. 8 Ind be IL further enacted, That the su5
Scrptens for filing up said stock shall be opened at
the courthouse in The town of Alexandria the
first Monday in June next, under the direction of
fifteen commissioners, aud that John Lopgden, Will
Ham Netch. James &. Deneaie Daniel MLeod, John
Cohagen, James M'Guire, Adam Lynn, Mark Butts,
Joseph Dean, James Sandcrson, John Young, Isaac
EntWsie, Robert Young, Peter Saunders and John
Gird, hereby appointed commissioners for tbat
purpose, which subscriptions shall be kept open for
one day at least and such further time said COM
nissioners may direct but in case the amount Of
the subscriptions shall exceed the number Of shares
before allowed a be
thus created shall be reduced within the number of
shares authorized 10 be subscribed aforesaid in
the manner following, to wit, that is TO say from
the subscriptions highest in amount the commission
crs shall subsUact share shares unrl ,hc same
be made equal TO the subscription or subscriptions
next his hest in amount. and until ;he namber al
shares shall be reduced TO the amount aforesaid
Provided ai'pays, That il be hereby expressly
dcrs:ood, that all tue subscriptions and shares OBJ
tanned in CONS equeDce thereof, shall be deemed and
held Lss yAcrusn pvrir
os the persons, partnerships or bodies polite sub
scrib.ng, i'll whose behalf the subscriptions res.
pec;ivc.y shall be declared 10 be made the time of
making me same, and all bargains, contracts, pro-1
mses, agreements and engagements in any wise con-
trayening hs provision, shall be void, and the per-
sons, copartDershps bodies polite respectively
Sc subscribing, or for whose the subscriptions
declared he made sfores id, shall have
Joy and receive the share shares respectively in
conscqu thereof obtained, and all the interest
and cu.oiumcnts thence arising, freely fully and
absolutely If tlcy had severalIy and respectively
paid the consideration therefor, any such bargains,
contracts, promises, sg eemcnts Or engagements 10
/ the contrary thereof Notwithstanding.
Sec. s. .,9 &c az further enacted, That the lands,
tencrlents and hcrcdi;amcnts which it shall be law
iu for the said corporation to bold, shall be only
such shall he requisite for its immediate accom-
nodaton,. in relation 10 the convenient transaction
tr It's business, and such Shall have been convey
ed to it in satisfaction of debts previously contracted
in the OF It's dealings, purchased at sales
! on ud.cments which shall have been obtained for
such c.bts nor slal, this corporation directly in
directly deal in or trade in any thing except bills OF
excl ange gold silver bu'icns, in the sale of
goods which shall be the produce of its land, Of
| goods sold by vttue of execution on Judgment
] obtained by them.
Sec s. .lndbe IL further enacted That for the wei
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 Alexandra of whom there shall be election
the first Monday after the subscription shall he co
| sed, and on the second Monday OF March, il each
year thereafter by the stockholders propretors Of
| the capital stock of thcsaid corporation, and by
plurality Of votes actually given Pror,dsd, ho1eeter
That the eight mechancssha first be declared elect
dslthough they should not have the greatest number
of votes and those who shall be du,y chosen at any
alec ton shall be capable of serving Directors by
virtue Of suchchoce until the end expiration Of the
| second Monday in March next ensuing the time Of
such election, and until others shall be chosen And
the SAID Directors at their first meeting after each
lection, shall choose Cf their number Presden
no person a Director Of another Bsnk,or the partner
in trade Of a prector Of another bank, shall be
I Director ia tins Bank Br0ufded. That in case it
should st anyL-e happen, that election OF Direc.
tors should rot be made upon any day when, pursu-
ant this Gc it ought to have been made, the
porstion shall not for that cause be deemed TO be
! dssolvcd hut it shall be lawful on any other day
4 xVith tDercaftcr. hold
| election OF Directors IN such manner as shall have
been regulated by The laws and ordinances of said
| corporation.
Sec. g. Ind be 1, further enacted That no Direc.
tor shall be entitled TO any cmoluncnt, unless the
same shall have been allowed b. the stockholders at
1 a general meeting but the Directors shall make
such compensation to the President foe his extrsor
| dinarv services ard ATTENDANCE at the Bank shall