The Alexandria herald. [volume] (Alexandria [Va.]) 1811-1826, 1813-12-08

Monday in January next, under the dircc-
ton OF the commissioners appointed to re-
ccivc subscriptions, and the duties of the
said commissioners shall thereupon cease
and determine, and they SHALL so soon as
the said board of directors are organized,
pay over to them all the monies which NAV
have hoen received for the subscription of
stock, and shall also dslivor over to them
all the books and papers belonging to the
institution. AID the president and direc-
tors for ,ss time being shall continue to
hold their Offices until others shall be ap-
pointed in their places. No privilege shall
be extended in leaning to director on ac-
count OF his being director. Not more
than nine of the directors, exclusive of the
president, shall be eligible for the next
succeeding yeay; but the director who
shall DO president at the time of an election
may always be re-elcctad.
ARTICLE VII.
Ths president and directors ave hereby
iuiiy empowered TO make, revise, alter or
annul all sush rules, orders, bye-laws and
regulations FOR the government of the COM
psny, and that of thsir officers, servants and
affairs. rs they shall, from time to time,
think expsdicnt, not inconsistent with law
or these articles Of association and TO use,
employ and dispose efthe joint stock, funds
or property of the said company, (subiece
only TO the restrictions hereinafter mem
TONED as TO them may seem expedient,
and 10 loan to any stakeholder, without an
| sndorser, OIL pledge of stock of the corn
pany by such stockholder, not exceeding
ihree fourths OF said stock
ARTICLE VIII.
All bills, bonds, notes and every contract
and engagement on behafo the company,
| for the payment of money, shall be signed
by the president and countersigned or at
tested by the cashier of the company ; and
the funds Of the company shall in no case
be- held responsible for any contract or en-.
gagsment whatever, unless the same shall
| be- so signed, and counters:gned or attested
as ator said
ARTICLE IX.
The books, papers, correspondence and
funds OF the company shall at all times be :
subject TO the inspection Of the board Of
directors.
ARTICLE X.
The said president and directors shall
have power to appoint cashier, and all
other officers and servants for executing
the business Of the company and to es-
tablish the compensation to be paid to the
president, and all other officers and SER
'"'''S W '"S Sob'PHbY ISSpcCliFelyJ ana
which, ,os ether with all other necessary
expenses, shall be betrayed out Of the funds
/ OF the company.
ARTICLE XI.
The president and directors shall have
power 10 call general meeting Of the
stockholders for the purposes relative to
the concerns of the company, giving at least
SIX weeks notice in one ar more Of the
newspapers IF the city Of Washington, spe-
citing in such notice the OBJ Get Or objects
Of such meeting.
ARTICLE XII.
The shareSof capital stock at any time
owhed by any i"dividual stoekhoider, shall
NC transferable on the books of the COM
pany according to such rules as may, con-
formally 20 law, be established in that be-
halfby the presidents and electors but all
debts actually due and payablc to the COM
Pany days Of grace ior payment being
pas) by stockholder requesting trans
fer, must be satisfied before such trans
fer shall be made, unless TIE president
and directors Shalt direct to the contra
ry.
ARTICLE XIII.
No transfer Of stock in this companv shall
be considered as binding upon the company,
unlsss made In a book or books to be kent
Tor that purpose by the company and il is
further expressly agreed and declared, that
any stakeholder vino shall transfer in man.
nsr aforesaid all his stock or shares in this
company ioany other person or persons hat
ever, shall tkereupop cease to be a MEM
Der OF this company and that any person
Or persons whatever, who shall accept