Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1813-10-28

sioners tor that purpose, and said SUD-
scription shall be kept open three days,
and for five hours of sach day, at some
public place In said town. And at War
renton on the fourth Monday of Novem-
Der next, for 10000 dollars Of said
stock. under the direction of John Love,
Gustavus B Horner, Charles HuDton,
Thomas Hunton, William Horner,
James Morgan, Alexander Scott, and
George b. Pickett--who are hereby ap-
pointed commissioners for the purpose,
and the subscription to be kept open 8
days, and Ave hours of each day. at
some public place in said town And
if after return shall have been made
by the several commissioners to the
town Of Alexandra, ii shall be found a
greater number OF shares have been
subscribed than is directed, the excess
shall be deducted from each subscriber,
in proportion to the number by them re-
spectively subscribed, and the excess
so to be returned shall be in stock or
money as it was from said Subscribers
received; but if the whole number OF
shares shall not be subscribed as afore-
said, within the period, at the places
respectively above mentioned, the com
missioners shall nevertheless close the
subscription books, which shall remain
closed until the election of President
and Directors, and so continue closed
until the President and Directors shall
think proper to open them. And the
Commissioners at Leesburg, Winches-
ter and Warrenton, shall Immediately
on closing their subscription books,
transmit the subscriptions respectively
taken b, them, together with the road
stock or money SO subscribed to the
Board of Commissioners in Alexandria,
where all future payments for said stock
shall be made Proyided alzDays, That
it is hereby expressly understood that
all the subscriptions and the road shares
obtained in consequence thereof, shall
be deemed, and held To be, for the sole
and exclusive use and benefit Of the per-
sons, CO partnerships or bodies polite
subscribing, or in whose behalf the sub
scripuons respectively shall be declare'f
TO be made at the Time Ut making the
same, and all bargains, contracts, pro-
misses, agreements and engagements,
in any wise contravenIng this provision
shall be void, and the persons, co'part-
nerships or bodies polite respectiveiE
SO subscribing, or for wbose use the
subscriptions are declared to be made
as aforesaid, Shall have, enjoy, and re.
ccivc the share or shares respectively
in consequence thereof obtained, and al!
the interests and emolunents thence a.
rising, as freely, toby and absolutely, as
if they had severally and respectively
maid the consideration therefor, any bar
gains, contracts, promises, agreements
or engagements, to the contrary not
outstanding.
ARTICLE 2. The subscriptions be-
ing closed as aforesaid, the commission
ers aforesaid, or any three OF them shall
forthwith advertise meeting 0! the sub
scribers, in the town OF Alexandra, tor
the purpose Of e.ec,ing eighteen Dlrec-
tors, one third Of whom may be lnhabi-
tants of the Commonwealth OF Virginia,
TO organize and conduct the affairs OF
said association, giving ten days prevl-
Gus notice, thereof, in the newspapers Of
the town of Alexandria, Leesburg, VIM
chester, and Washington, OF the time &
place when and where, such election
Shall be held-and those persons who
shall be duly chosen at said election,
shall be capable Of serving as Directors
BIZ virtue of said choice, until the end or
expiration of the first Monday IN Janu-
airy, in the year OF our Lord one thousand
eight hundred and fifteen, and until O..
theirs shall be chosen, and the said Di
rectors, at their first meeting after every
election, shall choose President No
person Director Of any other Bank,
or the partner in trade of a Director OF
another Bank, shall be President or Di-
rector in this Bank.
Article 8. No person shall be eli
gible to hold the Office OF President or
Director, who is not citizen OF the
United States, and bona fide stock
holder at the time Of election, and eve
nv stockholder, whether he be so BY o.
riginal subscription or by transfer, shall
be considered as a member OF this as
ISOLATION, and when he ceases to be a
stockholder he shall cease to be men,
Der.
Article 4. Every stakeholder be-
ing citizen of the United States, shall
be entitled to vote at all elections TO be
holden by the stockholders, and shall
have as many votes in proportion to the
shares he or she may hold, as follows,
for every one share, one vote for eve
nv three shares, two votes for every
Ave shares, three votes Tor every ten
shares, Eve votes; and for every live
shares, above ten, one vote; no share or
shares, shall confer right OF suffrage