Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1815-11-15

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Town body
Art.gI0. The president and directors
Ishall mt demand, or receives greater
discount or interest than at the, rate OF
lone per cent. for sixty days, upon any
igoars or advances of money which they
IInay make. No stock shall be transfer
Ired while the holder thereof stands ac-
ItuaIl. indebted to the bank, the money
Ibeipg due and unpaid, except the presi-
Ident and directors shall otherwise or
der it. &c
h,t. IL. Any number Of stockholders.
mot less than thirty. who together shall
Ibepraprietors Of three thousand shares.
Ior upwards, shall have power at any time
Ito call general meeting of the stockhold-
Iers, for purposes relative TO the institu-
lion, giving at least, six weeks public
InOtice in one or more newspapers of the
town of Alexandria, specifying in such
Inotice the object of such meeting,
Art. IL. 1t shall be the duty of the
Ipresident to call board Of directors On
application OF three directors in writing,
whenever thereto required, and the COM
1missioners shall have power to value the
lreal property, and raise or diminish the
lvalue thereof, according TO its real value
when thereto required by the
I0erson subscribing the same and by
Eorder of the President and Directors !;
land ii tue value should be encreas-
ed they shall give a certificate to
the directors who shall add it to the ORR
| ginal subscriptions. and the holder thereof
Ipa ing In the same amount IN money, as
the real estate israised in value, he shall
be entitled to receive dividend thereon,
I,he same as on the original subscription,
but on the contrary if the commissioners
should reduce aiy real estate, and give
the directors certificate specifying the
amount ofsuch reduction, the directors
shaIlbave powerto stop the dividend cn|
the same.
Art. IS. This institution shall con-
|tinue until the first day Of January
eighteen hundred and forty, unless soon
Ier dissolved by majority Of votes Of
the proprietors of the stock at a general
meeting called for that purpose, and the
president and directors at the expiration
of said time may If they should see pro-
per continue the same for longer peri
I'd, by making their decision publicly
known by Insertions in some neWspapersl
II the iowa Of Alexandria six weeks pre-
siousIy.
Art. Il. The president and directors
Shall as soon as they may think proper.
declare dividend of profits on the ca
pitaI stock paid in but no stockholderI
Shall be entitled to a dividend on real
estate subscribed beyond the amount of
dividend on the money he has paid in
and every half year thereafter shalli
make, and declare such dividends OF
profits as they may deem proper. provid
ed that no such dividend shall mpalrl
the capital stock of the bank, and no d.
gidend shall be declared, cxcert by a
majority of all the directors ard it shall
he the duty of the president and direct
3rs, to cause petition to be prepared1
and presented 70 the general assembly,
II Virginia praying tat honorable bodyI
10 pass an act to incorporate the Real
Estate bank of the United States, andj
he said president and directors shall not
out the said bank into operation withonil
lawful authority, nor until one hundred
thousand dollars shall have been paid IN I
Art. Is. The real estate bank OF thel
u. States shall be located in the first In
stance at West End, in the county OF
Fairfax, but the president and directors,
with the concurrence OF two thirds oil
that body may remove the said bank to
such place in the vicinity of the town OIL
Alexandra as they may deem most eli-I
gibIe for successful operation.
Art. Is. On the dissolution of this in
stitution. whenever the same may take
place. efectuaIIy measures shall immedi-t
ately be taken by the president and dill;
rectors then in office, for closing all theif
concerns of this institution, and for d.
yiding the capital and profits, which
may then remain, among the stockhold-
ers in proportion to their respective IN
terests, and transfer to each subscriber,
his heirs or assigns, the same real estate,
as was subscribed by him.
Art. IL. Real estate consisting IN
houses, mills or other buildings, shall
not be taken by the bark as part OF the
nor as security for money
unless the same have been duly and full 4
" assured against fire by some substan- :