Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1815-11-18

his falling to make such appointment,
The directors may appoint one Of their
uwD body.
Art.slO. The president and directors
shall not demand; or receive, greater
or interest than at The rate oil
one percent. for sixty days, upon any
loans or advances of money which they
may make. No stock shall be transfer.
red while the holder thereof stands ac-|
|taaily indebted to the bank, the money
being due ard unpaid, except the presi-
dent and directors shall otherwise or
|derit.
Art.ll. Any number OF stockholders
mot less than thirty. who together shall
|De proprietors Of three thousand shares.
|or upwards, shall have power at any time
to call general meeting of the stockhold-
|els, for purposes relative to the institu-
ton, giving at least, SIX weeks public
notice in one or more newspapers of the
town of Alexandria, specifying in such
notice the object Of such meeting.
Art. IS. It shall! be the duty of the
president to call a board of directors on
Implication at three directors in writing,
whenever thereto required, and the COM
|missioners shall have power to value the
real property, and raise or diminish the
value thereof, according to its real value
when thereto required by the
|person subscribing the same and by1
order of the President and Directors !;
aud if the value should be encreas-|
ed they shall give certificate to|
the directors who's Shall add it to the orr
sinal subscription, and the holder thereof
paving in the same amount in money, as
the real estate is raised in value. be shall
be entitled to receive dividend thereon,
,he same as on the original subscriptions,
but on rue contrary If the commissioners
shoald.reduce any real estate, and give
the directors a certificate specifying the
amount ofsuch reduction. The directors
shallbase power to stop the dividend on
the same.
Art. 10. This institution shall con-
tinue until the first day Of January
eighteen hundred and forty, unless SOON
'er dissolved by a majority of votes Of
the proprietors of the stock at general
meeting called for that purpose, and the
president and directors at the eX..,irationl
of said time may if they should see pro-
per continue the same for a logger peri
Cd, by making their decision publicly
known by insertions in some newspapers
a Che town of Alexandra six weeks pre-
yiously.
Art. IA. The president and directors
shall as soon as they may think proper,
declare dividend of profits on the ca
pital stock paid in (; but no stockholderl
Shall be entitled TO dividend on real
estate subscribed beyond the amount of
dividend ON the money be has paid in,
and every half year thereafter shall
make. and declare such dividends of
profits as they NAV deem proper. provid
ed that nv such dividend shall impair
the capital stock of the bank, and no di-
|yilend shall he declared, except by al
majority Of all the directors ;and it shall
be the duty ofthe president and direct
ors. to cause a petition to be prepared
and presented to the general assembly
Of Virginia praying tat honorable hody
TO pass an act 10 incorporate tie Aeai
Estate Bank of the United States. and
the said president and directors shall not
put the said bank into operation without
lawful authority, nor until ore hundredl
thousand dollars shall have been paid in
ART. Is. The real estate bank OF theI
|U. States shall be located IN the first IN
stance at West End, in the county eff
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 vicinityof the town Of
alexandria as they may deem most eli
|sibie for successful operation.
Art. 16. On the dissolution of this in
| stitution, whenever the same may take
lplace. efectually measures slallimmedi-
| lately be taken by the president and d.
|rectoys then in Office, for closing all TIE
)concerns Of this institution. and for d.
ividing the capital and profits, which
|may then remain, among the stockhold-
lers in proportion to their respective IN
iterests, and transfer to each subscriber,
.Ihis heirs CT assigns, the same real estate,
las was subscribed By him.
1 Art. IL. Real estate consisting in
houses. mills or other buildings, shall,
mot be taken b. the bank as part of the
Subscription. nor as security for money
lnnIaSr thn snnna have heen duly and fnl Il