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

his falling to make SUCH aPP0lntlne nt;
Che directors may appoint one @ their
own body.
ArESlO. The president and directors
shall not demand, or receive, greater
discount or interest than at the rate OF
one per cent. for sixty days, upon any
loans or advances of money which they
may make. Nostock shall be transfer
red while the holder thereof stands &C
|tually Indebted to the bank, the money
being due and unpaid, except the presi-
dent and directors shall otherwise or
|lerit.
Art. II. Any number Of stockholders,
aot less than thirty, who together shall
be proDrietors OF three thousand shares,
|arstipwards, shall have power at any time
to call a general meeting Of the stockhold-
ers, for purposes relative to the institu-
ton, giving at least, six weeks public
notice in one or more newspapers of the
town Of Alexandria, specifyinsin such
notice the object of such meeting.
Art. 10. It shall be the duty of the
president to call board Of directors on
application OF 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 by
order of the President and Directors ;
ard il the value should be encreas-
ed they shall give a certificate to
the directors who Shall aud it to the ORR
sinal subscription, and the holder thereof
paying In the same amount in money, as
the real estate is raised in value, he shall
be entitled to receive dividend thereon,
The same as on the original subscription,
but on the contrary if the commissioners
should reduce any real estate, and give
the directors certificate specifying the
amount ofsuch reduction, the directors
shall have power to stop the dividend on
the same.
Art. IS. This institution shall con-
tinue until tie 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 Tor 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
cd, by making their decision publicly
known by insertions in some newspapers
n the town of Alexandria 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 stakeholder
shall be entitled to a dividend on real
estate subscribed beyond TIE 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 may deem proper. rroyid-
ed that no such dividend shall impair
the capital stock OF the bank, and no di-
vidend shall be declared, except by a
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 Firgiria praying tlat honorable b.'dyI
to pass an act to incorporate the Real
Estate Bank of tae United States, and
the said president and directors shall not
put the said bank into operation without
lawful authority, nor until one hundred
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 OIL
Fairfax, butthe president and directors,
with the concurrence OF two thirds OIL
that body may remove the said bank toI
such place in the vicinity of the town oil
Alexandra as they may deem most eli-|
gible for successful operation.
Art. Is. On the dissolution of this in-
stitution, whenever the same may take
place, effectually measures shall lmmedl-
ately be taken by the president and de
rectors then in Office, for closing all the
concerns Of this institution, and for di.
viding 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,
,,a,uao cubcc rihnsI nv him
Art. II. Real estate consisting in
houses, mills or other buildings, shall
not be taken by the bank as part of the
Esnhscr;ptiOn, nor as security for money