Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-01-26
Articles OF Association
OF TIA
Red Estase- BBss Of he United
States.

RF Il known, and It Is hereby d.
A cIared. that we the subscribers, a
soc;ating together, have formed com
naoy Of limited partnership, and do mu
fuali, ageee with each ether and hereb
bind ourselves, to conduct the bushes
ofsaid Company in,tke town OF Alexar
dria, according to therules hereiDafte
prescribed, under the name and style Q
the president and directors OF the Rea
Estate Bank Of the United State-, and b
these our fundamental articles OF assecl
alton. doherebY covenant and agree wit
. each other, that we, and all parsons, wt'
NAV transact business with saul cemPa
nv shall be bound and concluded.
Art. 1. The capital stock OF ssid com
rany may consist Of one, million OF dol
hrs. with the privilege Of increasing 1t
whenever .he president and directors
NAV think proper. divided into shares OF
one houdred dollars each, to be paid ia
TIE fsllsUiag manner: that is to say, five
dollars in cash on each share at the time
of subsoribicg, and the balance, vhen the
president and directors may deem pro-
per. Provided that they do not car tor
cny payment ia less than thirty days,
nor for more than FIVE dollars on each
share, at aay one tune bat any SUBJ
Gerber NAV pay the whole, or any part
sabscribed, & shall be entitled to d.
yidend IN proportion.
49, Art. 2. The books for receiving sub
scriptions for said stock shall be opened
inAlexanaria. attheCityiEotesl, on Mon
s sIay the goth Gay Of January 1916, under
Che direction OF fen commissioners, to
wit: Samuel Harper, Bernard Bryan,
Matthias Snislef, John Swayne, William
Rhodes, Griffin Taylef, Benjamin PLAIN
ner. Dayid Allen, Benjamin Fendall e
David Wilson, any three Of them acting
together, shall constitute a board to dbl
INV business relative TO the articles GIL
association which books shall be open
ed al g o'clock, A. NJ. and shall be kept
oren until 5 o'clock, P. NJ. on that day. i
Unless SCORER filed. One half4the pay i
nents of said subscription may De paldI
In specie. the notes Of the banks OF ylr-l
rin;;a, the District Of Columbia, the state
sof MARYLAND, the stock of either OF those
banks, or stock of the United States );
aud the other hal in real estate at two
thirds IFS value situated IN the District
of Columbia, the Nerthen Neck OF VIr-
pinia, or the w estsrn Shore OF Maryland
prhe value, as well as the validity OF the
tphscribers' title, shah be ascertained
by commissioners, elected for that and
other purposes, before certificate OF
such payment shall be given to the sub
scriber and when paymes.ts shall bel
emadein real estate, the subscriber shall
make and tenderto the said commisslOn-j
srs deed Of CONVEYANCE of such estate
for the use of said bank. The deed with
Athe other payments, shall ne. delivered tol
xhe president and directors. who shalfi
have said deed recorded in the proper
Office. Provided, that such subscriber
NAV retain possession. and receive thel
nrofits the eof, the Sane as II it was not
subscribed, and be entitled 10 a recon
yeyance If said estate on payingiutU thcl
bank the amount for which it was con-
veyed.
Art. s. And for the we'll governing the
aesirs Of the company, there shall be tit
teen directors. and Eve commissioners,
elected. en- the day after the books are
CLOSED any three Of said commissioners
may form board to do business: And
an election shah be held fora like num-
her Of directors and commissioners on the
last Mendav in January m each year
thereafter, By the stockholders OF this IN
stitYtion, aud by plurality of votes &C !
taatly given in and these who shall be
duly chosen at any election, shall be ca
pable of serving as'directors, and COM
missioners by virtue ofsuch choice untili
the expiration of the last Monday in Ja-
quarry next ensuing the time OF such cleo
ton. and until others shall be chosen.
And the directors, at their first meeting
after each election, shall choose presi-
dent from among the stockholders. In
ease an election should not take place at
the time directed By these articles, it
shall be the duty of the president and d.
rectors for the time being, to order an
election as soon as circumstances will
permit.
Art. 4. A majority of all the directors
shall have power to make all bye
laws, determine the manner Of doing bu-
s,ness,' and the rules to be pursued; dis.
pose of the msney aad credit of the bank
IN such mal,ner as iaay appear necessa