Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-01-25
Articles of Association
Of THE
Real Estate Bank Of Tie United
States.


WET known, and il is hereby de-
I'D clared, that we the subscribers, as
sOciatiag together, have formed com.
pany aElimited partnership. and do mu-
Sually agree with each ether and hereby
bind ourselves, to conduct the business
Of said company in the town OF Alexan-
tlria. according to the rules hereinafter
prescribed, under the name and style OF
the president anil directors OF the Reai
Estate Bank Of the United States, and by
these our fundamental articles OF asset
alton, dohereby covenant aud agree with
each other. that we. and all persons, who
may transact business with said compa-
nv shall be bound aud concluded.
Art. 1. The capital stock Of said chm
rany may consist If one million OF dol
la,'s, with the privilege OF increasing 1t.
whenever the president and directors
NAV think proper, divided into shares OF
one hundred dollars each, 10 BE Raid in
The following manner that is to say, i've
dollars m cash on each share at the time
ofsubssribing, and the balance. when the
president and directors may deem pro-
per. Provided that they 30 not call for
any payment Ia less than thirty days,
nor, for more than FIVE dollars on each
share, at any one time but any sub
scriber may pay the whole, or any part
subscribed, & shall be entitled to a di-
yidend IN proportion.
AIT. 9. The books for receiving sub
scriptions for said stock shall be opened
inAlexandria. at tbeCity Hotel, on Mon
day the s9th day Of January 1916, under
the direction of ten commissioners, to
wit: Samuel Harper, Bernard Bryan,
Matthias Snider, John Swayne, William
Rhodes, Griffin Taylor. Benjamin Plum
nser. David Allen, Benjamin Fendall q
David Wilson, any three Of them acting
together, shall constitute board to do
any business relative TO the articles of
association !; which books shall be open
Ell at 9 o'cIeck. A. NJ. and shall be kept
open until 5 O'Clock, P. NJ. on that day j
unless sooaer filed. One half the pay
meats of said subscription may be paid
in specie. the notes Of the banks OF Viz
Cinia the District Of Columbia, the state
OF MARYLAND, the stock of eitle, OF those
banks, q stock Of the United States 3
and the other half in real estate at twoI
thirds its value situated IN the District
OF Coiumbia, the Northen Neck OF Vir-
GINA. or thaWesternShore OF Maryland. |
The value, as well as the validity OF theI
subsc ibers' title, shall be ascertained
by commissioners, elected for that and
other purposes, before certificate OIL
such paypent shall be given to the sub
scriber; and when payments shall bel
made in real estate, the subscriber shall
make and tender to the said commission
ers deed of conveyance of such estate
far the use Of said bank. The deed with
tie other payments, shall be deliveredtoE
fhe PRESIDENT and directors, who shall
Nave said deed recorded in the proper
Office. Provided, that such subscrlberl
NAV retain possession, and receive theI
profits the eof, the same as fit was not|
subscribed. . nd be entitled to a recon
veyauce Of said estate on paying into the
bank the amount for which It was SEN
aeyed.
Art. s. And for the well governing the|
affairs VI the 'c0nlpanv. there shall be nj
teen directors. and five commissioners,
elected. Ell the day after the books areI
closed; any three Of said commissioners
mas form board to do business: AndI
an election shall be held tor a like num-
beroe directorsand commissioners on the |
last Monday In January IN each yearI
Hereafter, by the stockholders Of this il. |
stitation, AID by luralitg ofyotes &C
tua!iy given 10 and these who shall b.
duly chnsen at any election, shall be ca
pabie OF serving as directors. aud com:
Jnissioners by virtue of such choice until
the expiration Of the last Monday IN ia
nuary next ensuing the time of such'elec-
ton, and until others shall be chosen
And the directors, at their first mcetingl
alter each election, shall choose a presl-I
dent from among the stockholders. inI
case an election should not take place att
Che time directed 6y these articles, al
shall be tAe duty of the president and di-
rectors for the time being, TO order an
election as soon as circumstances will
permit.
Art. 4. A majority of al the director
shall have power to make all bye
DAVIS. determine the manner of doing ba !.
ainees. and the rules TO be pursued /; dis