Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-01-24
Articles Of Association
OF THE
Zeal Estate Bunk Of The United
States.

TNE Il known. and il Is hereby de-
NJ clared, that We the subscribers, as
sceiating together, have forned cem-
,pany OF limited partnership. and do mu-
tualls agree with each other and hereby
hsna ourselves, to conduct the business
of said company 10 the town OF Alexarl-
ldria, according to the rules hereinafter
prescribed, under the name and style o.
ihe president and directors of the Keal
Estate Bank of the United State, and by
fhese our fundamental articles Oh asset
alton. ohereby covenant and agree with
each other, that we, and all persons Whe
NAV transact business with sad cempa-
ny shall be bound and concluded.
Art. 1. The capital stock OF said COM
pany may consist Of one million OF doll
Jars. with the privilege of increasing IT,
Sshenever The president and directors
may think proper, divided into shares OF
one hundred dollars each, to be paid IN
the fsllawing manner that IS to say, live
dollars in cash ~ each share. at the time
aof suhseribisg. and the balance, when the
president and directors may deem pre-
I,er. Provided that they do not call for
any paymeat 10 less than thirty days,
mar for more than FIVE dollars on each
share. at any one time; but any sub
-srriber mar pay the whole, or any part
subscribed, & shah be entitled to a dIT
.yidend in proportion.
Art. 2. The books for receiving sub
Scriptians for said stock shall be opened
iuAlexandria, at thetityioteil, on Mon
day the 29th day Of January 1916, under
the direction OF ten commissioners. to
wit: Samuel Harper, Bernard Bryan,
Matthias Saider, John Ssayne. William
Rhodes, Griffin raglor, benjamin Plum
nler, 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
ed at 9 o'ciock, a. III. and Shall be kept
open unit! 5 o'clock, p. NJ. on that day,
lunless sooner flied. One half the pay
ments of san subscription may be PAID
in. snecie. the notes Of the banks OF Viz
GINA, the District of Columbia, the state
Of MARYLAND. the stock of eithe' of those
banks, or. stock of the United States /;
and the osher half in real estate at two
thirds its value; situated in the District
of Columbia, Tie Nortdan Neck OF VIZ
gina, or the Western Shore OF Maryland,
The value. as well az the validity OF the
subscribers title, shall be ascertained
hy commissioners, elected fer that and
other purposes, before certificate OF
such payment shal! be given to the sub
scliher and when payments shall be
made in real estate, The subscriber shall
make aud tender to the said commission
ers aleed Of conyeyauce of such estate
fSr the Csc Of said bank. The deed with
the other payments, shall be delivered to
the president and directors, who shall
have said deed recorded in the proper
Office. Provided, that such subscriber
NAV retain possession, aud receive the
profits the eef, the same as If it was not
subscribed. aad be entitled to a recon
reyance Of aid estate on paying into the
bank the amount for which it was con-
yeyed.
Art. S. And for the well governing The
asairs of the conlesav, there shall be fif-
teen directors, and five commissioners.
elected. sn the day after the books are
clased: any three of said commissioners
NAV form a board to do F.asiness And
an eIeetien shall be held Tor like mum
bereg directors and commissioners on the
last Monday in January m each year
thereafter. By the stockholders Of this in-
stir,tioa. and BY luraity sfvates &C
ma!lvgiyen in and these who shall be
,Iah chosen at any election, shall be ca
pabIe af ser.ing as directors, and com
missioaers by virtue of such choice until
fhe. exp;gatian of the last Monday in Ia
mary next ensuing the time of such cleo
+;on. and until others shall be chosen
And the directors, at their FIRST meeting
after each election, shall choose a presi-
dent from amous>the stockholders. Ia
case an election sliauId not take PLACE at
the time directed by these articles, it
shallbe the duty Of the president and d.
rectnrs 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
Jaws, determine the manner of doing bu-
sjness. and the rules to-be pursued; dis
pose of the money and credit of the bank
n ss1h manner as may appear necessa'