Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-01-20
Articles of Association
osTHs
Real Estate Bank Of The United
States

Real Estate Bnak Of The Uaated'
States
MNE.;t known. and it is hereby de-
"a clared. that we the subscribers, as
soc;ating together, have formed COM
paoy of limited partnership, and do mu-
fuslE agree with each other and hereby
bind ousselyes, to conduct the business
Of said company in the town OF Alexan-
dfia. according TO the rules hereinafter
prescribed. under the name and style Of
he president al directors of the Re&
Estate Bank of TIE UDiteJ State !, and by
these on,ffapt,amental articles OF asseci-
iatioe, do hereby covenant aud agree with
each other, t,at we, aud all persons, who
may transact business with sad cempa-
nv shall be bound and concluded.
Art. /. The capital stock OF SAID CONE
|pany may consistSf one million OF dol
lars. with the privilege Of increasing IT.
whenever the president and directors
nav think proper, divided into shares o.
one hundred dollars each, to be paid IN
the following manner: that IS to say, i've
dollars in cash on each share at TIE tine
Of subscribing, and the balal ceywhen the
IRE sisient and directors may deem pro-
per. Provided that they Go not call for
any uaymeat In less than thirty days,
nor for nv than FIVE dollars on each
share, al any one time but any sub
scriber may pay the whole, or any part
subscribed, * shall be entitled to d.
vidend in proportion.
Art. Q. The books for receiving sub
scriptions for said stock shall De opened
inAlexandria, at theCity Hotel, on Mon
day the a9th Gay Of January lel6, under
the direction Of ten commissioners, to
wit: Samuel Harper, Bernard Bryan,
Matthias Snider, John swayne. William
Rhodes, Griffin Taylor, Benjamin Plum
mer. David Allen. Benjamin Fendall Z
David Wilson, any three of them acting
together, shall constitute a board to do
any business relative TO the articles Of
association which books shall be open.
ed at 9 o'clock, A. NJ. and shall be kept
onen until S o'clock, p. VI. on that day
Unless scorer flied. One half the pay
meuts Of said subscription may be paid
in specie. ne notes of the banks OF Vir.
ainia Ike District of Columbia, the stale
Of Marylaid. the stock Of eithe' OF those
banks, or stock of the United states
and the o..er half in real estate at tive
thirds its value situated in the District
o! Columbia, the Nortl,en Neck OF Vm
einia, or theW es:ern Shore Ct Mary land.
lite value. as well as the validity Of the
subscribers title, shall be asceItaiQed
By commissioners. elected for that and
other urqos9s, before certificate of
sucia payment shall be given to the sub
sctiber; and when payments shall bel
made in real estate, The subscriber shalII
make and tender TO the said commission
ers deed Of conveyance Of such estate
for the use Of said bank. The deed with
the other payments, shall be delivered to|
the president and directors. who shall
have SAID deed recorded in tie rrepar
loffice. Provided, that such subscriber
nav retain possession. and receive the
IproGts the eof. the sane as if it was not
subscribed. and be entitled to recon-
veyance Of said estate On paying into the
IbaGk the amount fer which it was con-
|yeyed.
Art. s. And for the we'll governing the
affairs OF the. compa ny, there shall be fif-
teen directors, and FIVE commissioners.
en- the day after the books are
closed /; any three Of said commissioners
nay form a board to do business: Ard
an election shall be held for "a like num-
nerof directors and commissioners on the
last Monday IN January IN each year
thereafter, BY the Stockholders of this in
stitution, and By a plurality of votes ac-
tually given in; and these who shall be
July chosen at any election, shall be ca
oabie of serving as directors, aud COM
|missioners BY virtue of such choice until
the expiration of the last Monday in ia
nuary next ensuing the time of such cleo
ZION. and until others shall be chosen
md the directors, at their first meeting
after each election, shall choose presi-
dent from among the stockholders. In
case an election should not take place at
the time directed by these articles. it
shall be the duty Of the president and di-
rectors for the time being, to order an
election as Soon as circumstances will
permit.