Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-01-23
Articles of Association
os THE
Real Estate Bank Of The United
States.

u IL knoWnS @tU ~ ~ "e'SSy
- clared. that we the subscribers, as
s0ciatine together, have formed com
many oflimited partnership, and do mu-
MALL agree with each other and hereby
Mid ourselves, to conduct the business
of said company in the town OF AIeSan-
Siria. according to the rules hereinafter
prescribetl, under the name and style OF
he president and directors OF the Real
Estate Bank Of the United States. and by
these our fundamental articles of assocl-
alton. doherebv covenant and agree with
each other. that we. and all persons, who
NAV transact business with said cemPa-
ny shall be bound and concluded.
Art. 1. The capital stock 1t said com
rany NAV consist Of one million Of dol
lars, with the privilege Of Increasing 1T
whenever the president and directors
NAV think proper, divided into shares OF
one hundred doIlars each. to be paid IN
the fallswing manner: that is to say, i've
dollars in cash on each share at the time
Of subscribing, and the balance, when the
president and directors may deem pro-
per. Provided that they do not call for
any payment in less than thirty daEs'
nor for more than FIVE dollars on each
share. at any one tiine but any sub
scriber may pay the whole. or any part
subscribed, & shall be entitled to d.
sidend in proportion.
Art. 9. The books for receiving sub
seriptions for said stock shall be opened
inAIexandria. at theCityHoteIl, on Mon
day the 2sth 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
,mer, David Allen. Benjamin Fendall =
David Wilson, anv 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'clock. A. NJ. aud shall be kept
omen until 5 o'clock, P. NJ. on that day,
unless sooner filed. One half the pay
ments Of said subscription may be paid
IN specie. the notes of the banks of Vir-
GINA the District of Columbia, the state
Of MARYLAND, the stock at either OF those
banks, or stock of the United States;
and the other half in real estate at tive
thirds ifs value situated Ia the District
of COlunbia, the Northen Neck OF Nlr-
GINA, or the Western Shore OF Maryland.
The value, as well as the validity OF the
subscribers title, shall be ascertained
BY commissioners, elected for that anu
otter purposes, before a certificate OF
such payment shall be given to the SUD
scriber; and when payments shall be
made in real estate. The subscriber shall
make and tender to the said commission
ers deed of conveyance OF such estate
for the use of said bank. The deed with
che other payments. shall be delivered 81
the president and directors. who shall
have said deed recorded in the proper
Office. Provided, that such subscriber
nav retain possession, and receive the
profits thereof. the same as II it was not
subscribed. and be entitled to a recon-
yeyance of said estate on paving into the
bank the amount for which it was con-
veyed.
Art. s. And for the we'll governing the
affairs Of the comps nv. there shall be tlt-
teen directors. and FIVE commissioners,
elected. on the dav after the books are
closed; any three of said commissioners
NAV form board to do business And
an election shall be held fora like num-
Der of directors and commissioners on the
last Monday in January IN each year
BY the stockholders of this in
stitution, aud by a plu sity Of votes ac-I
tually given in and those who shall be
dnly chosen at any election, shall be ca
pabie Of serving as directors, and COM
hi >sianers by virtue Of such choice until
the expiration of the last Monday IN ia
l.aa'y next ensuing the time of such eiec-I
ton. and until others shall be chosen
And the directors, at their first meetlngI
sitter each election, shall choose Presl-
II from among the stockholders. I'M
sse an election should not take place at
e time directed by these articles nj
Ss.alI be the duty Of the president and dill
tectsrs for the time being, to order an
e.ection as sosn as circumstances will
permit.
Art. A. A majority of all the directors
shall have power to make all Bye
laws, determine the manner of doing bu
slaess, and the rules to be pursued; dis
sese of the msuey aad credF Of the bank
sas such manner as aay appear necessa
aad best calculated to promote the