Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-01-27
Articles Of Association
or THE
Real Estate Bunk Of tlte United
States.

TaE II Known, and i Is hereby de
d clareds that we the Subscribers, as
) soSisting together, have formed . cora
paay Of limited partnership, and do mu
tuaIh agree with each other and HEREBY
b;nd ourselves, TO conduct the business
Of SAID company in the town OF Alexan
afla. according 10 the rules hereioafteJ
prescribed, nnder the name and style o.
the creSiaent and directors OF the Rea
Estate Bank Of the United states, and By
these eur fundalaehtal articles OF assocl
atom. do hereby covenant aud agree witt
each other, that we, and all persons, wb'
Nay transact business with sasd ceEPa
nv shsg be bound and concluded.
Art. / TIE capital stock OF said com
wnnv nav consist nc one million OF dol
lars, with the privilege Of increasing 1t
whenever the president and director,
may think proper, divided into shares q
one hundred dollars each. tn Be PAD IN
che following maADer that is to say, hys
dollars in cash GU each share at the time
nf subscribing, and the balance, when the
president and directors may deem pro
per. Provided that they do not call foI
any payment In 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
sabscribed, & shall be entitled to Oh
yIasnd in proportion.
Aft.2. The books tor receiving sub
scriptions for said stock SHALL ne opened
inAiexandria, at the Sity Hotell, on Mon
day the 2sth dag Of January 1910, under
Che direction OF ten commissioners, to
witt Samuel Harper, Bernard Bryan,
Matthias Snider, John Swayne, William
Rhodes, Griffin Tayler, Benjamin Plain
faer, 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
ca at 9 O'Clock, A. M. and shall be kept
open until S o'clock, r. ~. on that day,
unless sooner filed. One half the pay
nents oe said subscription may be paid
In specie, the notes of the banks Of tir-
einia. the District OF Columbia, the state
cf MARYLAND, the stock OF eitaeFof those
banks, or stock Of the United States;
and the other half In real estate at two
thirds It's value situated in the District
of Columbia, the Northsn Neck of Vir-
GINA, or the Western Shore oil Maryland.
The value, as we'll as the validity OF the
subscribers title, shall be ascertained
by commissioners, elected for that and
other purposes, before certificate OF
such payment shall be given to the snb-
scribsr; and when payments shall be
made in real estate, she 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
the ether payments, shall be delivered to
tI1e president aud directors, who shall
have said deed recorded in the proper
aFIice. Provided, that such subscriber
may retain possession, and receive the
profits thecesf, the same as IL 1t WAS not
subscribed, and be entitled to a recon
seyance or said estate on paying into the
bank the amount fer which it was con-
seyed.
Art. 5. And for the well governing the
affairs Of the company, there shall be tif-s
teen directors, and five commissioners,
elected. on the day after the books are
closed any three of said commissioners
NAV form board to do business: And
40 election shall be held fora like num-
per o. directors and commissioners on the
last Monday in January IN each year
thereafter, BY the stockholders of this IN
ssitatien, aud by a slurahty of votes ac-
'tually 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 oEsuch chnice until
the expiration of the last Monday in Ja-
mary next ensuing the time of such cleo
tiOn, and until others shall be chosen
Aud the directors, at their first meeting
alter each elRetion, shall choose presi-
dent from Among the stockholders. In
case an election should not take place at
the time directed by these articles, it
shah be tae duty Of the president and di-
xecters for the time being, to order an
election as soon as circumstances viii
permit.
Art. {. A majority Of all the directors
shall have power to make oil bye
laws, determins the manner OF doing bu-
siness. and the rules to be pursued ,lis-
pose Of the nancy and credit of the bank
in sssea manner as may appear neeessa
ssy aud heSt calculated ~, nrnrnDta tbs