Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1817-01-01
NEW BsNKs.

/ Thc bill, which has been introduced
lin the II. q ID. "to establish .uadry
back, within this Common wealth." will
pe called up this day. The following i,
a brief sketch Of its principal provi.
IONS,
BY the first Section, bank is to be
established at Morgaatown. comfy Of
Monongalia. There shall be appropriate
ed to the use Of the state 10 pei cent upon
the stock OF the bank tn. residue to be
disposed OF to the subscribers. Each
share to De paid in such coin o, money,
az the Commissioners shall decide UPON
l--1-10th at the time Of subscribing -
l-l0th within 60 DAYS thereafter; l-IOth
within 60 days thereafter; which time
the bark shall 60 into operation /; and
the remaining seven tenths in equal in.
sialments Of 60 days. in succession there.
latter. The shares Of the subscribers to
be charged with an equal proportion of
of the amount Of the sum to be retained
10y the State to lie paid to the bank ia so
seni-annual instalments the first 10 be
paid at the tin. Of the first semi-annual
dividend. and So on for every half years
dividend. so as to absorb the whole debt
due by the State in Is jears I Ifa stock.
holder shall at any time be delinquent for
the space of days in the payment
of any instalment due on his share, such
share together with any dividends due
thereon. shall be forIei; ed to tn. bank.
Books " subscription, to be opened on
the h'st day Of September next the
books to be Kept open until the same
5hall be completed.
The second Section declares that the
shares shall stand Tor the exclusive bcue.
| fit OF the persons. etc. in whose name
they were subscribed (; any private bar.
gain in any wise coutravening this pro-
vision. shall be VOID
The third section endows the subscri.
bers of the hahk with all the privileges Of
Il corporation-to have. purchase, receive.
etc lands. rents, tenements, hered,ta.
roents, goods, chat:les and effects, TO an
amount not exceeding three times the a.
mount OF their capital. etc. etc.
The ftnr'h Section provides that any
number OF shares not exceeding one hun.
ired, may be subscribed for 10 any one
day.
The fifth Session provides that there
shall be thirteen direc,ors, ten of whom
10 be elected by the stockholders, and the
residue in the mode hereinafter provided.
In case Of the death, etc of any drec
tor, his place to be filled by a majority
Of the Directors for the remainder OF the
year.
| The sixth Section provides, as soon ss
the whole number Of shares to be dispos.
ed Of shall have been subscribed, public
notice shall be given; in thirty DAYS
from such notice, directors shall be an,
pointed, who shall put the bank into o.
operation, etc.
Seventh SectioD-The Directors shall
appoint such officers. clerks, etc. as NAV
be necessary, allowing them reasonable
compensation.
9Th SEctisn-de6nes the fundamental
lFucles OF the constitution of the said cor.
|poratian.-We have not had time to
Compare them with those Of the Farmers
Bank Of Virginia, but they seem to us
10 be nearly the same, The 18th art.
provides that the Executive is to be fur
-'shed annually with statements of the
General situations of the bank and nay
|dePute any competent agent to iuspee,