The Alexandria herald. [volume] (Alexandria [Va.]) 1811-1826, 1817-03-10
By AUTHORITY.
AN ACT

49, POidlc lne SutSSiiOSio " SSi~
tain Banks in the District of Column.
bia, and 10 preveIt the circulation Of
the notes of unincorporated associa.
tons within the said District.
BE IL enacted by The Senate and House
OF Representatives Of the Unhed States
Of f'nerica in Congress cssem6ie6s I hat
from and alter the passage Of this act.
all those persons who shall hold any
share OF the joint stock, or funds crc>
| ated in pursuance of certain articles OF
| association, made and entered into on
| the first Monday in February, in the
year eighteen hundred and fourteen,
between suRdry persons forming com
pany OF limited partnerships under the
| name and s'Tlc Of the President and
Directors o. the Farmers and Mocha
MICS Raa'I of Geoygctown, and their
successors, being stockholders as "a
! foresa!d, shall be, and they are hereby
incorporated and made body corporate
and polite by the name and style OF tHl
Farmers and Mechanics Bank Ci
| GeorgetoWn;" and as such shall conti
! nuc until the first day cf january, on
| thousand light hundred and twenty two,
AMI " that name may SUE and be sued
mpjeed apd be implicated answer an,!
be answered, defend and be defended
in courts Oh record, and any otac
place whatsoever apd by tina, name
may have and hpld, purchase, receive,
posse 81 enjoy, and retain, iauds, rents,
senements, Entertainments goods, cha
tells, and effects OF what nature, kind,
or qua!it" soever; ana the same may
| sell, grant, demise, alien, and dispose
OF, and by that name shall have, duriHg
the continuance OF ais act, succession,
and IA y make, have and use common
seal, %nd the same may break, alter,
and renew al pleasure and shall have
power TO ordaip, establish, and put in
execution, such bylaws, ordinances.
| and regulations as shal! seem necessa
~ and convenient Tor the government
1t SAID corporation. not being contrary
o Law, Tor the constitution thereof /;
and generally TO do and 10 execute all
acts necessary or proper for the objects
OF said incorporation subject to the
rules, regulations, restrictions, limita-
uonss ana provisions herein describe Z
and declared
Sec. IND Be IL further enacted
chat he capital stock Of the said bank
s all consist Il Eve hundred Thousand
dollars, money oil tbe United States, Z
De divided into shares of twenty five
iullars each
Sec 9. ind De i: further enacted
hat he said bank saall transact its
business j. Georgetown.
Sec. 4. Ind be IL further enacted,
hat he sfrairs of The SAID bank shaE
re conducted by twelve directors and
a president, whose place, if chosen frcm
among their number, shall be supplied
~ THAT body Six of the directors,
with the president, shall form board
o. qsoFUm, for transacting all The bust
cess CT the company; but the ordinary
discounts may be done by the president
and three directors. In case of his
sickness, or necessary absence, his place
may be supplied by any director whom
he, Big writing under lis hand, may
nominate for that purpose; or, in case
Of lis not making such nomination, ii e
board may appoint a president to act
during his absence Tic president
and directors who may be in Office un
der the said articles of association, at
70 time OF the passage Of this act, shall
continue in office under and by virtue
of this act ofIncorpora.ion, until others
shall be do;y CHOSEN in their stead. No
person sbal DC director, or pres 4 ut,
who is not citizen of the United
States and stockholdeF and direct
or ceasing to be slockholdet, shall
cease TO be a director and no person,
a director of another bank, shall be a
director oil this bank. Every stockbold-
er being citizen Of the Uui;cd States,
shall be entitled TO vote by himself, his
agent, or proxy appointed under his
hand and seal, I all elections in virtue
Of this act; and shall have as many
votes as nc shall have shares, as far
as thirty shares and from thirty 10
sixty one vote for every two shares /;
add one vote for every Eve shares
thereafter. No person who is cot CT
t'zen of the United States, stall be
entitled to vote in any election of this
corporation Provided, nepeytheiess,
Fhal this section may, al any time
hereafter, be altered or amended BY
congress; in such manner as tbey may
see at, 50 as to provide for an annual
Rotation OF directors
Sec. 5 ind DC IL further enacted,
l. I 1. 4.