s. i f
' I . J
, ; - -A.'.- v .'- - i , -.1, - , .v.. 't; - , . f ft
., vi 2 I '
u .
r-'
.
V)L. I SO I
Salisbury, Mojrvjr, fbbbujt io, iss4.
WIIOLK NO. 477. VOL. VIII.
i .-i i: '. -'i111 i, .,vis fr'i i. ;
:3W
. , ,.v. . , " ' ' ...
V
'PJiOSPECTUSr
. -:
i 0-rl, ,A. r.,J "j erPr,lK,n and" for
erf inltiuUi for tht antuai ear ttl " - whereof, general meet ruga of the atoek
. V- IWdera tnf be called in the manner
. Tt imirul will enaiila ttia tiet.t Tore'in ! hereinnfle aneeifiedi. and cenerall. to
aM Ira"" Irneilia;eiK;c , p. mh.ir.ci o ifce ;
j. cr a f
i,.dimenw. BuSSche, Eswvt, kc nut it )
Wilt not ci-ioly confined to thete.
ii emor.Mi wnm ur...., ...n....,,
nJ the. Mechanic Art, Kducalmu, Uo
liiin am. Kttuciimu, wm
ftid whtver may lead to, iarici r rM"
1: variuut claise or interetta into liich
the community i divided t in ah'ori it will be,
far a ita limited ona wiifailmit, " ap
4rbuy lifr." .
a- ' u. nrlt;.i rh.nrtrr will remain the tame
liwi.riW. I will.wpport, the Jtighti of
ii.. n.i. . hnttt will aive a a lea atrenu-
and unvicli.nic fUBnort te the Hifu of
he GKaalGTaaT ', '
Toprnmoie JhUtkoI tmprovemml, win b
of t'. darlhur. Jeta of the 3ol.
.ftNtJusn'ot'ilir people ar Rreaily iiiienra-
"Vrf in the niraaum-: lor tnn, nonur p..j
. aitectabiliiy are at aurr f b)lo Inlt rnallm
1 jiMv.-ment, . effe -ta follow auara '
. Manxifaditra alw no leat Importaot
L tat'ie p-.oplr af thia arid every .other State,
' . h m liilemal Improvem-M i afl, untl-r a fuH
k u. eniotiol of the oropriiiy unl juatnraa
L : -tapriiioiplea, the Jooriial will r.iea auch
' rflir.M atahall be deeai"!, .nroler circafnttan.
. ' K r,.nrr''tll hetia rn'iinf. HnIi- at the
1ioVetioa of the eiWof; "uiifil alf VrWir
are paid. - ' , - ,
Adrrtlemet. wilVh'inMrH at the nmial
- vatea , hereon airwHina i. adwrf imwt,
. i are rqetfd U note'oa thf tnatwin hr woiii-
Per ' maerriona, nr ""7
tintil forbid, and chawi icyrj',"l!1y
sjiusbvrt, Tt:aRstu:risJt. 6.
u Neaciuy BJKK of thf.
(mrn o Ato&tvw, E MAULS
-- BJKK imthitow 'af Edtn,mr
Be itihftrfpre t-a-htu t kti the O n
aitF
Carolln't end tt. . V eiqetca ny
th ntttkoritv eF the same, Trial a
U. lV'al.all be eatablwhed in llie town of
'Ntwbern, the capiUl stock of which
alull pot rieeed two hundred nd fifty
thouaand doilars.,JjviiJed into shares oJ
.one hundred doilaraachrn4ihVhook
hal! be opned jti the said twnaon the
second Mottds in Februarj, in the
ver. of our Loi j one thousand eight
y hundred and Ihiitv four, and remaiivo.
. pee fojr ,he apaee of ninety , days, under
the supermtenriince 01 jojin vutniin-
Hon. sen. . A Jie, Jo.t-,R. D B-li,
.tolm aiiiesd. S,.inii! Si'ntiti, Jo'"- W.
irjao, Behnt F .li.iiri-: J .reea C Sie
enao aud .M t ! t lie Out 11 or a iba
fdrity f ihrm, fur the purpose of reeeir
' aHna'aubacriAiiOf a to lhiir mnk.
LI.,: Be it 'furlhtr enacted,. That
'. enS fourth of eacn aiis-e 'Bj.all.ar Pw
io gold or ailvef 6i, 'foreign ordonuee
'.ic,; to theieomuiieaioiiere ubote pa,ojaed,
' ef lhe time of abacriljing,! ihat another
-fourth. ahall be paid: jn I g-ild or silver
tfbio, ialfie dtrerior hereifiafter deaeri-bed,-
witnin ainty" dya alter the Bank
- - ahalt -hae-eoinmener liuni.e; -
she remainder at.arr .br r.id as afore-
within six ni niti after the, com
,4M"cemerit of its op; r uous; aitd if aiiy
V aaaahiu ikr at.ali fad io iiav! the last in-
ahe lnk. and be -ald.jrtiajfeojisfiu.
I'Miirrhat no fiv" C. d ahall be de.
4.rarc4 unlil the whnie. aatnunt of alock
. 'ubicribed ahall be rniavd in gJhl, ai
-wr ar thr . eouivale'ilj. " '
- ' " . Ill .Befl urtner enaciea. .mn
whan one thousand si. area are anbacri
bed.and the sum of twenty fiife thousand
4ollra l acliially paid to t!t Nc-mmis--
eiooere, the tubaeribers to-the satd Batik
? . their aoeceaaora and. amtns, ahall,; be,
i .'nd are herebrmred and made' a cor
poration end body politic, in law and
"Sin faet,' hfJti) name and style f the
apreaideet and aiireciora of I be Mer
ebsnts' pk t Nswh-rn," and ahall
.ed eontinuft uptrl, fe firt day of Janua
' r cf thousand eight hundred and
' v fifty ine,flS59, and by Vie nam and
; .Vatyhi aforesaid, they aj'a'l be and are
.' it bereby made able and capable in lavto
- a . L -. . m-. .tfiaptaa.L: amov
. ve. oorchaaet receive, poaeas, enjoy
nd reuinitto themaeives,andauceae
. ' il'i- . V,.r.,lil.
i i - winta. Vandal C battel! and effrcta, Ind
th. .,aoaeHaaiiK dmiw;Vieo
m - r. .. I mw,t, mniMa
w-r, . .
aliipnse i id awn an yw r
wrered, jdefcnJ tnd be defendded. n
ewt f rordf . tr otbr dIm
whatMicWrr wid litis-9 mke; . fir
a1 tiMt nmaiM tel. and . tht Mine
Keu(ion tuCTi bye Jv. oramancea
I and regulation, as thill aeem oeeesaar
vnd- eonrnienl for the covprnmenl f
ja exoeute all aeta, mallera and
fhiP, Whitr t eofiratioi.
politic in Uw may ; or ceo lawfully lo
I, I I
ar recul, subject to the rolea, refjuJa-
imna. reilrictiona and oroviaiont. Iiere-
,.
aflr preiif IlieO and declarer'.
IV. Be it further enacted That at
aoon aa one thousand aharea ahall be tav
ken in the atock of laid Bank, and the
required instalment paid to ther eommie
won era trlio keep th e booki, nol ice
thereof ahall be given io the gazelle
published at Newbero, end meelirg
of the sub5eribra, to be bald ten day
at least after the date of the notice, ahall
he called. If at this meeting those, or
their agents who have a majority of.
fOtear according; in' the rule . nereaftef
described, be present (if not another
meeln'n most be culled,) ,ttey shll pro
ceed to the election of aeveu director
who shall take charge of lh books' end
era ann immeaiateiy persue ine usuai
rml proper mqatit to put the BaiiV Tn op
eiation. ' That aaid director ahall. re-
1 ma in In office, until the first Monday
j m December one. thousand eight hun
I died and thirty four, (1834,) or until
their auereseore ahall be appointed; and
ou the first Monday in December in
each year, or at any time thereafter,
meetioga of the' aforlholdept shall be
held in the town of Newhfn for the
purpose of electing directors irquiring
tio ine aoaira at me instnuuon, ai
inak.ng . suth regttlaltona as , may
tw
defined (it and neet-eaary.
Be U further enacted. That the
and pri
n
ions ahall form and be the fuodamotal
articks dfiKe "constitution "of the laid
corporation:- A mretiog of stockhul lers
cannot oe held, unless those who lave
a majority of votes be present, and lev
cry act requires the sanction of a mJor-
ity of the vntca which may oe prrnt;
every atockholder holding etie altire,
and oot more than two, ahal ie h ti
tled to dne'votei for every (wo slares
above two and,- not excedmcten,
one irote; for every three ehtree loove
ten, and . not , exceeding' one! hundred,
one oic t and for every four eWes
bdve one hnndied one vde. ( After
the first meeting, no ehaai or 'shares
shall confer e riitht of eotic. Stock-
holdera. actually , resident in the State,
snd none others, may vMelatrleiiena
and general meeting byj proxy, the
proxy himself being a etotjhoiiier. .
None but Stockholm, who la a
citizen of the . State, ' an who holds
twenty ive shares ot tna" atoca, in ins
awn riarhl. shall be eligile aa di'ree-
lorftod the directors , wpn- appotnieu
shall choose one of their mber (which
shall alwaya be aevan) be pteidet
of aaid Bank; and ahall lanage the j
atitatron aa ahall eem bt le them, un
Imb otherwiae directed by . the. stork
holders, but eoanpe'naai
til the. prest-
deiipetorafcil
bu erantedai
the pleasure oi -tne-
.lioWeeei Not"
leas than fivedireetori
of whom 'the
one, shall eon-
president ahnll alwaya
atitule a board for the
aineas, in case of abae
naaction of bu-
orlaicknessof
ilie president, when h
;.ay py writin.
nominate any . other d ecior io auypiy
his place. ,s .' '
A iiumhur of atoel loldera, not leas
than tn, who togetbe ahall ke the own.
er nf one hundred ihareai and op
wards, ahall have priw rto cjll a gener
al, meeting of the ttoeholds, for ptir-
... . j i i
nnaaa relative to tbe iiatltuUun, giving
at least twenty daya-abrtceb poblie
gazette, and apeMfyii.Jias oiject or
obiecie oreucn meetiag. i
The ttireetora ansm
oaahier and auch other oilers aa may
" r - r ' - at a
Mae-aaarw to nerform tin busmeea
of the flanks .These ffira lhall be
r.ird in a-iAe bonda n . two or
mora eeeoriUas. 10 sums nl lesa than
ten thousand dollars, witl eopditioti
for good beheeiorJnd fahtiLih
or ,Th eashaer . fc! Mete e
i: - .auul r thm
- , -c-,- - a , ..u
' iwmi la mbiiiv iwaimviH&r
present, the day and dite cf tteh mccU
ing, and ahall record Uiefyet and nays
on any question, wnea aaaes 'ia oj a
director. This book shall be evidence
in eourta of justice; and onenlering on
the discharge of hia du iet the icashier
ahall take the following; oath or affirma
tion before eome juatica oMhe peace, by
who it ahall be returned lo the office
of the clerk' of the County Court, vis.
"I A, B, do aolemnly aear (or af-
firm.aa the ease may he) to beep a just
and true record, wilhoet alterationa or
eras ore, of the traneaeiione of the board
nd bodytif direct ora of the MerMiente Bank
a, - , .f a t , .
oi mewnern, in I bum io oe avepi oy
Biefortbat purpose. -
N director shall be directly or indi
rectly concerned in any loan or leaua.
lo be made of the Bank, Id a greater a
mout then Ihe value of hie stock; and
in all easea, in addition to the usual per
sonal security, the etork of directors
all a II be considered aa a phtdpe for. the
convenient transaction of ita buaipcea,
or shall have been bona fide mortcsged
t'o it by way 'of aecurity, er e.oveyrd
to it i" aatiafaction of debts previously
contracted in the Course- of it dealing,
or-purchased al aalet uport jiidp;emenia
wliich--shall have been .obtained for
auch debta. ' j
The aaid enrperation ahall neither ;
directly nor indirectly- trsde in any
thing except billa of exchange, promiso-
ry WJtea.fcWkenjawing-etHlace
ef them to he negotieble at aaid Bank,
gold Or silver bnHiort o- in rt n 'eIe or
goods really and truly pledged'' (or mo
ney lent and not redeemed !h due time
W of goods the produce 'ofiie lands.
mint 'certificate, the public, debt ol
the United Slates, atock of the present
Bank of the United Slates, or such oth
er Bank as nay .be hereafter (rataliehed
by a law of the United Sistes, provi
ded Ihe investment in aueh atock ahall
not exceed one half of the capital nock
oflhis Bank. , Neither ahall the aaid
1 iay.Mliaa take mor. than the rate
aix per eer.lum per annum for or upon
ila loans and diacountsi which Inlereat
tflw taken Tn advance erth time of
diacount The total a.nount of debta
which the aaid corporation ahall at any
time owe, ahall not exceed twice the a
moontof the atock actually paid io, o
ver and above the aum then actually
depoaited in the Bank for aafe keeping.
If thia or any other enactment herein
contained be violated, the directors aa
aenting to auch violation ahall be deem
ed to have committed fflony, and ahall
be fined and imprisoned at th discre
tion of the court. '' "
If a director ahall cesscjto 6wA the re
quisite number ol shares, or shall die,
or resign, the remaining directora ahall
elect another in his stead, until the suc
ceeding meet inc of the stockholders.
The Stock of said corporation ahall
he assignable and transferable, accord,
ine to the rulea which ahall be ihstitu
ted In that behalf by the laws and o.v
dinahcea of the same.
ITic officer at Ihe head ofihe treasury
department of the State ahall be furnish
ed, bnee in aix months with astsetment
of the amount of. capital atock of said
corporation, and of the debt! due to the
tame of the inoneya deposited (herein,
of the notes in circulation, and of the
cash In hand; and ahcll have a right to
fnsfiect auch general accounta In tbo
books of Jhe3ank aa shall relate to the
aaid alaieoieot; Provide, that thia
ahail not terarornttriretf lr.t rTfht 6fin
soeetinc the accounts of any private in
dividual with the iiank exceptor the
directora. '
The billa ohliratorv and of credit, un
der the teal of aaid corpo-allon, which
ahall be made to aey pereon or peraona.
shall be , assignable by .endorsements
thereon, oeder the band orhads of auch
lerson Or pcraona, and of-bia, her or
beir stsi(ac.or aaaigaees, pad a aa ab
solutely to transfer aed veat I be proper
iv ihrrcef in each and arerf assignee or
aasieneca aucceasivelyi' and to eaable
auch assignee or asafenaca lo bring and
i maintain an auction ibj-rVopoe iaj his, her
or ihcir own name or naftiCeV" And bill
or eo.es, which' mar be iaaued by order
of aaid corporation, signed by tbe presi
dent and eoeoiersiRned by ihe Casbirr.
nramiatar tbe payment of moary lo a-
ny person or persons, hie, barer their
Order, or to bearer, , though not nnder
the aeal of aaid corporation, aball be
bindieeaod obliealory oa the. same, ia
Ihe like manner and with the like force
privaw parson
or nersoua..mai t io aar inose wmtn
ahall be payable lo eey person er per-
sout, bit, bcr Qt tteir order, abaU Deaa-
aignable by eedorseaaeot ieike rBVct aa
foreign billa of rxehsnge now areland
iboae which are peahj le bearer, aball
be negotiable and assignable by delivary
only.
, , VI Bt H furlhtr turn: ltd. That nn note
shall be tamed by the aaid liana eoder
Ihe denomination of three dollar. ' Anil
if the directora or cashier ahall' not pay
specie, foreign ar domestic, on demand,
for their nolea. the aaid corporation may
be seed, ad in addition , io riUereat at
the rale allowed by law, competed from
be lime of refusal, tee bolder ahall be
entitled lo aix per cent, at damages, on
the whole amount, and the jury,, ia case
of suit, shall give a verdict for the same.
And the holder of the. noiea of tbe aaid
Dank, if aoi paid on demand, may bring
an action of assumpsit against one or Ml
of tbe directors, who may have consent.
rd to issue more than twice the capital
atock paid In. provided that Ihe Bok or
not able lo pay the amount.
VII. Beit further emeUd, Thai ihe di
rectora shall b allowed to keep npesnh I
subscription hook until tbr whole alock
ahall he taken, y
' VIII. Be it further enacted That
f any director or officer of aaid Bank
steal, purloin.' embt ttle, nr in any way
art fraudulently with the funda of said
Bank, it ahall be punished by one er
more whippings, not exceeding thirty
lasses on l.ia nr theirbirc hacks.
IX. Beit further enacted. That if
any person's!. all IVUt-lv make, fvrge or
wBmmteii'e&tm&- to be
falsely made, forged or eounterleited,
or willingly aid or asaiat m a !-. ma
king, fotging or' counterfeiting any bill
or note, in imitation of, or purporting
to be a bill pr note, issued bv ori-r ol
the president and directora of the Mer
chant' Bank ofNewbern, or any order
or check on aai Bank or corporation,
or any cashier thereof ; or ahall fjltely
alter,, or eauae or procure to be fa'aely
altered, or willingly aid or asaist in
falsely altering any bill nr note, issued
by order of the aaid corporation, or any
order or cheeV - --s. or any
cashier tnercof ; or shall pass or reowi,
with iutent to uaaa, utter publish, as
rrnet any- faler fM ged or counterfeited
bill or note purporting to b a Dill or
hole iasued by order of the aaid corpora
tion. or aov false, forged or counterfeit
order oreheckupon thesaid Dank, or any
cashier thereof, knowing the same to be
fslsely forged nr counterfeited ; or aball
psss or receive with inteot to paea, or
attempt to pass, utter or publish, aa
true, any falsely altered bill or note is
sued bv order ol aaid lianK, or any
falwlv altered order or eheek on ssid
Bank, or anv cashier thereof, koowihc
tbe same to or any other body politic,
or person or persons, every auch person
ahall be deemed and adjudged guilty of
felonyrand being thereof eoovicled by
due course of law, ahall be impt iaoned
not exceeding ten years, and fined not
exreeilirie nve thousand dollars.
X. JlnJ be it further enacted, Ihet
Blk ahull be ealahliahed in the town
of Benton, the capital atock of which
shall not exceed two hundred thousand
dollars, divided into ahares of one hun
dred dbllara each f lliat books ahall be
opened in Ihe aaid town on the aecood
Monday of I1 ehroaiy, in the year of our
Lord one thousand eight hundred and
thirty four, (1834 and remain open for
the space of ninety nays, tinder the su
perintendence of T. J. Charlton. James
iaoT,Jar-Nr HoktfiiraTfwer t for
ner, Ja. Coifield, James C. John. J'T,rf "l!"bjWlJ
n1TioWXinii'' "MerTJWer fh Ural meeting,- no
OorhaoT,
Skinner,
son arid John Lox, or majority
i hem, for tbe purpose of receiving sub-
aerintiona to the said Hank
XK Be it further enacted. That
one fourth of each share ahall he paid in
gold or ailver com, either domestic or
foreign, to the commissioner above
oamed. at the time of subscribing , thai
another fourth ahall be paid In gold or
silver coin, either foreign er, de
mesne to the directors, chosen
in the manner hereinafter descri
bed, within sixty daya after ihe Bank
ahall have commenced business ; and
the remainder shall be paid aa aforesaid
within aix mob l ha after the commence
ment of ita operMiens ; and if any sub
scriber ahall fail to par the last Instal
meet, hit atock ahall be forfeited to the
Bank, and may be aold for ita benefit:
Provided, that no dividends ahaU be
declared until the whole amount of
atock aubseribed ahall be raaliaed in
eold. ailver or their eouivslent,
XII. Be U further cnacedf, That
when aeven hundred and1 fifty 'shares,
am aubacribed, and the aum of eighteen
ihoueaad acrna buodred gad fill dol
Isrs ia actually paid to the eotr.niieeioa
era, Uax eubseribers 4 h eetd Bank,
their auccessor and at$igna, s'isll be,
and are) hereby created and made a cor
poration and body politic in law end ia
fact, by. t-, name and etyle of the
V Prelidje'iit and Directora bf the Albe
marle Bank of E.I'iMtos i" a j a. .i so
continue oolil the first day of January,
one thousand niht hand red and fifty
dine, (1859,) tn 4 by the inr and iyle
aforesaid, they ahall be, and are hereby
made able and repable in law to have,
purchase, poea, NerJoy end retain to
themselree apd ueceasora, lands, tone
tneutt, rents, hereditament, gooila,
chattels and effeexs, and tbe same toeoll
grant, demise, alien or diDoee oft to
sua and be aued, implead and be low
pleaded, answer and be answered, de
fnd and be defended in eourta of re.
cord or an other, place whatsoever s
and also to make, have and uaa a com
mon aealf and the same 1o break, alter
and renew at their pleasure ; and alao
to ordain, eetablieh and put ia execution
auob by a laws, ordinances and regula
tiooa, aa ahall aeem necessary snd eon.
venient for the government of aaid cor.
porslion ; and for the making whereof
general meetings of the stockholders
may be called in the manner hereinaf
ter specified, and generally to do end
execute all acta, mallera and thinwa.
which a coruprstjon and bodv iHiltiia
taw may or can lawfully do nr nvutt,
ubj toihe rule, regulstioes, restric
tions ami provisions here ,fior pv. crib,
ed and declared. '
Xlir. Bl it further enacted. That
aa aoon aa w nti. r i filty
aharea ahall be taken in t- r n of
aaid Baok, and the requited i:.Mlment
paid to Ihe commissioners w i. keep
Ihe books, notice thereof ahall be given
in tbe gazette published at Edenion,
and a meeting of subscriber, to be held
ten daya at least after th dale of th
notice, snail be celled, (fsl it.U. a.
ing those or Jheir "", T'10
tpljanty or votes according to the rail
hereafter described, he preaen I, (if not.
another meoiing must be eellad,) tby
ahall proceed to the election of five di
rectors, who ahall take eharea of tha
books sod money in the haoda oftb
commiasionera, and immedial-lv pur-'
site theuaual and proper means to pat
the Bsnk in operation. The aa4 dieec
tora ahall remain in office until the first
Monday in December, ooa thousand
eight hundred and thirty four, (1834,)
or tintil their successor shall b appoin
ted ; sad on the first Monday of Decem
ber in each year, or at any time there
after, meetings of tb stockholders ahall
be held in the town of Edeotoo, for the
purpose of electing director, inquiring
into the affaire tbe institution, and
making auch regulation aa may be
deemed fil end nrceasary.
XIV. Be it further enacted. That
the following rute. rtfr.i ".is sad
proviaiona ahall form Ihe fundamental
articles of the constitution of said Cur.
poration t A meeting of atockhnldera
cannot be held unleas those who'' have p
majority of Votea be praenl j every
stockholder holding one share, and not
more than two, shall be entitled to on
vole; for every two ahares above two.
and not exceeding ten, one. vole; for
every three aharea above ten, ,d rot
ahareor ahares ahe 1 1 confer a richt of
voting which ahall not have bee hold.
en three calendar monta previous to thai
dale Of voting. All stockholders resi
ding without th limit of th Stat may
vole by proxy, and o no other way, at
elertiona and general mertinga, provi
ded hie, her or Ibeir proxies ar raai-
denu i th Mat or ISortb Carolina,
ana each poee ia tbeir owa right at
leaal ten abarea of the atock. Nona
but a atockholder who ia a ciliseo of
th State, nod who bolda ten ahares of
the stock in his owo. right, shell be eli
gible as director.; and th directors,
when ppoiotdrv ahall chooee One of
their number (which ahall alwaya bo
five) to b preaideet of aaid Bank,, and
shall manage the institution aa shal
seem best to them, onlesa otherwise di- 1
reeled by the stockholders ; but eom-
pnaatio to the president and director
shall be granted at tha pteawure of tb
stockholder. . Not less than th-ee di
rectora, of whom the president shall al
waya be one, ahall eofiatitfa-r beortf
- ( See taet oage. ;
V
Xtr
v