Newspapers / The Weekly Raleigh Register … / Feb. 4, 1805, edition 1 / Page 1
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Oortre the plini offal deli jhtfalpeace ' ' ' XJnwrpdbpaityrafC, toll ve like brotberi " ''' Monday, FBkuAiY:4, I8pj' .'..rf f" '7 i! No 280. H. It 'a. . ''"1-AWS it! NORTH-CAROLINA, " JVd at the Stflion of the General AJembly just elofed. An' Act to incorporate the Newbern Marine Insurance Company, and to establish a Bank v1. in said town. , . ' - WHEREAS James M'Kinlay and others, affociated as a company, under the ftyie of the Newbcm Marine Infurance Company, have prayed to be incorporated, 1 . ft R it enaBcd ' M ike General Affevibly o f the State of North-Carolinaand it i-iVMrcfy 'enafad 'fythtwhetty of the fame. That all fuch perfons as now are, V or hereafter Jhall be ftockholders of faid company, mall be, and are hereby con- tinned, ordafned and declared to be, a body politic and corporate by the name of-" The 1 Newbern Marine Injur ance Company? and that by that name, they and theirl fucceflbrs mall have perpetual fucceffion, and fliall be capable of fuing and teng ioeci, pleading and being impleaded, anfwer and being anfwered unto,f de fendfng and being defended, in all courts and pleas whatfoever ; and that they and their fucceffors may have a common (eal, and change and alter the . fame at their plealure i and be capable of purchafing, holding "and conveying any effatej real ad periorial fbr the ufe of laid company. y ! : II. And he it further enarted That a fliare in the lock qfthejaid company hall be fiftV pounds, payable in advance, or by iuch inftalments as the Prefident 'and Direaors, hereafter directed to be appointed, hall direB ; and the number of (hares (hall not exceed five hundred, and fubfeription books may from time to time be ooened, under the direaion of the faid Prefident and Direaors. ttt A nA hp it fnrfhrr rvnrU.L That the ftock and property, affairs and con- ccrns of faid corporation, mall be managed and condHaed by eleve (one of whom fhall be Prefident, and another Secretary; who Jhall ftces for one year, and until others hall be chofen, and at the time iron fhH hp ftnr.khoJders and inhabitants ofthe town of Newbern, rmnA uirxriA r hmiarv m pvprV vear. at iuch time t the aav.-! Li u r . . S- rt ... . . -;' , 2r".-JrMJ .utuuuu.iM vf r' r ' . i - n u j 'Ud; Wl ' "Piriuant to tms acta ougnt to nave Deen made, tne tarn corporation Ml hot and at fuch place in laid town, as the direelors for tkettme being mall appoint, ad, caufc be deeded to beiiffblved, but it mall be lawfbt it anyaV every ftoekholder mall, at iuch ekaion, have a vote for every hare he holds, .,whhin tcn days thereafter, to hold and make' an election ifodirefem ulfi reckoning no hare except fuch as were acquired ninety days beforfc thee!eaion;i(, inanner as man have been regulated by the laws and ordinances off the faid cor and the perfons having the greateft number of votes (a majority pi the votes oti poration . and that in cafe of thedeath, refignation or abfence from the ftate, of - the ftockholders being taken) fliall be eleaed. . ; l a dircaor; his place mall be filled up by a new choice for! the remainder of the j r--A uai iuc uircciuis ,ndu ca iwuu ao - -. y . , . yCar Dy a jjjj onty ot directors. i , : chute the officers and fervants of the company, the latter of whom hall be remo- j j x nd be it further enacted. That as foon as twelve thou fanri fiveSinAl yablc at their pleafure, and mail during the year fill up any vacancy that may J j dollars 5e aauaU on acc0t ol the fobfonption b the lkd WniJ happen ?n their own body, or in iaioV ofhceror iervants ; Dut.iucn appomtmenis ,; taI ftock Qf 1 he aid Bank, notice mall be given thereof by the fai commiffion ihn Avk;rA tm a rf tht n t anniial eledion t but until-the lecond of la-ll r.i - j - . rf ? j . v. , . niiary; one thbufand, eight hundred and fix, Samuel Chapman, Jbhah Collins, jun. John Devereux, John Hafvey, Mofes Griffin, James M'Kinlay, Francois Xavier Martin, William Sheppard, John Stanly, Ifaac Taylor and Alexander Torrahs, fliall be Direaors, arid James M'Khilay Prefident, and William Shep pard Secretary- IVJ And Je it further enacted, That if it fliould at any time happen, that an ekaion of direaors Ihould not be made on any day when, purfuant to this al it oughtto have been made, the faid corporation fhall not therefore be dilTolved, but it fhall and may be lawful to hold and make an elefiiion of direaors in fuch a man ner, and at fuch time, as the laws and ordinances of the corporation may direa. The Prefident and fix Direabrs fhall confii'tute a board competent for the tran faaion of bufinefs, and have power to make laws and ordinances for the manage ment and difpofition of the ftock, -property, eftate and effeas of the corporation,! the transfer of fliares, and the duties and cqmpenfations of the fecretary and fer-! vants employed. They fhall alfo appoint a committee of four direaors, any two! of, whom, with the Prefident, fliall have power, on behalf of the corporation, to j make ihfurances, fix premiums, lend money . on bottomry or refpondehtia bonds, ; i;aortgages on the perfonal fecurity of two Tefponlible. freeholders, direa the itiu ' hg of policies, notes, and all and every liiftrurhent of wntin y 11. And 'be it further fubferibers to the faid' Bank, their focceffors aid affigns, halrbe, and are hereby treated and made axorporatioit and body politic, in law and in faa, by the name and ftyle 6f " TKi 'Prefident ani. DireBors oJtheBank of Newbern? and fliall fo continue until tfie prft day of January in the year eighteen'hundred and twenty, and by' the name and ftyle'aforefaid the fliall be, and are hereby made able and capable' in law, trt have' nurchafe. re- ceiyc, poTefs, ,enjoy and retain, to them ,,UU1, nereQiiaments,. gooa, cnatteis ana ettects, to an amount not excee in'the whole five hundred thoufand dollars, jiumg the ftock aforcfaidJ and the fame to leJl, grant, dernife"; alien!6r difbofe of to fii r fand bcu;prea3; iHd be: impleaded, anfwertand bei dc aetended; m courts of record or any other place whatever and aljfo Jo make, ' have and irfe-' a common feaLand the farhf ir Krlr ntfr arirl VWit" Wf K?i. kr4. fore ;f and alfb to ordain,? eftablifh and put in executi icH ces and regulations, as hall feem neceflary and convenient j for the govemcmf - JjJ the laid Corporation, not being contrary to the lawi ofthis Stafeor of 'the AlmteA :l& Stages ; and for the making whereaf general meetings of 1t ftohbfd be called by the dtredprs in l the manner hereinaftef lpeijri ,' do and execute all a&s matters and thinas. whii-h k rnrni&iiui nr:-WrAvnAiU :4:lfJ.iM in law may r can lavfilly do and execute"; fubjea to he riiles, regulations, reflrictions, limitations and provjfions hereinafter prefcribed and declared; -. VIII. And be it further enabled, That for thV well ordering ortrjeapire elecled 'yearly by the ftockholders, at a general meeting td:be-' heldhnually'r.W i i ' r t rhat mnv ne nece " -7 UP ers, or a maioritv ot them, in the Cazetiea nnnrednn thr fatri town -f Mp.uk., . and the fami? perfons fliall, at thef fame time, notify a time and place within 'the' faid town, jrithin the diftance of twenty days from the' timeof fuch notification for proceeding to the choice of direaors, and it fhall be lawful for foch choice to be then and there made; and the eleven perfons .who mall be then and 'there chofen, fliall be the firft direaors, and fhall be capable of ferving until the firft Monday in January thereafter, by virtue of fuch choice, or until their fuccef fors lhall be duty ele&e And the faid difeftors fhall forthwith thereafter com mence the operation of the faid Bank in the town of 'Newbern. - X. And be it further enacted, That the direaors for the time being (hall-have power to apjjoint'.fuch officers, clerks and fervants under tjiema.flaU'berriecel fary for executing the bufinefs of faid corporation, nd to allow them fuch compen fation for their ferjces refpeaively as fliall be reafonable ly and fhall be Capable of exercifing ail futh powers and authorities for thwetl' gbyerm'gQfr-itjffairg of the corporation, as fhall be prefcribed by the laws, ordinances and regulations of the fame ' - - XI. And be it further enacted, Tliat the following rules, regulations, reflric tions, limitations andprovifions, fhall be and form the fundamental article of the conftitution of the faid corporation. No' ftockliolder?fhall be entitled to more than one vote forv each and every fhare he may hold : Tly ffiall be enti- 3, . txy and proper m the tranf action or the attairsoi tne company; and an men in-u tied to vote by proxy, he being a ttockholder : No dtredor fhallreceive any ' ftruments, fubferibed by the Prefident and counterfigned by the Secretary, fliall ; emolument, nor fhall aVy perfon be a direftor who is rf?a ftockholder: : The bind the property, real or perfonal, of the corporation; and until the fecqnd j ftockholders may allow the Prefident a falary, or - other compenIaion''-'-Note(8 Monday of February, one thoufand, eight h?ndred and fix, John Devereux, than five direaors fhall conftitute a board for the trahfaaiW ofbufirtesi'of whom'4 Ifaac Tavlor. lohn Harvey and Alexander Torrans, fhall be the committee - , , j ' . . of. direaors. . . .. ' ,.-, V. 4nd.be it enacted by 'the General Affembly of the State of North-Carolina, and it is herebv enacted bv the authority of tlie fame. That a Bank fhall be eftablifhed the 'Prefidcat fliall always! be one. except in cafe of ficknefs or necefTarv abfence- m which cafe his place may be fupplied by any other direaor properly authorifed ; by him by an inftrument i writing-: A number of ftockholders, not ilefs than twenty -nve, being altogether owners 01 htty. fhares, fhalr have power to demand in the town of Newbern, the capital ftock whereof fhall not exceed two hiin-, a general meeti2, and the Prefident fhall call' one within diirty dayi after, the dred .thoufand dollars, divided into fliars of one hundred dollars each ; but in the communication of their Vecjueft,- Every cafhier or treasure ffialf give. bdi?d and f - mearwime, lUDicnpiions mail ue opnea.in cue laitv mwu ior nvc nuiiuicu.nwi.Ls, iccuiuy utiyig 11c cuici uunic uu.uq -ui . ms omce, 'in tne lum 01 ; ten tnouianu I ' their aDDointment : And they fliall keep the fubfeription books open for the ration fliall, from timerto time; make' for that purpofc :vTBiiJs'bondi' and -notes f Z term of , ten days ; and if the number of hares fhall hot be fubferibed within the i ' figned by the Prefident and covnterligned by the Cafhier, fliall be biridinaand cb. fg-viaidierm -;oten navs, tnen.tney mail Keep tne tarn doors open until tne iaia-nve ? hunpred mares are tunicribed, and no longer : And the cotppration pytnis act. ortfy fuch as hall beTequifite"fot its immediate, accommodation in -relation to the couYCHiciiL uaiuaunii ui ummcis, auu iuvu asuiaunave oeen Dona iiuc moriEaKcu to it by wa 'of fecurityV o I creited may at any future timej open books to receive fubtcriptions for the re-1 f I mainmg;.fifre fliaresj at fuch time and atTuch place, and under theTu- ; permtendance oMucn penons, as tney may deem adviiaDie and expedient, oud- j Sforibtions' mav be uiade in oerfon or-bv orov in writing. ) ' ' . :'l tV lVh KniU dealings, orpdrchafediat fales upoia judgments, 'which; ji WivfbaUbe p and refpeaivc fubferibers in gold orlfilverV onf ffialtbavc been obtained for fuch debtt:' Nor ihaUhicorporauoni ditcttly ot iouuh thereor at the timej ot. lubicribing,; o .the ( commiliioners, one tourtn main :tr huridred and twenty days,; aid one fourth in fix months, to the Bank directors tor 'the time being : Provided ay si' Tnt it fl to pay ! the" whole of his ubftriptiQn-mdney or any greater part than is hereby required, ihdirecliearm of exchanWirgbld ok filyer ,7 bullion, or in tbe iale of,! goods 1 really ptedsed I for-mbneyAlerii apdnot re- , jf-j accrapu m aucumc, orii. gooas wmcn uiaii: oetne proauce orbits anus x nciincr fliall the faid cboratfon take more than -at', the rateof 'one halFMer ceritum Tor. winqays;rproron account orits loans or Aitcouats r ;i ne iotaianiuuntornoics : rnitteior by lie tajd corporation, "together! VuV thpfr. deb ts j pf eve defen Aajl not anytime gxpeed fix hundred thoafaad vQMys oyer, -and above the monies then aaualhr depofiteddn4he Bank Tor Tafe-eepihgi .uti lcuuy, j Xber fo";paji the ratepf fix per centum per j . v annum on ftir,htadvanr rfimfvitf me the famt frrt,trii the? commencement hi the - operation of tlie iaid B V jjlefethe contraaing """ -"- . in.' i - j r '1 5Er 22.
The Weekly Raleigh Register (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Feb. 4, 1805, edition 1
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