The Real Estate Banking Company of South Alabama

From "Selma; Her Institutions, and Her Men" by John Hardy, pub. 1879:

The Committee which had been appointed to consider the mode and manner of establishing a bank based upon real estate, reported to a large meeting, the report adopted and the following articles of Association agreed upon: ARTICLES OF ASSOCIATION
     ARTICLES of Association and agreement made and entered into, by and between the Stockholders of the Real estate Banking company, of south Alabama, for the purpose hereinafter mentioned.
     The undersigned, Citizens of the State of Alabama, co by these presents covenant and agree to and with each other, to for m themselves into an Association or Company, for the purpose of Baking; and for the better securing each other in the ultimate debts of the Association or Company, they do hereby bind themselves by the following articles of Association:
     ARTICLE 1 st. The Company shall be known and designated by the name and style of THE REAL ESTATE BANKING COMPANY OF SOUTH ALABAMA; and all acts done and performed under the name and in accordance with these articles of association, shall be binding upon all and each member of the Company--the Bank to be located at Selma in Dallas County, State of Alabama.
     2nd. The stock of the Company shall consist of a sum not to exceed One Million Dollars; and shall be divided into shares of one Hundred Dollars each; and every member of said Company shall be entitled to a vote for each and every share owned and possessed by him in his own right at the time of said voting.
     3rd. The Company by a majority shall select three disinterested and responsible persons to act as Trustees; and each and every member subscribing for stock in the said Company, shall before he or she receives a certificate for the same, make and execute a promissory note for the amount of stock subscribed for by him or her, payable to said trustee or either of them in trust for said Company; and for the purpose of payment of said not in case it shall become necessary, to secure the balance of the Company against losses which may be sustained in their said business of Banking, each and every member of said company shall make and execute a Deed of Trust to said Trustees, conveying to them in trust for said Company, Real Estate of a cash value double the amount of stock subscribed by said member; the value of said Real Estate to be ascertained as follows, vez: The certificate of three responsible, disinterested freeholders residing in the county where the land is situated shall be endorsed upon or annexed to the deed of Trust, certifying that they have examined the property, and that the price fixed is a fair and equitable cash valuation; Subject, however, to a revision at the first General Meeting of the Stockholders, when two-thirds of the votes present may reduce or confirm the valuation, and at such general Meeting, a certificate shall be had from the Clerk of the County Court, stating that the property is free from all encumbrances;--provided, that in lieu of, or in addition too, said certificate, the person or persons executing a Deed of trust, shall make oath that the Real Estate conveyed to the Company is free from any legal lain or encumbrances any kind whatsoever, and that he, she or they will, in good faith , abide by and adhere to its provisions, according to the intent and meaning thereof any legal imperfection or quibble of law to the contrary notwithstanding. Said Deed of Trust shall have a condition thereupon annexed and attached, to the following, viz: That if said Company shall sustain no loss in their said banking operations; or if member of the Company in case of loss, shall well and truly pay and advance his or her proportionable part of the loss, then and in that case said Deed of Trust to be void, otherwise said Deed shall remain in full force, virtue and effect for the propose therein mentioned and expressed.
(continued)

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