xt74xg9f4w17 https://exploreuk.uky.edu/dips/xt74xg9f4w17/data/mets.xml North American Land Company. 1795  books b92hd195n62009 English R. Aitken and Son, Market-Street. : Philadelphia, Pa. Contact the Special Collections Research Center for information regarding rights and use of this collection. Plan of association of the North American Land Company. Established February, 1795. text Plan of association of the North American Land Company. Established February, 1795. 1795 2009 true xt74xg9f4w17 section xt74xg9f4w17 




j^ortj American


Established February, 1795.




T HE Subscribers Hereto having, at a great expence of money and time, with much induftry acquired a large and valuable property, confifting of lands in the States of Pennfylvania, Virginia, North-Carolina, South-Carolina, Georgia and Kentucky, which have been chofen or feledled (in preference to other trades) in confideration of the good quality of the foil, advantageous pofition, certainty of title, and other circumftances that induced them, as purchafers, to give fuch preference, they now offer a plan exprefled in the articles of agreement hereto annexed by which all perfons who have money may, if they pleafe, participate in the advantages refulting from the purchafe, fale and improvement of thefe valuable eftates.

The lands upon which this plan is grounded a-mount to six million of acres, agreeably to the fhe-dule thereof hereto annexed,  which are valued, one

   (   4 )

With another, at the average price of half a dollar per acre or three million of dollars being the capital ftock; this, divided upon thirty thoufaild fhares, gives' one hundred dollars per fhare at which the proprietors agree to fell in the firft inftance*

The titles to thefe eftates are vefted in truftees as joint tenants in trull to convey the fame to purchafers conformably to the articles of agreement hereto annexed, the monies arifing from the fales thereof are for the ufe and account of the holders or pofleffors Of the fhiires in the ftock of the North American Land Company.

Articles of Agreement indented made tliia twentieth day of February one thoufand feven hundred and ninety-five, by and between the Honorable Robert Morris, Efquire, of the City of Philadelphia, John Ni-cholfon, Efquire, of the faid City of Philadelphia, and James Greenleaf, Efquire, Conful from the United States at Amfterdam, but now in New-York, of the one part, and thofe who fhall become purchafers, owners or holders of fhares in the North American Land Company of the other part.

First, This affociation fhall be ftiled " THE NORTH AMERICAN LAND COMPANY."

   c m

Second. Every owner of one or more fhares (hall become a member thereof, and a party to thefe articles in virtue of fuch ownership, as fully to all intents and purpofes whatever as if fuch owner had actually Cgned and fealed thefe prefents, and ceafe to be fo when hs parts with his fhare or mares.

Third. The capital flock in this company confifts in fix millions of acres of land fituate in the States of Pennfylvania, Virginia, Kentucky,North-Carolina,South-Carolina and Georgia; the titles to which are vefted in Thomas Willing, Efquire, now prefident of the bank of the United States, John Nixon, Efquire, now prefident of the bank of North-America, and John Barclay, Efquire, now prefident of the bank of Pennfylvania, in trust to convey the fame agreeably to thefe articles,

Fourth, Where two or more perfons {hall claim the fame land under different contracts with the board of managers, or where any perfon or perfons fhall claim a tract or tracts of land under contract: or contracts with the board of managers and the faid board fhall difpute fuch claim, in fuch cafes a fuit or fuits may be commenced againft the faid board, in the county of Philadelphia, in the fupreme court of Pennfylvania, or in the federal circuit court of Pennfylvania, by the perfon or perfons claiming, and one or more feigned iflues joined in order to determine the right of the parties and trials

   ( 6 )

had thereon, in the city of Philadelphia, and the faid board fhall requeft the truftees to convey the lands fo claimed, to the perfon or perfons in whofe favour fuch determination fhall be had, and if the faid board fhall not agree to the commencement of fuch fuit and to form fuch feigned iflue or ifliies, or fhall not requeft the truftees to convey to the perfon or perfons requefting fuch fuit to be commenced or in whofe favour fuch determination fhall pafs, fuch perfon fhall be deemed and taken to be in full and perfect pofleflion of the difputed pre-mifes, and the truftees being ferved with a notice in writing, that the faid boardrefufed to agree to the commencement of fuch fuit, or to form fuch iflue or iflues or refuf-cd or neglected to requeft the faid truftees to convey to fuch perfon or perfons in whofe favour fuch determination paffed, fhall be deemed to hold the legal eftate therein, in truft for fuch perfon or perfons and fhall in three months from the fervice of fuch notice convey the fame accordingly, unlefs the faid board fhall within the faid three months agree to the commencement of fuch fuit or requeft, the truftees to convey to the perfon or perfons in whofe favour fuch determination fhall pafs, and where any perfon has any demand upon or caufe of complaint againft the company (other than a claim of title to lands) that cannot be amicably adjufted bytheboard, a fuit fhall he commenced by fuch perfon againft the board, in the

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fupreme court of Pennfylvania, or in the federal circuit court of Pennfylvania, and one or more feigned iflues joined in order to try the right of the party and afcertain the quantum of damages, and a trial had thereon in the city of Philadelphia and if after a certificate of the verdict and judgment in fuch trial fhall be ferved upon the board and upon the fecretary, the fum recovered and the eofts of fuch fuit fhall not be paid to the party, he may then maintain his action againft the board for money had and received to his ufe and the board fhall be perfonaily liable to the payment of fuch fum, unlefs they can fhew that they had not at the time fuch certificate was ferved upon them or at any time afterwards monies of the company in their hands fufficient to pay fuch fum and fuch cofts.

Fifth. The faid capital ftock in lands fhall be re-prefented by thirty thoufand fhares or actions of two hundred acres each fo as that every perfon holding a fhare or fhares will be entitled to one thirty thoufandth part of the faid capital ftock of lands or the monies and profits refulting therefrom upon each fhare.

Sixth. The affairs and bufinefs of this company fhall be conducted by a board of managers, to be elected at their office in the city of Philadelphia on the thirty hrff. day of December in every year unlefs when that day

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happens on a Sunday and then on the next day, by the holders of fhares or actions each fhare entitling the holder to a vote in the faid election to be given perfonally or by proxy duly authorized; the following form mull be executed by a fhare-holder to entitle his proxy to a vote, and acknowledged by the party or proved by the oath of one of the witncfles before a notary public or fome ma-giflrate authorized by the law of the country where the perfon executing fuch proxy fhall be to take fuch acknowledgement or proof and the fame certified under fome authentic public feal " Know all men by thefe pre-fents that I of do hereby

appoint to be my fubft'rtute for and in my

name and behalf to vote at election of a

prefident member or members of the board of managers or fecretary of the North American Land Company as fully as I might or could was I perfonally prefent, In wit-nefs whereof I have hereunto fet my hand and feal this day of one thoufand

hundred Seal."

Seventh. Th   board of managers fhall confift of 2 prefident and four members to be chofen from among the fhare-holders of whom the prefident and two members or three members, in cafe the prefident fhall be abfent fhall be a board competent to tranfact bufinefs, a majority to

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prevail where more than three of the board vote, but where only three vote, they are to be unanimous. They fhall have a ftated meeting on one day (to be fixed on by themfelves) in every week and fhall meet as much oftnex as the buiinefs of the company may require.

Eighth. The faid board for the prefent year one thoufand feven hundred and ninety-five, muft be named thefe articles as there are not at prefent any fharc-holders to deft, and accordingly Robert Morris, JofephBali, Thomas Fitzfimons, John Vaughan and John Nicholfon are hereby nominated and appointed the board of managers (and fhall chufe from amongft themfelves a prefident) until the thirty firft day of December next when the firft election is to be held. The faid board and ail future boards fhall have authority to employ a fecretary, clerk or clerks, office-keeper or runner, and occafionally coun-fel learned in the law and fcriveners, and alfo one or more agent or agents, furveyor or furveyors, to be ftation-ed at the moft proper and convenient places for making furvcys and f?.!es of the land belonging to the company, and who fhall be allowed fuch falaries or compensations for their refpective fervices as may be agreed to by the prefident and board of managcrson behalf of the company.

Ninth* The board of managers fhdi have authority to fell or contract either by themfelves or bv their

E agents 
   (    io )

agent 3 for the fale of any lands belonging to the company, preferring fuch purchafers as fhall engage to become fet-tlers or to place fettlers on the lands they buy. The board are to obtain the hjgfcefc prices they can, and may give fuch credit as they fhill judge to confift with the real intcreft of the company. The board of managers fhall alfo have power and they arc hereby authorized to lay out and open roads, to lay out a town or towns and fell the lots therein and to improve upon fuch tracts of land belonging to the company as they fhall think proper, one or two farms, of from five hundred to one thoufand acres and thereon to ei-ect a dwelling houfe, barn and other needful outhoufe;, a faw-mill and grill-mill at the expence and for account of the company, all which may be occupied (upon terms to be agreed on by the board of managers) by the agents or furveyors they may employ to fell and fettle the faid tracts, the faid farms and improvements to be finally fold for the benefit of the company.

Tenth. The board of managers fhall, whenever they make fale of any lands belonging to this company, depofit the moneyreceived for the fame whether in whole or in part in one of the three banks already mentioned (that is to fay) the bank of the United States, the bank of North America or the bank of Pennfylvania, opening an account for the North American Land Company with the bank in which the depofit is made, and the monies fo

   (II )

clepofited fhall be fubjccl folely to the drafts of the prefident of the board of managers attcfted by the fecretary and expreffed to be finned In prei'ence of the board, the draft mentioning the purpofe for which it is drawn and that it is for the ufe and fervicc of the company.

Eleventh. All covenants articles of agreement or contracts made by the beard of managers or by their agents, for the fale of lands fhall be to and in the name of the individuals compofing the board and fhall be to them and the furvivor of them and the executors and adminifirators of fuch furvivor to this intent exprcfly, that fuits fhall be brought in their names for the ufe of the laid company, and that if fuch perfons fhall ceafe to become members of the board then fuits maybe brought and maintained in the name of them or the furvivor of them, or the executors or adminiftrators of the furvivor of them for the ufe of the faid company, and fuch covenants, articles of agreement and contracts {hall be depofited with the fecretary in their office for fafe keeping and for the purpofe of collecting the payments which may be ftipulated therein as they become due: all monies received thereon or from any other fource on account of the company fhall be depofited in the fame rhapner and upon the fame conditions as mentioned in the preceding article.

Twei fth 
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Twelfth. The truftees in whom the titles to the lands of this company are veiled fhall in cafe of the death of any one of their number immediately after fuch event convey by a deed to be prepared and prefented by the board of managers a joint tenancy with themfelves to fuch perfon 5s the board of managers fhall choofe for afuccef-for to fuch deceafed truftee.

Thirteenth. The truftees for the time being fhall upon receiving a requeft in writing figned by the prefident and board of managers attefted by the fecretary execute a deed or deeds of conveyance in fee fimple to thepurchaf-cr or purchafers for any tract or tracts of land which may have been fold by the board or their agents, it being firft certified by the faid prefident and attefted by the fecretary in the manner as before provided to the faid truftees that the confideration money hath been paid or fecured to be paid, if paid, that it hath been depofited agreeably to the tenth article; if fecured, that fuch fecu-rjties have been depofited agreeably to the eleventharticle.

Fourteenth. The fecretary fhall for the prefent year be appointed by the prefident and board of managers but in future fhall be elected by the fliare-holders, at the fame time and place of election of the prefident and managers, and {hall keep records in a book to be opened by

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him for that purpofe of all deeds of conveyance executed by the tniftees and of all articles of agreement,covenants, contracts, mortgages, &c. that concern the company, which book fhall be produced at every meeting of the board, and theoriginal papers fliali be produced whenever called for by the board.

Fifteenth. The board of managers or their agents may covenant to make title when the payments are compleated or title may be granted at the time of fale and mortgage, on the lands be taken to fecure the payments agreed on.

Sixteenth. The fecretary fhall attend every meeting of the board of managers; he fhall keep regular minutes of their proceedings; he fhall funimon fuch meetings when directed by the prefident or upon application of any two or more members of the board or upon application of twenty fhare-holders by fending a notice in writing to the prefident and to each member naming the time and place of fuch meeting.

Seventeenth. Vacancies which may happen in the board of managers by death, refignation or removal to a diftance of ten miles from the city of Philadelphia of any member or members may, and fhall be fupplied by

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an election of the board out of other fharc-holders rending in the city of Philadelphia for the remainder of the year until the next general election by the fhare-holders and in cafe of death refignation or abfence of the prefident or fecretary the faid board of managers fhall choofe a prefident and appoint a fecretary pro tempore or for the remainder of the year as the cafe may require.

Eighteenth. The fecretary fhall provide a fet of books of account for the concerns of the company wherein fhall be regularly entred a proper account of all fales made, of all monies received and paid, of all notes, bonds, mortgages and fpecialties of every fort and kind, and of all expenditures and thefe accounts fhall be fettled and adjuflcdfo as that an abftract thereof fhall together with the faid books be laid before the fharc-holders at every annual meeting to be held for the purpofe of electing the board of managers, and at every fuch meeting the board of managers fhall give a full and fair account of their proceedings and of the actual ftate of the company's affairs, and in order to give time for the fecretary to prepare the accounts and ftatements, the transfer of fhares flia'.l be fufpended from the twentieth to the thirty firft days of December inclufively in every year.

Nineteenth. The board of managers fhall provide an office in the city of Philadelphia wherein to hold their

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meetings and the fecretary fhallgive a conftant attendance therein, day by day, at fuch hours as may be fixed on by the board of managers to perform the duties of his ftati*-on and for the purpofe of laying before any fhare-hoidcr that may defire it, the book of minutes, book of records, book of account, and to give fuch other information re-fpe  ling the eftate and affairs of the company as will convey a true idea of its actual fituatior..

Twentieth. The certificates for fhares or actions fhall be transferable at the pleafure of the holder, but the transfers muft be made by the holder in perfon or by his attorney or legal rcprefentative at the office of the board of managers in prefence of the fecretary, who fhall keep a record of all transfers in a book to be provided and kept for that purpofe, which transfers fhall be figned by the. perfon transferring who fhall alfo deliver up the old certificate or certificates to be cancelled and filed, and new one's fhall be iffued to the fame amour.t to the transferee. Perfons wanting to transfer fhares as attornies muft produce a power in the following form " Know all men by thefe prefents that do make conftitutc

and appoint to be true and law-

ful attorney for and in name    to fell, af-

fign and transfer ftock or fhares handing

in       name    in the books of the North American

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Land Company, with power alfo'an attorney or attprnies under for the purpofe to make and fubftitute and to do all lawful acts requisite for effecting the premifes hereby ratifying and confirming all that faid attorney or fubftitute or fubftitutes fhall do therein by virtue hereof, In witnefs whereof have hereunto fet hand    and feal   the day of

one thoufand hundred and

And the fame fhall be acknowledged proved and certified in fame manner and form as is before provided with refpeft to the execution of proxies.

Twenty-First. The prefident and board of managers fhall caufe a fi;atement of the company's fales and receipts to be made out and printedannually or if they fee proper half yearly one copy of which fhall at the time be forwarded to every fhare-hokler that may leave his ad-drefs at the office for that purpofe at his expence and as he fhall direct.

Twenty-Second. The board of managers fhall in the courfe of the laft ten days of the month of December in every year during the exiftence of this company cairic the accounts of the company to be made up, and after paying office-rent falaries and contingent charges and after referving fuch as th:y may think necefiary for a contingent 
   (   i7 )

gent fund not exceeding four thoufand dollars, they fhall declare a dividend of the remaining balance of the cafh in hand by dividing the fame into thirty thoufand parts, and allowing one of thofe parts to each fhare dividend fo made fhall be advertifed in the public newf-papers and the fhare-holders be notified that they may perfonally or by their attorney or legal reprefentative apply at the company's office and receive payment, and if at any time the receipt of monies on accountof the company fhould be fo great previous to the end of the year as to admitof more than one dividend,the prefident and board of managers may in their difcretion declare cn^or more dividends at fuch time or times as they fhall deem proper the faid dividends to be advertifed and paid in the fame manner as is above provided.

Twenty-Third. It is agreed by the faid Robert Morris, John Nicholfon, and James Greenleaf parties of the firft part, that the dividend or dividends fhall not be lefs than fix per cent per annum or fix dollars on each fhare in every year and that if the cafh arifing from the fales does not amount to that fum, they the faid parties of the firft part do hereby promife and bind themfelvestheir heirs, executors and adminiftrators, to advance and lend to theboardof managers fuch fum as may be neceflary in addition to what they have in hand of the company's money 
   (    J* )

to enable them to pay fix dollars on each fhare, the board of managers granting their obligation to the faid parties of the firft part to repay the faid advances out of the firft monies they may receive thereafter on account of the company,   except fuch as the faid board are obliged by article the fourth to pay to perfons recovering againftthe board, and alfo excepting the monies referred for a contingent fund} and in ordertofecurethepcrformanccon the part of the faid parties of the firft part; they do hereby agree to depofit in the hands of the truftees each three thoufand fhares or actions, making in all nine thoufand fhares to be held by them for the ufe of Robert Morris, John Nichcifon and James Greenleaf, refpectively fubjeft however to the payment of fuch fum or fums in any or e-very year during the continuance of this company as may be neceffary to enable the board of managers to pay a dividend of fix per cent, and they are hereby authorifed to fell and transfer fo many fhares as may be needful for that purpofe, in cafe the faid Robert Morris, John Ni-cholfon andJamesGreenleaf orfomeof them their,orfome of their heirs, excctitorsor adminiftratorsfail to provide by othermeans the fums neceffary; the fums of moneyarifing from fuch fales of depofited fhares to be in the firft instance applied to the payment of the dividend, and afterwards the fame fuma to be replaced from the company's

   (   9 )

funds which fhall be reinvefted in fhares for account of the faid Robert Morris, JohnNicholfon and James Green-leaf, and the fhares fo purchafed fhali again be depofited as before and for the fame ufesand purpofes,it being under-ftood that the faid parties of the firft part, are to draw the annual dividends on their refpedtive parts of the depofited fhares.

Twenty-Fourth. The prefident, and managers *vuft neceflarily devote much time and labor to the bufi-nefs of this company, the profits will be great and certain therefore the company can well afford to pay thofe who fervc them. It is therefore agreed that the prefident and managers fhall be allowed a commiffion of two and an half per cent, on the amount of the falcs they make, receivable by them orily out of the payments actually received or as the cafh comes into the company's poffeffion, which commiffion fhall be divided into five parts, one for the prefident and one for each member of the board.

Twenty-Fifth. The prefident and each member of the board of managers and the fecretary fhali fcverally give fecurity to the trufteesinthe fum of twenty thoufand dollars for the faithful difchargc of their refpective trulls. The board of managers will alfo take fecurity from the agents and furveyors they may appoint for the faithful difcharge of their duty and tntft.

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Twenty-Sixth. Certificates for thirty thoufand

fhares or actions will be immediately made out, figned

and delivered to the parties of the firft part, after the

execution of thefearticles in the following form." This is to certify that

is intitled to fhare in the entire

property of the North AmericanLandCompany,thedivi-dends whereof fliallnotbe lefs than fix dollarsoneach fhare annually,conformably to articles of agreement duly executed dated at Philadelphia the twentieth day of February one thoufand feven hundred and ninety-five- transferable only at the company's office in that city by the owner in perfon, or by his executor, administrator, attorney, or legal reprefentative, figned in the prefence and by order of the board of managers at Philadelphia, this day of 17 prefident. atteft. fecretary."

Twenty-Seventh. This company fhall exift for fifteen years (unlefs the fales of their lands and the collection of the monies fhall be focner effected) and as much longer as may be neceffary to clofe and fettle their concerns and make a final dividend. At the end of fifteen years from the date of thefe articles of agreement, it fhall be the duty of the then board of managers to call by advertifemcnts in the news papers upon the fhare holders to appear in perfon or by proxy at a meeting to be held at the company's office fix months after the date of fuch

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advertisement and there to determine upon the belt mode of difpofing of any part of the company's eftate that may then remain unfold or uncolldted fo as to make a juft and final divifion thereof, and a majority of votes given by the fhare-holders and proxies that meet fhall conclufive. The faid board fhall carry the fameinto effect, and make a final dividend thereof as foon thereafter as may be practicable.

Twenty-Eighth. It is further agreed that if upon experience it fhall be found neceffary to alter, amend,, add to, or diminifh thofe articles, of agreement the fame may be done upon the following terms and conditions and on no other, the perfon or perfons wifhing for an alteration, fhall propofc the fame at an annual meeting of the fhare-holders by laying the propofed changes before them in writing, and if fuch changes or alterations or any part thereof meet the approbation pf a majority of the fhare-holders and proxies then met, the propofitions fo laid before them fhall be printed, with notice that de-cifion is to be made thereon at the next annual meeting, and copies thereof be tranfmitted to every fliare-holder who fhall leave his addrefs at the office lor that purpofe at his expence and as he fhall direct, when two thirds of the whole number of fhare-holders and proxies then met concurring or agreeing to the faid changes or alterations, 
   (    22 )

ons, or any part thereof (provided that tire faid two thirds of the fhare-holders and proxies reprefent not lefs than two thirds of the whole number of fhares) the fame fhall become a part of thefe articles, and be incorporated in tliis plan, and be binding upon all concerned as if the fame had been now inferterl and accepted*

SCHEDULE of the LANDS whereon the above

PLAN is founded, viz,

Pennsylvania, Acres.

Northampton County,     - 72,000

Northumberland,      * 217,046

Luzerne,       -            - 4j5    

Mifflin,       -       -           - 34,32$

Huntingdon,           -       - 29,172

Weftmoreland,     -       - 40,000 North and Weft of Allegany

and Ohio Rivers.       - 250,000



Monongalia County,       - 19,700

Wafhington,        -        - 25,000

Harrifon,       -       -       - 44jI55f

Ohio,       -           - 30,000

Randolph,        -        - 18,825

Montgomery,       -       - 484,025!

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Greenbriar,       -     - TS^)35S

RufTell,       - 20,000

Kenhawa,           - - 134,560

North Carolina. Beaufort and Hyde counties, 200,000 Rowan county on Yadkin river, 17,299 Robifon, Moore, Cumberland, Richmond and Anfon counties, 5 00,000

South Carolina.

Orangeburgh Diftrict, 577>875

Ninety-Six,       - - I7>  34

Wafliington,       - - 340,680

Pinkney,       - - 1,883

Camden,           - - 153*30

Cheraw,       - -             4,63 6


Wafliington County, 1,453,516

Franklin,        - * 320,379

Effingham,       - - 432,910

Camden,               - 108,000

932,62 it



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