Fifty shares were to be at the
disposition of Mr. Astor, and the other fifty to be divided among the
partners and their associates.
Mr. Astor was to have the privilege of introducing other persons into
the connection as partners, two of whom, at least, should be conversant
with the Indian trade, and none of them entitled to more than three
shares.
A general meeting of the company was to be held annually at Columbia
River, for the investigation and regulation of its affairs; at which
absent members might be represented, and might vote by proxy under
certain specified conditions.
The association, if successful, was to continue for twenty years; but
the parties had full power to abandon and dissolve it within the first
five years, should it be found unprofitable. For this term Mr. Astor
covenanted to bear all the loss that might be incurred; after which it
was to be borne by all the partners, in proportion to their respective
shares.
The parties of the second part were to execute faithfully such duties as
might be assigned to them by a majority of the company on the northwest
coast, and to repair to such place or places as the majority might
direct.
An agent, appointed for the term of five years, was to reside at the
principal establishment on the northwest coast, and Wilson Price Hunt
was the one chosen for the first term.
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