John Blankenbaker's Germanna History Notes

Note 506

On the 18th of May 1710, a business contract was concluded between Frantz Ludwig Michel and Christopher von Graffenried on the one part and George Ritter, Peter Isot, Albrecht von Graffenried, Johann Anthoni Jaersing, Samuel Hopf, Emanuel Kilchberger.  This was done in London and the last four people were not present.

The Contract:

  1. The basis is one hundred and seventeen thousand five hundred acres of land lying in North Carolina purchased from the proprietors of Carolina.  Included in this was twelve hundred and fifty acres of land purchased of Mr. Lawson.
  2. There is also the concession in Virginia obtained from the Queen of Great Britain.
  3. We are the board of directors.
  4. Frantz L. Michel puts in all minerals he has found and will yet find.
  5. The name of the Society is George Ritter and Company.  All papers, writings, letters, and obligations will be signed by this name; the Society will have its own seal; only those individuals empowered by the Society may sign on behalf of the Society.
  6. The capital will consist of seven thousand two hundred pounds sterling to pay for the land above, to support the Palatines and Swiss colonies, to support the trade and mining operations.
  7. There are to be to be twenty-four shares, each valued at three hundred pounds sterling.
  8. No one is to possess more than one share for himself.  Two or three people may jointly own one share.  If shares remain after three years, those who have a share may take another.
  9. Decisions of the Society will be by majority vote.  Each shareowner is to have one vote regardless of the number of shares he owns.  A fractional share owner cannot be a director and have a vote.
  10. Each person may go to Carolina or Virginia and remain in the Fatherland.  He may appoint a deputy but the deputy cannot be elected a director.
  11. The shares are transferrable except that they cannot go to a Papist.
  12. Every share holder is to a place in the city to be built in Carolina and can have five hundred acres in Virginia.
  13. Mr. Michel contributes the mines in Pennsylvania to the Society.  The profits of the first three years of these mines will go to Mr. Michel.  In the fourth year, Mr. Ritter and Mr. von Graffenried will be reimbursed for their expenses.  After that, for seventeen years, the profits go to the Society.
  14. For the contribution of the mine and his labor, Mr. Michel is to receive one share but he is to pay back the funds which the Society has advanced to him.
  15. Mr. Christoph von Graffenried is to receive one share for the five thousand acres of land in Carolina that he purchased and for his expenses with the Palatines and others.
  16. Mr. George Ritter will receive a share for his expenses.
  17. It is not allowed to anyone to take up land in North Carolina on his own account except as named in article 12; all land is to be taken up on the account of the Society.

We gratefully acknowledge the work of John Blankenbaker who published over 2,500 Germanna History Notes via the Germanna-L@rootsweb.com email list from 1997 to 2008. We are equally thankful to George Durman (Sgt. George) for hosting the list and republishing the notes via rootsweb.com.