History of Washington, D.C.
Georgetown was established in 1751 when the Maryland legislature purchased sixty acres of land for the town from George Gordon and George Beall at the price of £280, while Alexandria, Virginia was founded in 1749. Situated on the fall line, Georgetown was the farthest point upstream to which oceangoing boats could navigate the Potomac River. The strong flow of the Potomac kept a navigable channel clear year-round; and, the daily tidal lift of the Chesapeake Bay, raised the Potomac's elevation in its lower reach; such that fully laden ocean-going ships could navigate easily, all the way to the Bay. Gordon had constructed a tobacco inspection house along the Potomac in approximately 1745. Warehouses, wharves, and other buildings were added, and the settlement rapidly grew. The Old Stone House, located in Georgetown, was built in 1765 and is the oldest standing building in the District. It did not take long before Georgetown grew into a thriving port, facilitating trade and shipments of tobacco and other goods from colonial Maryland. With the economic and population growth of Georgetown came also the founding of Georgetown University in 1789, at its founding drawing students from as far away as the West Indies.
President and Directors of Georgetown College
The President and Directors of Georgetown College is the governing body of Georgetown University in Washington, D.C. In contrast to the Board of Regents and the Board of Governors, which serve advancement and alumni affairs functions, respectively, as well as advisory roles to the President, the President and Directors of Georgetown College is the legal entity of the incorporated Georgetown University. The authority of the body is enumerated in the March 1, 1815 federal charter of Georgetown University passed by the Thirteenth United States Congress and signed by President James Madison. The corporate charter of the University was amended by "An Act to Incorporate Georgetown College in the District of Columbia" in 1844. The legal name of the University was clarified by Public Law 89-631 passed by the 89th Congress and signed by President Lyndon Johnson on October 4, 1966, which authorized the institution to operate under the style of "Georgetown University" and permitted the University to exercise the powers granted to nonprofit corporations under the "District of Columbia Nonprofit Corporation Act" of 1962.