Page:The Federal and state constitutions v2.djvu/556

Rh electors voting at such election shall adopt such amendments the same shall become a part of the constitution.

When more than one amendment is submitted at the same time, they shall be so submitted as to enable the electors to vote upon each amendment separately.

No convention for the formation of a new constitution shall be called, and no amendment to the constitution shall be by the general assembly made, before the year 1805, nor more than once in five years thereafter.

No banks shall be established otherwise than under a general banking-law.

If the general assembly shall enact a general banking-law, such law shall provide for the registry and countersigning by the auditor of state of all paper-credit designed to be circulated as money, with ample collateral security, readily convertible into specie, for the redemption of the same in gold or silver as shall be required, which collateral security shall be under the control of the proper officer or officers of state. Such law shall restrict the aggregate amount of all paper-credit to be circulated as money, and the aggregate amount to be put in circulation in any one year, and no note issued under the provision of this section shall be of a less denomination than ten dollars.

The stockholders in every bank or banking company shall be individually liable, to an amount over and above their stock equal to their respective shares of stock, for all debts and liabilities of said bank or banking company.

All bills or notes issued as money shall be at all times redeemable in gold or silver; and no law shall be passed sanctioning, directly or indirectly, the suspension, by any bank or banking company, of specie payments.

Holders of bank-notes shall be entitled, in case of insolvency, to preference of specie payment over all other creditors.

No bank shall receive, directly or indirectly, a greater rate of interest than shall be allowed by law to individuals loaning money.

Every bank or banking company shall be required to cease all banking operations within twenty years from the time of its organization, and promptly thereafter to close its business.

The State shall not be a stockholder in any bank or banking institution.

All banks shall be required to keep officers and proper offices for the issue and redemption of their paper, at some accessible and convenient point within the State.

The said banking-law shall contain a provision reserving the power to alter, amend, or repeal said law.

At the time of submitting this constitution to the electors for their approval or disapproval, the articles numbered, in relation to a general banking-law, shall be submitted as a distinct proposition, in the following form: General banking-law—yes or no; and if a majority of the votes cast shall be in favor of said article, then the same shall form a part of this constitution; otherwise it shall be void and form no part thereof.