Page:The Federal and state constitutions vol1.djvu/193

Rh. 2. Dues from corporations shall be secured by such individual liabilities of the corporators or other means as may be prescribed by law.

. 3. Each stockholder in any corporation shall be liable to the amount of stock held or owned by him.

. 4. The property of corporations now existing, or hereafter created, shall forever be subject to taxation the same as property of individuals, except corporations for educational and charitable purposes.

. 5. No right of way shall be appropriated to the use of any corporation, until full compensation therefor be first made in money, or secured by a deposit of money to the owner, irrespective of any benefit from any improvement proposed by such corporation; which compensation shall be ascertained by a jury of twelve men in a court of record, as shall be prescribed by law.

. 6. The General Assembly shall not have power to establish or incorporate any bank or banking company, or moneyed institution, for the purpose of issuing bills of credit or bills payable to order or bearer, except under the conditions prescribed in this Constitution.

. 7. No bank shall be established, otherwise than under a general banking law, as provided in the first section of this article.

. 8. The General Assembly may enact a general banking law, which law shall provide for the registry and countersigning by the Governor of the State of all paper credit designed to be created as money; and ample collateral security, convertible into specie, or the redemption of the same in gold or silver, shall be required, and such collateral security shall be under the control of such officer or officers as may be prescribed by law.

. 9. 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 payment.

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

. 11. 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 close its business.

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

. 13. The State shall not be a stockholder in any bank, nor shall the credit of the State ever be given or lent to any banking company, association, or corporation, except for the purpose of expediting the construction of railroads, or works of internal improvement, within the State, and the credit of the State shall, in no case, be given or lent without the approval of two-thirds of both houses of the general assembly.

. 15. All corporations shall have the right to sue and shall be subject to be sued, in all courts, in like cases as natural persons.

. 16. It shall be the duty of the General Assembly to provide for the organization of cities and incorporated towns, and to restrict their power of taxation, assessment, and contracting of debt.