Page:United States Statutes at Large Volume 24.djvu/206

 FORTY-SIXTH CONGRESS. Sess. I. Ch. 818. 1886. 171 Sec. 2. That no Territory of the United States now or hereafter to Nvttv subscribs, be organized, or any political or municipal corporation or sub-division "fw *° °“Y °°"P°‘ of any such Territory, shall hereafter make any subscription to the m 1°°' capital stock of any incorporated company, or company or association having corporate powers, or in any manner loan its credit to or use it for the benent of any such company or association, or borrow any money for the use of any such company or association. SEO. 3. That no law of any Territorial legislature shall authorize any In what cases debt to be contracted by or on behalf of such Territory except iu- the debts msy b¤_i¤- following cases: To meet a casual deficit in the revenues, to pay the in- f;"°d by T°“**°‘ terest upon the Territorial debt, to suppress insurrections, or to provide s' for the public defense, except that in addition to any indebtedness created for such purposes, the legislature may authorize a loan for the ‘ erection of penal, charitable or educational institutions for such Territory, if the total indebtedness of the Territory is not thereby made to Limit. exceed one per centum upon the assessed value of the taxable property in such Territory as shown by the last general assessment for taxation. _ _ And nothing in this act_shall be construed to prohibit the refunding of }l°*d,*° Pwhiblt any existing indebtedness of such Territory or of any political or mu- r° °° mg' nicipal corporation, county, or other sub-division therein. Sec. 4. That no political or municipal corporation, county, or other Limit or indebtsub division in any of the Territories of the United States shall ever {*)*]**5**** *·b¤¤1¤ ({**:5* become indebted in any manner or for any purpose to any amount in cfu},';,';:;}`: Y the aggregate, including existing indebtedness, exceeding four per ’ centum on the value of the taxable property within such corporation, county, or subdivision, to be ascertained by the last assessment for Territorial and county taxes previous to the incurring of such indebtedness; and all bonds or obligations in excess of such amount given by such corporation shall be void: That nothing in this act contained shall I‘{°*= *0 bs M10- be so construed as to affect the validity of any act of any Territorial ‘°t‘"· . legislature heretofore enacted, or of any obligations existing or contracted thereunder, nor to preclude the issuing of bonds already contracted for in pursuance of express provisions of law; nor to prevent any Territorial legislature from legalizing the acts of any county, municipal corporation, or subdivision of any territory as to any bonds - heretotbre issued or contracttd to be issued. Sec. 5. That section eighteen hundred and eighty-nine, title twenty- R. S.,sec. 1889,p. three, of the Revised Statutes of the United States be amended to read 33:* ’“"°“d°d· as follows: “ The legislative assemblies of the several Territories shall not grant (general incorpoprivate charters or special privileges, but they may, by general incor· "“*‘°“ “°‘“· poration acts, permit persons to associate themselves together as bodies corporate for mining, manufacturing, and other industrial pursuits, and _ Insurance, bankfor conducting the business of insurance, banks of discount and deposit ;?£s‘miu3y‘“' (but not of issue) loan, trust, and guarantee associations. and for the ' construction or operation of rail-roads, wagouroads, irrigating ditches, and the colonization and improvement of lands in connection therewith, or for colleges, semenaries, churches, libraries, or any other bencvoleut, charitable, or scientific association? Sec. 6. That nothing in this act cpntaimed shall dbg conlstrued tc; Povzer ngfltépgabridge the ower of Con ress to annn any aw passe y a erritoria 0* ¤,» ·· legislature, gr to modify guy existing law of Congress requiring in any m°°°“b¤dg°d case that the la s of any Territory shall be submitted to Congress. Sec. 7. That adl acts and parts of acts hereafter passed by any Ter- Acts in conflict ritorial legislature in contlict with the provisions of this act shall be *¤b° ¤¤u¤¤d*'°*d· null and void. · Approved, July 30, 1836.