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Article XIII | Corporations

 
 
 
Section
Article XIII, Section 1 | Special acts conferring corporate powers; prohibited
 

The General Assembly shall pass no special act conferring corporate powers.

Article XIII, Section 2 | Corporations, how formed
 

Corporations may be formed under general laws; but all such laws may, from time to time, be altered or repealed. Corporations may be classified and there may be conferred upon proper boards, commissions or officers, such supervisory and regulatory powers over their organization, business and issue and sale of stocks and securities, and over the business and sale of the stocks and securities of foreign corporations and joint stock companies in this state, as may be prescribed by law. Laws may be passed regulating the sale and conveyance of other personal property, whether owned by a corporation, joint stock company or individual.

Article XIII, Section 3 | Liability of stockholders for unpaid subscriptions; dues from corporations; how secured; inspection of private banks
 

Dues from private corporations shall be secured by such means as may be prescribed by law, but in no case shall any stockholder be individually liable otherwise than for the unpaid stock owned by him or her. No corporation not organized under the laws of this state, or of the United States, or person, partnership or association shall use the word "bank," "banker" or "banking," or words of similar meaning in any foreign language, as a designation or name under which business may be conducted in this state unless such corporation, person, partnership or association shall submit to inspection, examination and regulation as may hereafter be provided by the laws of this state.

Article XIII, Section 4 | Corporate property subject to taxation
 

The property of corporations, now existing or hereafter created, shall forever be subject to taxation, the same as the property of individuals.

Article XIII, Section 5 | Corporate power of eminent domain to obtain rights of way; procedure; jury trial
 

No right of way shall be appropriated to the use of any corporation, until full compensation therefor be first made in money or first 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.

Article XIII, Section 6 | Organization of cities, etc.
 

The General Assembly shall provide for the organization of cities, and incorporated villages, by general laws, and restrict their power of taxation, assessment, borrowing money, contracting debts and loaning their credit, so as to prevent the abuse of such power.

Article XIII, Section 7 | Acts authorizing associations with banking powers; referendum
 

No act of the General Assembly, authorizing associations with banking powers, shall take effect until it shall be submitted to the people, at the general election next succeeding the passage thereof, and be approved by a majority of all the electors, voting at such election.