ART. III.] CONSTITUTION. 41
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SEC. 48. Corporations may be formed under general laws; |
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but shall not be created by special act, except for municipal
purposes, and except in cases where no general laws exist,
providing for the creation of corporations of the same gen-
eral character, as the corporation proposed to be created;
and any act of incorporation passed in violation of this sec-
tion shall be void. And as soon as practicable, after the
adoption of this Constitution, it shall be the duty of the
Governor to appoint three persons learned in the law, whose
duty it shall be to prepare drafts of general laws, providing
for the creation of corporations, in such cases as may be
proper, and for all other cases, where a general law can be
made; and for revising and amending, so far as may be nec-
essary or expedient, the general laws which may be in ex-
istence on the first day of June, eighteen hundred and sixty-
seven, providing for the creation of corporations, and for
other purposes; and such drafts of laws shall by said com-
missioners, be submitted to the General Assembly, at its
first meeting, for its action thereon; and each of said com-
missioners shall receive a compensation of five hundred dol-
lars for his services, as such commissioner.
All Charters granted or adopted in pursuance of this sec-
tion, and all Charters heretofore granted and created, sub-
ject to repeal or modification, may be altered, from time to
time, or be repealed; provided, nothing herein contained
shall be construed to extend to banks, or the incorporation
thereof.
[SEC. 48. Corporations may be formed under general |
Corporations. |
laws, but shall not be created by special act, except for
municipal purposes and except in cases where no general
laws exist, providing for the creation of corporations of the
same general character as the corporation proposed to be
created, and any act of incorporation passed in violation of
this section shall be void; all charters granted or adopted in
pursuance of this section, and all charters heretofore granted
and created subject to repeal or modification, may be altered
from time to time, or be repealed; provided, nothing herein
contained shall be construed to extend to banks or the incor-
poration thereof; the General Assembly shall not alter or
amend the charter of any corporation existing at the time
of the adoption of this Article, or pass any other general
or special law for the benefit of such corporation except
upon the condition that such corporation shall surrender
all claim to exemption from taxation or from the repeal or
modification of its charter, and that such corporation shall
thereafter hold its charter subject to the provisions of this
Constitution; and any corporation chartered by this State |
Corporations. |
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