ART. III.] CONSTITUTION. 41
SEC. 48. Corporations may be formed under general 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. 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 pre-
pare drafts of general laws, providing for the creation of cor-
porations, 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 necessary or expedient, the gen-
eral laws which may be in existence 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 commissioners, be submitted to the General
Assembly, at its first meeting, for its action thereon; and each
of said commissioners shall receive a compensation of five
hundred dollars for his services, as such commissioner.
All Charters granted or adopted in pursuance of this sec-
tion, 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or be repealed; provided, nothing herein contained shall be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 incorporation thereof.
[SEC. 48. Corporations may be formed under general laws, |
Corporations. |
but shall not be created by special act, except for municipal
purposes and except in cases where no general laws exist, pro-
viding 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 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time, or be repealed; provided, nothing herein contained shall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;
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 bene-
fit of such corporation except upon the condition that such
corporation shall surrender all claim to exemption from taxa-
tion 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 char-
tered by this State which shall accept, use, enjoy or in any |
Corporations.
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