The weekly Placer herald., 1853-03-05


in reference to corporations other thar,
those of Banks.
The following States, to wit: Maine,
New Hampshire, Vermont, Massachu,
setts, Rhode Island, Connecticut, New
Jersey, Pennsylvania, North and South
Carolina, Georgia, Mississippi and Ken:
tucky, has no constitutional provision on
the subject of corporations.
The New York Constitution prohibits
special corporations except for muncpal
purposes, and in cases where in the i,dg:
ment of the Legislature the objects of the
corporation cannot be attained under gem
eral laws. Individual liability of G0rpo,-
rators is left with the Legislature. Stock.
holders in the Banks are made indiyidn.
ally responsible for an amount equal 70
their stock.
In Delaware, except for the renewal Of
existing corporations, a concurrence of
two-thirds of each branch of the Legisla-
ture Is required to create a special cor
poration, and power of revocation reserv..
ed; and except in cases of public imprve-
ment, there is limitation to 90 wears, with
power of renewal.
hi Maryland, Bank corporators arc
liable TO the amount of their respective
shares, with similar provision with the
New York Constitution in relation TO
general and special corporations.
In Virginia, no restrictions except as to'
religious denominations, general powers
being left with the Legislature. ..-
In Florida the restrictions are confined
to Banks, the constitution requiring q.
two-thirds assent, and limit of twenty
years, without power of renewal or ex
tppciop Individual roSpopSihil;tv
whole debts of the Bank.
In Alabama, Banks are alone provided
for. The individual liability is in propor-
tion to the stock holden therein.
In Louisiana, corporate bodies for Bank
Ing purposes are prohibited, and all spe-'
cial corporations, except for municipal
purposes, a general law being required,
no individual responsibility.
In Tennessee, legislative powers re-
stricted to general corporate laws, Except
when the Legislature may deem it ex-
pedient for the public good.
In Ohio, only general laws are allowed,
which NAV be altered or repealed from
time to- time. Stockholders are indivdu-
ally Fable, over and above the amount of
stock owned, to sum at least equal to
the stock owned. Banking charters must
first be submitted to the people.
In Indiana, restrictions confined TO
Banks, except so far as general law is
concerned, and no individual responsible
ty attaches, except as may be pI divided by
law.
In Illinois, general laws, except where's
in the opinion Of the Legislature, the gen.
eral good requires special acts. The lia-
blity of corporators, not banking, may be
fixed by Legislature. In case of Banks
question must be submitted to the peop e.
and individual liability is fixed to the
extent of the stock owned.
In Michigan, the stockholder of all cor
poratlons and Joint stock associations ara
Liable for la5or perorm,.ed aqd rl,ist nat, BE-
ton, except for railroads, plank roads andA
canals, to thirty years.
In Missouri all powers for granting IN
corporations for Banks, is denied the Leg
islature, and in every case of private cor
porations, except for education and chari-
ty, the stockholders are responsible, in
their individual and private capacity, for
all debts and liabilities incurred by such
corporation.
In Arkansas the only restriction is con-
fning the Legislature to the incorporation
of two Banks.
In Texas no banking privileges are al
lowed, the private corporations require
two-thirds legislative vote. No indvidu-'
al liability for stockholders.
In Iowa, banking corporations pro-
hibited, and others created under general
laws, except for municipal or political
purposes, when stockholders may be made
liable as provided by law
In Wisconsin,, general law, except for
municipal corporations, and in such cases
where the end cannot be attained other
wise than by special legislation. Banks
may be voted by the people and no in
divdual liability prescribed.
In California only generel corporations
except for municipal purposes, are allow
ed, and all banks prohibited. AS the
wording of the liability clause is peculiar,
we quote it:
"Each stockholder of corporation, or
joint stock association, shall be individui
ally and personally liable for has propor-
tioa, of all It's debts and liabitities' -
What ''his proportion" is, we are un-
able to say.