Sauk Rapids frontierman. [volume] (Sauk Rapids, M.T. [i.e. Minn.]) 1855-1860, 1857-09-10


and By what INV authorized, aud also oil
all monies received, md by what author
lily, and from whom.
SEC, H. Suitable laws shall be passs
ed BY the Legislature for the safe keep
ing, transfer, and disbursement Of the
State ond School funds, and all officers
land other persons charged with the same
shall be required to give ample security
for all moneys and funds Of any kind, 10
keep an accurate entry Of each sum re !.
|ceived, and Of each payment and trans
fer, and iii any Of said officers or other
persons shall convert to lis own use in
any form, Or shall loan either with or
without interest, contrary to law, or
shall deposit in banks, or exchange for
other funds, any portion Of the funds Of
the State, every such fact shall be adj
Judged to be an einbezzlernent Of 80
much Of the State funds as shall be thus
taken, and shall be declared felony !;
and any failure to pay over OF. produce
1.-THE State or School funds intrusted 10
such persons, On demand, shall be held
and takento be pritna facie evidence Of
lsuch ernbezzlement.
4 SEC. ID. The Legislature may, by a
rItwo-thirds vote; pass a General Banking
| Law, with the following restrictions and
Requirements, viz: ss
+ First, The Legislah,re shall have nc
'lpower to pass any law sanctioning in
..iany manner, directly or indirectly, the
suspension Of specie payments BY any
IIperson, association Or corporation issu
oing bank notes Of any description.
lg Second, The Legislature shall pro
.'yide by law for the registry Of all bill:
or notes issued or put il circulation d.
elmoney, and shall require ample securit,
lin United States stock or State stocks 70
ss|the redemption ofthe same in specie
and in case of depreciation Of sail
n stocks, or any part thereof, to the amour
eIof ten per cent. or more on the dollar
1.-THE bank or banks owning said stock
I, shall be required to make up the deic
: iency by additional stocks.
h Third, The stockholders in any cor
y poration or joint association for bankin
purposes, issuing bank notes, shall b
II individually liable in an amount equal t
), double the amount of stock owned b
il Ithem for all the debts Of such corpora
e ton or association, and such individus
) liability shall continue for one year al
J. ter any transfer or sale of stock by an
'r stakeholder or stockholders.
4 Fourth, In case of the insolvency {
! lany bank or banking association, th
in billhoIders thereof shall be entitled t
], preference in payment over all othe
n lcreditors of such bank or association.
as Fifth, Any General Banking La
safwhich may be passed in accordanc
:twith this Article shall provide for RECORD
ding the names ofall stockholders in sue
al corporations, the amount OF stock he
-. by each, the time>of transfer, and b
c, whom transferred.
~ ARrfe LssfI N NrsF.-- OF Competitions Harir
y" 10 Banfing Privileges.
- Section l. The term /" Corporations - as us
in this articles shall be construed to including
sc associations aod joint stock companies having al
by Of the powers and privileges not possessed by /
RS dlviduaIs partnerships. except such as enhra
"a banking privileges and all corporations shall ha
the right to sue. and shall be liable 70 he sued
all couits in like manner as natural persons.
M Section 2. No corporation shall be formed Ii
y der special acts, except for municipal Purposes.
Of SEC. s. Each stakeholder in any corporate
s.. shall be liable to tho amount of the stock held
owned by him.
eh Sec. 4. Lands may be taken for public W.
Oh for the purpose of granting 10 any corporation
he franchise Of way for public use. In NJ cas-
mi however, a fair and equitable compensation si
~ be paid for such land, and the damages aris
v" from the taking Of the same but all corporate
'e- being common carriers, enjoying the right of "
Nil in pursuance OF the provisions Of this secti
.bt shall be boond to carry the mineral, agreultu
,te and Other productions or manufactures on eq
- :, and reasonable terms
rtv ARTICLE XII Counties and Tornship
in Section l. The Legislature may, from time
thine, establish and organize new counties, but
~ new county shall contain less than four hund
the square miles; nor shall any county be .redu
ant below that amount and all laws changing cou
ues in counties already organized, or for rem
,|s ing county seats, shall, before taking effect,
submitted to the electors Of the county or Co
ap- ties to be effected thereby, at the next gen
lch election after the passage thereof, and be adoE
by a majority Of such electors. Counties
the established may be. enlarged, but not redu
\ below four hundred (40o)square miles.
:, Sec. q The Legislature may organize
ess city into separate county when ii has attain
ter population oftwenty thousand inhabitants, witt
the reference 10 geographical extent, when maze
!, iii Of the electors Of the county in which such
al may be situated, voting hsrcon, shallbe in f
' ~ Loo separate organization.
'eg- Sec. 8. Laws may he passed providing fol
abylorganizatipn, for municipal andss other t
purposes, ofany Congressional or fractional IL
sshipsin the several counties Id the State, PROV
't, All, that when township is divided by county Il
adelpr loes not contain one hundred inhabitant