The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1870-05-27
ARTICLE XI.
CORPORA TIoSs.

BY special laws, or us ehaise' oA'e"ueo'
changed or amended, except those Tor char
;,.hIs. educational. penal reforma,ory pur
noses. which are TO be and remain under the !
patronage and control of the state, but the |
General Assembly shall provide, by general
laws for the organization of all corporations
hereafter to be created.
SEC 2. All existing charters or grants of
special or exclusive privileges, under VII oh
organization shall not have taken place, or
which shall not have been in operation
within ten days from the time this constitu
ton takes effect, shall thereafter have no
validity or effect whatever
SEC. g. The General Assembly shall pro
vide, by Law, that in all elections for direc
tors or managers of Incorporated companies,
every s,ockholder shall have the right to
vote. in person or by proxy. for the number
of shares of stock owned by him, tor as
many persons as there are directors or
managers to be elected, or to cumulste ssid
shares. and give one candidate as many
votes as the number Of directors, multiplied
by the number of his shares of stock, shall
equal, or to distribute them on the same
principle among as many candidates as he
shall think fit: and such directors or
managers shall not be elected in any other
manner.
SEC. t. No law shall be passed by the
General Assembly, granting the right 60
construct and operate q street railroad with
in any city, town OF incorporated village,
without requiring the consent Of the local
authorities having the control of the street
or highway proposed TO be occupied by such
street railroad
BANKS.
SEC. 5. No state bank shall hereafter be
created, nor shall the state own or be liable
Tor any stock In any corporation or Joint
stock company, or association for banking
purposes, now created, or to be hereafter
created. No act of the General Assembly
authorizing or creating corporations or as
s,ciatIoas with banking powers, whether of
issue, deposit or discount, nor amendments
thereto, shall 90 into effect IN any manner
be 10 force. unless the same shall be submit
ted q vote of the people at the general cleo
ton next succeeding the passage of the same
and be approved BY q majority of all the
votes cast q. such election for or against
such law.
SEC. +. Every stakeholder in e banking
corporation or institution, shall be individ
usly responsible and liable to its creditors
over and above the amount of stock by him
or her hsid, TO al amount equal TO his
her respective shares so hel1, for all its LA
oiites according while he or she remains
such holder.
SEC, I. The suspension of specie pay
meuts by banking institutions, on their cir
culstion created by the laws OF this state,
shall never be permitted or sanctioned.
Every banking association, now or which
may hereafter be organized under the laws
of this state, shall make and publish bill
and accurate quarterly statement OF its af-
fairs which snail be certified TO. under oath
by one more of its oficersl, may be
provided BY law.
SIC. 8. Ii q general banking law shall be
enacted it shall provide for the registry and
countersgning, by an officer of State, OF all
bills or paper credit, designed to circulate as
money, aud require security, to the full
amount thereof. to be deposited with the
State Treasurer, in L nited States or Illinoi.
state stocks, TO be rated a, ten per cent below
their par value; and in case of tn; deprecis
ton of said stocks to the amount of ten per
cent below pr, the bank or banks owning
said stocks shall be required to make up said
deficiency. by deposi,ing additional stocks
And said law shall also provide for the re
cording OF the names of all stockholders in
such corporations. the amount of stock
held By each, tbs time of any transfer there,
of, and 10 whom such transfer is made.
RAILROADS.
Sec. 9. Every railroad corporation organized
or doing business in this state. under the laws or
authority thereof, shall have and maintain a pub
lie Office place in this state tor the transaction
of its business where transfers of stock shall be
made and in which shall be kept, for public 10
rpectIOn, books, in which shall be recorded the
amount OF ca pitai stock subser oed, and by whom
the names of the owners of its stock, and the
amounts owned By them respectively the amount
Of stock paid in and by whom the transfers of
sad stock the amount of its assets and liabili-
.hn H-pn nj
Officers. The directors of every railroad corpo-
ration shall annually make a report, under oath,
to the auditor of public accounts, or some officer
TO be designated by law, of al their acts ana
doings, which report shall include such matters
relating to railroads may be prescribed by
law. And the General Assembly shall pass laws
enforcing, by suia ole penalty, the provisions Of
this section.
SEC 10. The rolling stock, and all other move
able property belonging to any railroad company
or corporation in this state, shall be considered
persona property and shall be liable to execution
aud sale IN the same manner as the personal
property Of individuals. and the General Assem-
oi! shaa pass 40 law exempting any such prop
crty from execution or sale.
SEC. / /. No railroad curnnrstior shall con soIi-
date LIE STOCK, property or franchises with any
otIer railroad corporation owning a parallel or
competing line; and IN no shall 40 consol-
idation take place except upon public n ,tice
given, of at least sixty days, to ali stockholders
in sush manner as may be provided by law A
majority o the dir ectors of auy railroad CORPORA
too now incorporated or hereafter to be in
corpo ated by the laws OF this state, shall be cit
liens and residents of this state.
SEC IL. Railways heretofore constructed or
that NAV hereafter be ntructed in this state
hereby declared pub ie highways. and shall be
free all pers ms for the ia ton of their
persons and pro perty thereon under such regu!a
tons may be prescribed by law. And the
General Assembly shall. from time to time pass
AVS establishing res onaole maximum RAJ s oil
charges Tor the transportation of passengers
aud freight on the different railroads in this
state.
Sec Is. No railroad corporation shall issu
any tex or bonds, except Tor money labor or
property actually received aud applied to the
pu p 'se tor which such corporation was c,eated /.
and AL stock div nds aad other 6et;,iar. !, ,
crease OF the capitol stock indebtedness If
any such corporation shall be void The c.ri
tai stock of no railroad corporation shall he r.
creased Tor any purpose, except upon irwin,
sixty days public notice. in such manner A. NAV
be provided by law.
SEC. Ia. Tbs exercise of the power and thu
right of eminent domain shall never be 40 con.
strued or abridged prevent the t.kin, h,
the General Assembly, of the property and f,.n
chises af incorporated companies aIroadv nv
ganizsd, and subjeoting them to the public ne
csssity the same as of individuals. The rich
of trial by jury shall be held inviolate in al
trials of claims for compensation, when, in tn
exercise of the said right Of eminent dom ain
an any incorporated company shall be intersste
either for or against the exercise of said light
SEC. IS. Ths Gsneral Assembly shall pas
laws to correct abuses aud prevent unjust dis
er'm'uation aud extortion 10 the rates of freigt
ssa ps'ssagsrs tssids On the different ssilsesd