The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1870-05-28

say corporation or joint stock company, or assoca
tiOa for baking purposes, nov created, or to be
hereafter created. No act of the general assembly
| authorship or creating corporations or assoca-
tons, Sith banking powers, whether OF issue, de-
post OF discount, nor amendments thereto, shall
ge into effect in anv manner be in force unless
the same shall be submitted to vote Of the people
at the general election next succeeding the
OF the same. and be approved by majority OF all
the votes cast at such election for or against such
law.
SEC. 6. Every stockhslder in banking corpora
ton or institution. shall be individually RESPONSE
BILE and liable to its creditors over and above the
amount Of stock BY Linn or her held to an amount
equal to his or her respective shares SO held, for
all its liabilities accruing while he or she remains
such stakeholder.
SEC Z. The suspension of specie payments by
banking institutions. on their circulation, 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 full and
accurate quarterly statement Of its affairs (Which
shall be certified to, under OATH by or more Of
its oticers), as may be provided by law.
SIC. s. If Il general banking law shall be enact.
ed, it shall provide for the registry and counter.
signing. by officer Of state of all hills or payer
credit, designed to circulate money and require
security to the full amount thereof to be de POSI-
ted with the state treasurer, in United States or
Illinois State stocks, to be rated at ten per cent
below their par value and in case of the depre-
citation of said stocks TO the of ten per cent
below par, the bank or banks owning said stocks
shall be required to make up said deficiency by de-
posting additional stocks And SAID law shall also
holders in such corporations, the amount Of stock
held by EACH the time Of any transfer thereof and
to whom such transfer is made
|1u 'sr. ..r, RAILROADS.
SEC. 9. Every railroad corporation organized or
doing business in this state, under the laws or
.-or. Il 4
office place in this state for the transaction of
its business where transfers Of its stock shall be
made and in which shalt be kept, for public inspec
tiOn books. in which shalt be recorded the amount
OF capital stock subscribed, 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 said stock
the amounts of its liabilities, and the names and
place OF residence OF its officers. The directors of
every railroad corporation shall annually make a
report. under oath, 10 the auditor of public &C.
counts, or some officer to be designated by law of
all their acts and doings, which report shall in
ciude such matters relating to railroads as may be
shall pass laws enforcing by suitable penalties 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
personal properly, and shall be liable to execution
and sale in the same manner as the personal prop.
erty OF individuals and the general assembly shall
pass no law exempting any such property from ex-
ecutiOn and sale.
date its stock, property or franchises with any
other railroad corporation owning a parallel or
competing line; and in shall any consolida.
ten take place except upon public notice given, of
at least sixty days, to- all stockholders in such
manner as may be provided by law. majority of
the directors Of any railroad corporation now in.
c0rpsrated or hereafter TO be Incorporated bv the
laws of this state shall be citizens and residents of
this state. "-
SIC. ~. Railroads heretofore constructed or
that may hereafter be constructed in this state are
hereby dec AIRED public highways and shall be free
to all persons for the transportation of their per.
sons and property thereon, under such regulations
as may be prescribed by law And the general
assembly shall from time to time pass laws estab.
llshing reasonable maximum rates of charges for
the transportation OF passengers and freight on
the different railroads in this state.
SEc l3 No railroad corporation sh all issue any
stock or bonds, except for money, labor or prop
erty actually received and applied to the purposes
for which such corporation was created; and all
stock dividends, and other fictitious increase of
the capital stock or Indebtedness of any such cor
railroad corporation shall be increased for any pur
pose. except upon giving sixty days public nstice,
IN such manner as may he provided by law.
SIC. IA. The exercise of the power and the right
OF eminent domain shall never be so construed or
abridged as TO prevent the taking By the general
assembly, OF the property and franchises OF incor
porated companies already organized, and subject.
ing them to the public necessity the same as OF in.
divduals. The right Of trial by jury shall be held
inviOate in all trials of claims for conversation
when, IN the exercise of the said right of eminent
domain, any Incorporated company shall be inter.
ested either for or against the exercise of said
right
SIC. IS. The general assembly shall pass laws
to correct abuses and prevent unjust discrimina.
ton and extorton in the rates of freight and pass
enger tariffs on the different railroads in this stale
and enforce such laws by adequate penalties to the
extent If necessary for that purpose, of forfeiture
OF their property and franchises.
ARTICLE XII.
MILITIA.
SEC. /. The militia of the State of Illinois shall
consist Of all able-boded male persons, resident in
the state, between the ages of eighteen and forty.
tive, except such persons ~ now are or here after
may be exempted by the laws Of the United States,
or of this state,
SEC. 9. The general assembly in providing for
the organization, equipment and discipline of the
militia, shall conform as nearly practicable to
the regulations for the government Of the armies
the United States.
SIC. 8. All militia officers shall be commission
ed by the Governor, and may hold their commits.
sons for such time as the general assembly may
provide.
SEC. 4. The militia shall in all cases, except
treason felony breach Of the peace be privlleg-
ed from arrest during their attendance at musters
and elections, and going to and returning from the
same.
Sec S. The military records banners and relics
OF the state, shall be preserved as an enduring
memorial Of the patriotism and valor of IIneis,
and it shall be the duty Of the general assembly to
provide by law for the safe keeping Of the same.
SEC i. NopersoD having conscientious scruples
against bearing arms, shall be compelled to do
militia duty in time OF peace Provided, such per.
san shall pay an equivalent for such exemption
ARTICLE XIII.
WAREHOUSES.