Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1872-03-19
gglrlt Of Nffersqll.
Gharlestown, W. Va, March 49,. 10. !.
CONSTITUTIONAL CONVENTION,

CONSTITUTIONAL CONVENTION.
Report Of the Committee on Taxation
and Finance, Corporation and Edu-
cation, on the Subject of Corpora
tions.
The Committee on Taxation and Finance,
Corporations and Education to whom were re-
ferred various resolutions relating to corpo.
rations, have had the same and the general
subject to which they refer, under considera-
tion and beg leave to make thereon the fol-
lowing report
ARTICLE. CORPORATIONS.
1. The Legislature shall provide for the
organization of all corporations hereafter to
be created, by general laws, uniform as to the
class to which they relate; but no corpora>
tion shall be created by special laws, or its
charter extended, changed or amended, ex,
cept those for charitable, educational penal
or retormatory purposes which are to be and
remain under the patronage and control of
the State.
2. The stockholders of all corporations.
and joint stok companies, except banks and
banking institutions, created by the laws of
this State, shall be liable for the indebtedness
of such corporation to the amount of their
stock subscribed and unpaid, and no more.
3. All.existing charters or grants of special
| or exclusive privileges, under which organi-
cation shall not have taken place, or which
shall not have been in operation within one
year from the time this Constitution takes ef
feet. shall thereafter have no validity or effect
whatever.
4. The Legislature shall provide, by law,
that In all elections for directors or managers
of Incorporated companies, every stockhoIder
shall have the right to vote, in person or by
proxy, for the number of shares of stock
owned by him, for as many persons as there
arc directors or managers to be elected, or to
cumulate said 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
tho same principle among as many candidates
as he shall think fit and such directors or
managers shall not be elected in any other
| manner.
5. No law shall be passed by the Legislature
granting. the right to construct and operate a
street railroad within any city, town or in>
corporated village, without requiring the con.
sent of the local authorities having the con-
troll of the street or highway proposed to be
| occupied by such street railroad
BANKS.
6. The Legislature may provide, by gen.
eral banking law, for the creation and ergani-
zation OF banks of issue or circulation, but
the stockholders of any bank authorized by
laws of this State, whether of issue, deposit
or discount, shall bo personally liable to the
creditors thereof, over aud above the amount
of stock held by them respectively, to an
amount equal to their respective shares, so
held, for all its liabilities accruing while they
are such stockholders.
RAILROADS.
Z. Every railroad corporation organized or
doing business in this State shall annually.
by their proper officers, make report, under
oath, to the auditor of public accounts, or
some officer to be designated by law, setting
forth the condition of their affairs, the OPP
erations of the year, and such other matters
relating to railroads as may he prescribed by
law. The Legislature shall pass laws en-
forcing by suitable penalties the provisions of
this section, and may require that all
such corporations afall have aud maintain
public Office or place in this State, where
transfers of stock may be made, and in which
shall be kept, for public inspection, books in
which shall be recorded such matters relating
to stock, stockholders, aud transfers of stock.
assets, liabilities and affairs as the Legislature
shall, by law, prescribe.
s. The rolling stock, and all other movable
property belonging to any railroad company
or corporation in this State, shall be con-
sidered personal property, and shall be liable
to execution and sale in the same manner as
the personal property of individuals, and the
Legislature shall pass no law exempting any
such property from execution and sale.
8. Railroads heretofore constructed, or that
may hereafter be constructed in this State, are
hereby declared public highways, and shall be
free to all persons for the transportation of
theirp persons and property thereon, under such
regulations shall be prescribed bylaw and
the Legislature shall, from time to time, pass
laws applicable to all railroad corporations in
the State, establishing reasonable maximum
rates of charges for the transportation of
passengers and freights, and providing for tho
correction of abuses, the prevention of unjust
discrimination between through and local
freight and passengers tariffs, and shall en-
force such laws by adequate penalties.
10. 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
Legislature, of the property and franchises of
incorporated companies already organized, and
subjecting them to the public necessity the
ssame as of individuals.
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