The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1872-03-09
THE CONVENTION.
Report OF the Committee on Taxa.
ton and Finance, Corporations
and Education, ON the Subject Of


Finance, Corporations and Education,
to whom were referred various resolu-
tons relating to corporations, have had
the same and the general subject 10
which they refer, under consideration
and beg leave to make thereon the fol-
lowing report
ARTICLE. CORPORATIONS.
|. The Legislature shall provide for
the organization OF all corporations
hereafter to be created, by general laws,
uniform as to the class 10 which they
relate; but no corporation shall be
created by special laws, or its charter
extended, changed or amended, except
those tor charitable, educational, penal
or reiormstory purposes, which are to
be and remain under the patronage
and control OF the State.
>. The stockholders OF all corpora.
tons, AMI joint stock companies, except
banks aud banking Institutions, created
hv the laws OF this State, shall be liza
bic Tor the Indebtedness Of such cor
poration to the amount Of their stock
subscribed and unpaid, and no more.
3. All existing charters or grants o.
special or exclusive privileges, under
which organization shall not have
taken place, or which shall not have
been in operation within one year from
the time this Constitution takes effect,
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 stockholder shall have the right
to vote, in person or 10y 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 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 the same prnciple
among as many candidates as he shall
think fit; and such directors or man.
arcrS shall not he elected in any other
manner
5. No law shall lie passed by the
Legislature granting the right 10 con.
strurt and operate a street railroad
within any CITY. town or incorporated
village, without requiring the consent
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 a
general banking law, for the creation
and organization Of banks of issue or
circulat on, but the stockholders OF any
bank authorized by laws OF this State,
whether of issue, deposit or discount,
shall be personally liable to the cred
itors thereof, over and above the
amount Of stock held by them respec-
lively, 10 an amount equal to their
respective shares, so held, for all its
liabilities accruing while they are such
stockholders.
RAILROADS.
:. Every railroad corporation orcan-
lied or doing business in this State saall
annually, by their proper officers, make
a report, under oath, TO the auditor OF
public accounts, or some officer u be
designated by law, setting forth the
condition O. their affairs, the operations
OF the year, and such other matters re-
lating to railroads as may be prescribed
bv law. The legislature shall pass
laws enforcing by suitable penalties the
provisions OF this section, and may re.
quire that all such corporations shall
have and maintain public office or
place in this State, where transfers OF
stock NAV be made, and in which shall
be kept, for public inspection, books in
which shall be recorded such matters
relating to stock, stockholders, ard
transfers of stock, assets, liabilities and
atflirs as the Legislature shall, 10y law,
prescribe.
:. The rolling stock, and all other
movable property belonging to any
railroad company or corporation in this
State, shall be considered personal pro-
perty, 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 ex-
empting any such property from execu.
ton ana sale
9. Railroads heretofore Constructed,
or that may hereafter be constructed in
this State, are hereby declared public
highways, and shall be free to all per-
sons for the transportation OF their
persons and property thereon, under
such regulations as shall be prescribed
by law; 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 freiyhts, and providing
for the correction Of abuses, the proven
ton o; unjust discrimination between
through and local freight and passen.
gers tariffs, and shall enforce such laws
by adequate penalties.
TO- The exercise OF the power and
the right of eminent domain shall never
be so construed or abridged as to pre-.
vent the taking, by the Legislature, Of
the property and franchises of incorpo-
rated companies already organized, and
suhiecting them to the public necessity
the same as OF individuals.
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