The Elk County advocate. [volume] (Ridgway, Pa.) 1868-1883, 1873-11-20
ARTICLE XVI.
PRIVATE CORPORATIONS.

SECTlON L. All existing charters, or
grants of special or exclusive privileges
under which bona ide organization
shall not have taken place and business
been commenced in good faith at the
time of the adoption of this constitution,
shall thereafter have no validity.
Sec 2. The General Asse emblY shall
not remit the forfeiture of the charter of
any corporation now existing, or alter or
amend the same, or pass any other gen
eral or special law for the benefit of such
corporation, except on the condition that
such corporation shall thereafter hold is
charter subject to the provision of this
constitution.
SEQ 3. The exercise of the right Of
eminent domain shall never be abridged
or so constructed as to prevent the Gen
eral Assembly from taking the property
and franchises ofincorporated companies,
ard subjocting them to public use, the
same as the property Of individuals; and
the exercise of the police power of the
State shall never be abridged or so con-
structed as to permit corporations to con-
duct the business in such manner as
to infringe the equal rights Of individuals
or the general well being Of the State.
SEC 4. In all elections for directors
or managers OF a corporation each men,
ber or shareholder, may cast the whole
number of his votes for one candidates,
or distribute them upon two or more
candidates as he may prefer.
SEC 5. No foreign corporation shall
do any business in this State without
having one or more knowneplaces Of
business, and an authorized agent or
agents in the same, upon whom process
may be served.
Sec 6. No corporation shall engage
in any business other than that expressly
authorized in its charter, nor shall il
take or hold any real estate, except such
as may be necessary and proper for its
legitimate business.
SEC 7. No corporation shall issue
stocks OF bonds except for money, labor
done, or money or property actually re-
ceived; and all fctitions increase of stock
or indebtedness shall be void; the stock
and Indebtedness Of corporations shal
not he increased except in pursuance oi
general law, nor without the cousent Of
the persons holding the larger amoun
in value of the stock first obtained at ;
meeting to be held after sixty days no
tice given in puruance Of law.
SEC 8. Municipal and other corpor
ations and individuals invested with th'
privilege of taking private property fo
public use shall make just compensation
for property taken, injured or destroyed
by the construction or enlargement 0
their works, highways, or Improvements
which compensation shall be paid or Sc
cured before such taking, injury or de
struction. The General Assembly
hereby prohibited from depriving an
person OF an appeal from any preliminar
assessment Of damages against any sucl
corporations or individuals, made b
viewers or otherwise; and the amount Q
such damages, in all cases of appea
shall, on the demand of either party, b
determined by jury according to tn
course of the common law.
Sec 8, Every banking law shall pre-
vide for the registry and countersignin
by an officer OF the State, of all notes G
bills designed for circulation, and tht
f ample security to the full amount therec
shall be deposited with the Auditor Gel
eral for the redemption Of such notes o
/. bills.