The Vinton record. [volume] (M'arthur, Vinton County, Ohio) 1866-1891, 1874-07-30
ARTICLE XII.
PRIvArE CORPORATIONS.

SEC. l. The general assembly shall pass nj
special act comforting corporate powers.
SEC. 2: Corporations may be formed undel
general laws, but such laws may, from time u
time, be altered or repealed.
SEC. 3. Dues from corporations shall b'
secured by such individual liability OF the
| stockholders and other means as may be pre-
| scribed by law; but, in all cases, each stock
holder shall be liable over and above the STOCK
| by him or her owned, and any amount unpaio
thereon, TO a further sum, at least equal IN
amount to such stock.
SIC. T.. No property shall be appropriated
| to the use of a corporation until full compen-
sation therefor be first made in money or first
secured. by deposit of money, to the owner,
| irrespective of any benefit from any improve
ment proposed BY such corporation; which
compensation shall be ascertained by jury OF
twelve men, in II court of record, as may DC
SEC. 5. No act of the general assembly au-
thorizing the issue of bills, notes or other
paper, which may circulate as money, shall
take effect until submitted to the people. at
| the general election next succeeding the pas
sage thereof, and approved by q majority OF
redemption of all such paper shall be fully
! secured by the deposit of such securities OF
the United States or of this state, as may be
SEC. 6. The directors of ii corporation shall
be chosen at one time by general ticket. At
have as many votes as the number of shares
held by him, multiplied by the number Of
directors to be chosen, and may east all his
votes for one candidate, or distribute them, as
he may see fit.
SIC. z. Foreign corporations may be au-
thorized to do business in this state, under
such limitations and restrictions as may be
prescribed by law; and, as to contracts made
or business done in this state, shall be subject
20 the same regulations, limitations and la
bilities as Ii Ike corporations of this state; and
shall exercise no other or greater powers,
by like corporations of this state; nor shall
they have power to condemn or appropriate
private property.
SIC. s. The general assembly may, by gem
eral law, subject to the provisions of this con-
stitution. extend the existence of societies for
savings, created prior to the first day of Sep
tember, one thousand eight hundred and fifty
one. whose charters are subject TO alteration,
amendment or repeal. No other corporations
Of this state, incorporated prior to the first
day of May, one thousand eight hundred and
hfty-two, shall have the benefit of any law
passed since that date, or which shall here
after be passed, except laws regulating judi
cial procedure, unless they shall reorganiZe
under and subject to the provisions of this
constitution.
SEo, .. No officer or agent of any company
owning, operating or using railroad within
this state, shall be interested directly or indi-
rectly, either by himself or associated with
others, in the receipts. contracts earnings
of such company, otherwise than an ordi-
nary shipper or passenger, or as a stockholder,
bond creditor or employe; nor in any arrange
ment which shall afford more advantageous
terms or greater facilities than are offered and
accorded to the public; and all contracts and
be void.
SEo. 10. Norailroad company shall CONSOLE
date with another. having line parallel or
competing with its own; or lease, purchase,
or control such line; and no officer of n rail
road company shall act as IN officer of any
other company owning controlling II parel-
lei or competing line; and no railroad com
pany shall do business in this state which
shares its earnings. in any manner, with
company owning or controlling a parallel or
competing line within this state.
SEC. IL. No foreign corporation shall carry
on the business of Transporting persons or
property, or of telegraphinR, mining, manu-
featuring or insurance in this state, except
while it maintains therein an office, where, or
be served in any action or legal proceeding in
stituted against II; nor after il shall cause or
procure to be removed into any of the courts
of the United States proceeding instituted
by or against 1t, i'll any court of this state, upon
cause of action arising out of such business,
which u corporation of this state, if a party to
such proceeding, might not cause or procure
to be so removed.
laws to correct abuses and prevent uni ust dis
elimination and excessive charges by railroad
companies for transporting freight and pas
sengers; and shall provide for enforcing such
laws by adequate penalties and forfeitures.
SEC. l3. No corporation shall issue stocks
or bonds, except for money or property actual
ly received, or labor done; and all fictitious
increase of stock or Indebtedness shall be void
rations shall not be increased, except in pur-
suance of general law; nor until the consent
of the persons holding the larger amount in
value of the stock shall be obtained, at a
not less than sixty days, in pursuance of law.
SEC. ii. Persons and property, transported
over any railroad, shall be carried TO any sta
ton at charges not exceeding in gross the
charges for the same class and amount of
transportation of persons and property in the
direction, to any more distant station; but
excursion and communication tickets may be
issued at special rates.