The Highland weekly news. [volume] (Hillsborough [Hillsboro], Highland County, Ohio) 1853-1886, 1874-08-13
ARTICLE XII.
PRIVATE CORPORATIONS.

SEC. l. The general assembly shall pass no
special act comforting corporate powers.
SEC. 2. Corporations may be formed under
general laws, but such laws may, from time 10
time, be altered or repealed.
SEC. 3. Dues from corporations shaii pc
secured by such individual liability Of the
stockholders and other means as may oe pre-
scribed by law; but, in all cases, each stock
holder shall be liable over and above the stocR
by him or her owned, and any amount unpaid
thereon, to a further sum, at least equal IN
amount to such stock.
SEC. 4. No property shall be APPROPRIATED
to the use of corporation until full compen-
sation therefor be first made i'll money or hrst
secured. by deposit of money, to the owner,
irrespective of any benefit from any improve
ment proposed by such corporations; which
compensation shall be ascertained by jury of
twelve men, in court of record. as may DC
prescribed by law.
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 3 majority OF
the electors voting at such elections; anu tne
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
prescribed by law.
SEC 6. The directors of a corporation shall
be chosen at one time by general ticket. AT
elections for directors, each shareholder shall
have as many votes as the number OF SHARES
held by him, multiplied by the number OF
directors to be chosen, and may cast all his
votes for one candidate, or distribute them, as
he may see fit.
Sec. Foreign corporations may be au-
thorized to do business in this state, under
such limitations and restrictions rs may be
prescribed by law: and, as to contracts made
or business done in this state, shall be subject
to the same regulations, limitations and liza
bilities as like corporations of this state: and
shall exercise no other or greater powers,
privileges or franchises, than may be exercised
by like corporations of this state; nor shall
they have power to condemn or appropriate
private property.
SEC g. The general assembly may. by gen.
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 hrSt
day of May, one thousand eight hundred and
fifty-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.
SEC, 9. No officer or agent of any company
owning. operating or using n railroad within
this state, shall be interested directly or indi-
rectly, either by himself or associated with
others, in the receipts, contracts or earnings
of such company, otherwise than as an ordl-
nary shipper or passenger, or as Il 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
arrangements in violation of this section shall
be void.
SEC. 10. N0railroad company shall eonsoli-
date with another, having line parallel OF
competing with its own; or lease, purchase,
or control such line; and no officer of rail
road company shall act as an officer of any
other company owning or controlling parel-
lei Or
pany shall do business in this state which
shares its earnings. in any manner, with a
company owning or controlling parallel or
competing line within this state.
SEC. IL. No foreign corporation shall carry
on the business of transporting persons or
property, or of telegraphing, mining, manu-
featuring or insurance Ill this state, except
while il maintains therein an office, where, or
on the person in charge of which, process may
be served in any action or legal proceeding in
stituted against II; nor after 1t shall cause or
procure to be removed into any of the courts
of the United States a proceeding instituted
by or against it. in any court of this state, upon
q cause of action arising out of such business,
which a corporation of this state, if party to
such proceeding, might not cause or procure
| to be so removed.
SEC. T. The general assembly shall pass
| laws to correct abuses and prerent unjust 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 Is. 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.
| The stock and bonded Indebtedness of cOrpO-
| 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
meeting held after notice given, for a period
| not less than sixty days, in pursuance of law.
| SEC. Il. 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.