Western liberal. (Lordsburg, N.M.) 1887-1919, 1889-10-04
CONSTITUTIONAL CONVENTION.

CORPORATIONS.
Section 1.--All existing charters or
grants of special or exclusive privileges,
under which The corporations or grantees
shall not have organized and commenced
business in good faith at the time Of the
adoption of this constitution, shall there.
after have no validity, excepting such cor
porstions or grantees whose time to organ
ize under their charter or grant has not ex-
pired at the time Of the adoption of this
constitution.
Sec. 2.-The legislative assembly shall
provide the method whereby the courts
mny revoke or annual any charter ofincor-
poration existing and revokable at the
time Of the taking effect Of this constitu-
tion or any that may thereafter be created,
whenever in its opinion it may be injurious
to the citizens Of the state, in such man.
ner, however. that no injustice shall be
done to the corporators or creditors.
Sec. 3.--No railroad, telegraph, express
or other corporation, or the lessees or man
ayers thereof, shall consolidate its stock,
property or franchises with any other rail
road, telegraph, express or other corpora
ton, owning or having under its control a
parr ,llel or competing line. And in no
case shall any consolidation take place ex-
cept upon public notice given at least six
ty days to stockholders, in such manner as
may be provided by law.
Sec 4-No street or other railroad shall
be constructed upon any street or highway
within any city, town or village without
the consent OF the local authorities having
the control of the sire, or highway pro
posed to be occupied by such street OF
other railroad.
Sec. 5.-The term Corporation a;
used in this article shall not be understood
as embracing municipalities or political di
visions of the state, unless otherwise ex
pressly stated; but it shall be held anC
construed to include all associations anc
joint stock companies having any of The
powers or privileges of corporations mo-
possessed by individuals or partnerships
All corporations shall have the right t
sue, aud shall be sul ject to be sued in al
courts in like cases as individuals. suhjpc
to such regulations and conditions as ma,
be prescribed by law.
Sec. 6.-Any combination between in
dividnals, associations or corporations hav
ing for its object or which shall operate +
control the price or exchange Of any articl
of manufacture or commerce, product Of tn
soil or mine, is hereby prohibited and de
clared unlawful and against public policy
and the legislature shall provide by Law
such penalties an for FIXTURES as shall b
sufficient 10 prevent all such unlawful com
binations.
Sec. 7-All railroads chartered by tn
state or doing bushes under any generu
law thereof and canals shall be publ
highways, and all railroads, canals, trans
portatiou or express companies shall b
common carriers, and the general assem-
bly shall pass laws to correct abuses an,
prevent unjust discrimination and extor
, ton in the rates of freights, express an
passenger tariffs on the different railroad
aud the charges of telephone and tele
graphic and insurance companies in thi
state, aud enforce such laws by adequat
penalties, to the extent, if necessar
for that purpose, of forfeiture of thei
property and franchise. The question a
to the existence OF unjust discrin
, ination ana extortion shall be a jud
cial question to be determined by th
courts.
Sec 9.--Each stockolder in all incorpt
rated companies, except corporations ol
ganized for banking or insurance purpose
shall be liable for the debts OF the corpors
ton 10 the amount of his unpaid stoc
and no more, and one or more stockholC
ers may be joined as parties defendant i
suits to recover upon this liability.
Sec. 9.-Corporstions shall not issu
stock, except to bona hde subscriber
therefor or their assignees; nor shall an
corporation issue any bond or other obi
cation for the payment of money, excel
for money or property received or laGc
done. The stock of corporations shall NJ
be increased, except in pursuance Of gel
eral law, nor shall any law authorize Il
increase of stock without the consent
the person or persons holding the larg
amount in value Of the stock, nor witho
% due notice of the proposed increase haviu
been prescribed by law. All fictitious i
crease of stock or Indebtedness shall
void.
Sec. 1O.-No corporation organized OF
side the limits of this state shall be allo'
ed to transact business within the state
more favorable conditions than are pr
y scribed by law to similar corporations {
y ganized under the laws of this state.
Sec. 1I.-No corporation shall aliena
n Or lease any franchise, so as to relieve t
franchise Or property held Hereunder frc
" the liabilities Of the lessor or grant'
lessee or grantee, contracted or incurred
~ the operation, use or enjoyment of su
~ franchise or any Of its privileges.
Sec l2.-The state shall not in a
L manner loan its credit, nor shall it 81