The Brookhaven leader., 1890-11-06


SEC. I7s. Corporations shall be formed
under general laws only. The Legislature
shall have power to alter, amend or repeal
| any charter of incorporation now existing,
hereafter be created, whenever IN its
| opinion it may be for the public interest
| to do so; provided, however, that no injus-
| tee shall be done to the stockholders No
| charter for any private corporation for pecu-
mary gain shall be granted for longer pc
| Rod than nlnety-nlne years. In assessing
/ for taxation the property and franchises OK
corporations, having charters for a longer
period than nlnety-nine years, the increased
| value OF such property and franchises sris-
! ing from such longer duration of their char
| tiers shall be considered and assessed; but
any such corporation shall have the right to
surrender the excess over ninety-nine years
| of its charter.
| SEC. l79. The Legislature shall never re-
NIT the forfeiture of the franchise of any
corporation now existing, nor alter nor
general nor special law fSr the benefit efi Of
such corporation, except upon the condition
that such corporation shall thereafter hold
its character and franchises subject to the
provisions of this Constitution; and the re-
ception by any corporation of any provision
of any such laws, or the taking of any bene-
| fit or advantage from the same, shall be con-
| cIuslvely held an agreement by such corpo-
ration to hold thereafter its charter and
| franchises under the provisions hereof.
CORPORATE franchise under which organlzs-
tions have not in good faith taken place at
the adoption OF this Constitution shall be
subject to the provisions of this article; aud
shall not take place in good faith, and BUSH
ness be commenced within one year from
thereafter have no validity; and every char
ter or grant of corporate franchise here
after made shall have no validity. unless an
organization shall take place hereunder
and business be commenced within two
years from the date of such charter or grant.
SEC: ISL; The property. of all private cor
poratlons lot pee9nalary gam shall pc taxed IN
property of individuals. but the Legislature
may provide for the taxation of banks and
cording to the value thereof, augmented by
the accumulations, surplus and unpaid divi-
dends,) exclusive of real estate, which SHALL
from taxation to WHICH corporations are le-
gally entitled at the adoption of this Consti- :,
tuition, shall remain in fuI force and effect
for the time of such exemptions as ex-
general laws, unless sooner repealed by the
Legislature. And domestic insurance conf
panles shall not be required to pay greater
tax IN the aggregate than is required to be
paid by foreign insurance companies doing
business in this State, except to the extent
Of the excess OF ther adj yalorem tax over
the privilege tax imposed upon such foreign
companies: and the Legislature may impose
privilege taxes on building and loan assoeia-
tons IN lieu OF allothertaxes except on their
real estate.
SEC. 1872. The power to tax corporations
and their property shall never be surren-
dered or abridged by any contract or grant
to which the State or any political superyls-
ion thereof may be party, except that the
Legislature may grant exemption from taxa
ton IN the encouragement of manufactures
aud other new enterprises of public utility
for a period not exceeding i've
years, the time of such exemptions to com-
mence from date of charter, If 10 corpora
ton: and ii to an individual enterprise, then
from the commemorate OF work; but when
the Legislature grants such exemptions for
a period of five years or less, il shall be done
by general laws, which shall distinctly
enumerate the classes of manufac-
lures and other new enterprises
of public utility entitled to such exemp-
ner in which the right to such exemptions
shall be determined.
SEC. 1888. No county, city, town or other
municipal corporation shall hereafter be-
come q subscriber TO the capital stock of
any railroad or any corporation or assocla-
ton, or to make APPROPRIATION, or loan its
ton. All authority heretofore conferred for
any of the purposes aforesaid by the LegSs-
ture or by the. charter Of any corporation Is
contained shall affect the right Of any such
corporation, municipality or county TO make
such subscription where the same has been
Of the adoption OF this Constitution and by
vote of the people thereof had prior to its
adoption, and where the terms OF submls-
complied with OF to prevent the issue of re-
newal bonds, or the use of such other means
as are or may be prescribed By law for the
payment or liquidation OF such subscription
or Of any existing Indebtedness.
SEC. 1S4. All railroads which carry persons
or property for hire shall be public high
s mayssi a sSali - be- eommon Carriers Any
company organized fer that purpose
under the laws of the State shall
have the right to construct and operate q
railroad between any points within this
State, and to connect at the State line with
roads of other States. Every railroad COM
pany shall have the right with It's road to in
tersect connect with. or cross any other
and all railroad companies shall
receive and transports each others passed.
gers, tonnage and eEfs, loaded or empty,
ton.