The Mt. Sterling advocate., 1891-02-24
5HE ADVOCATE.
Ths ArlIo!e on corporatIons.

The Article on Corporations,
NH I&1,y-AA
n corporations article as adopted
Cont Con. last week we give be-
full, 1t is little lengthy but
-Hrlance il such as to awaken a
read interest. 1t is as follows :
ID. No corporation in existence
|ltimc Of the adoption Of this con-
sbn shall have the benefit of fu-
Il I'm Aslation without first filing
&tlletiof Secretary of State an
pf the provisions of this Con-
inding force.
l,o comn,& existing charters or
q. sycciai or exclusive privil-
q eges, under which . hnna ti.!e os;ea..;;- ..;;-
zation shall not have taken place, and
busIncss been commenced in good
faith, at the time of the adoption of
this Constitution, shall hereafter be
\ void and Of no effect.
N SEC. 3. No corporation shall engage
~"
~ Business other. than that expressly
Xhorized in its charter or the law
her which it may have been or here
|fter be organized, nor shall it hold
an real estate, except such as may be
necessary for carrying on its legiti-,
mate business for period Of five
years, under penalty of escheat to the
State.
~ SEC. 4. No corporation shall issue
nzpr bonds except for en- equiva.
noney paid, or labor done, or
~ ty actually received and applied
IMPOSES for which such corpor-
sated, and neither labor
q shall be received in pay
ncnt for stock or bondl at greater
Fziue than tho market price at the
- ssi:..ssss ssii::..ssss said labor was done or property
delivered, and all fictitious increase of
stock or Indebtedness shall be void.
/ 8SEc. 5. Corporations formed under
hc laws of this State, or carrying on
'usiness in State shall, at all times,
- 70 SO nor 10 iL1ss>fSe known places of
-..--ss- -. ssfls State, and an author
y lied agent, or agents, thereat upon
whom process may be executed, and
the General Assembly shall enact laws
to carry into effect the provisions of
this section.
SEC. 6. The State, in the exercise of
the right of eminent domain, shall |
have and retain tho same powers to
: take the property and franchises of
scorporated companies, forpublic use,
it has and retains to take the prop
krty SEindividuals, and the exercise
theNol powers of this State shall
never de abridged or SO constructed as
10 permit corporations to conduct their |
business in such manner es to in
fringe the equal rights Of individuals.
L SEC. 7. transportation of freight
and Gtoft Gtosfft l7geIs's.5 by railroad, steam
pa; other common carrier, shall
Se so,regulated by general law as to
= prevent unjust discrimination and no
common carrier shall be permitted to
contract for relief from its common
law liability.
SEC. s. No railroad, steamboat, or
other common carrier, under heavy
fly, to be fixed by the General
~ }nbly, shall give free pass or
~, or shall at reduced rates not
+ Z n ithe public sell tickets for
3Eon TO any State, district,
4 VA 4 III county officer, member of
sembly or judge who shall
) * sf.pSe free pass or passes, or
1Aal receive or use tickets or trans
portation at reduced rates not common
to the public shall forfeit his office.
1t shall be the duty of the General As
sembly to enact laws to enforce the
provisions of this section.
"A y SEC. 8. 1t shall be the duty of the
General Assembly from. time to time,
as the necessities may require, to pass
such laws as will be necessary to pre-
vent all trusts, pools, combinations, or
oth9r organiza.ions, .hrom combining
todepreciatc belowG al value any
M Aticle, or to enhance the cost of any
cal vie above its real value.
scrvip. 10. ANY association or corpor-
septieAor the losses or managers thereof
sssnizef Cor the purpose, or any in
sual, shall have the right 10 con-
and maintain lines Of telegraph
this State, and to connect the
with other lines, and said compa-
hall receive and transmit each
Frs messages without unrcasona-
AtsIay or discrimination, and all of
ouch companies are hereby declared
10 be common carries and subject to
s. legislative control. Public telephone
companies operating exchanges in
different towns, or cities, or other pub
- II. .oll =.