The Montgomery advertiser., 1901-09-04

banking company of specie payment. H0 Holders of bank notes, and de- positors who have not stipulated for interest. snail. for such notes and de- posits. be entitled in case of insol- vency to preference of payment over all other creditors; provided, this sec- tion shall apply to all banks, whether incorporated or not
 251. Every bank or banking company shall be required to cease all banking operations within twenty years from the time of its organization. unless the time be extended by law. and prompt iy thereafter close Its business; but after it has closed its business It snail have corporate capacity to sue ana shall be liable to suits until It's affairs and liabilities are fully closed.
 252. No bank shall receive, directly or indirectly a greater rate of interest than shall be allowed by law to indi- viduals for lending money. 253 Neither the State nor any po- lltical subdivision thereof shall be a stockholder in any bank. nor shall the credit of the State or any political suo- division thereof ever be given or lent to any banking company, association or | corporation. l 254. The Legislature shall by appro- | priate laws provide for the examina- | tion by some public officer. of all banks | companies engaged in a banking busi- ness in this State: and each of such | banks and banking companies or insti- tutions shall. through its president or such other officer as the Legislature | may designate, make a report under oath of its resources and liabilities at least twice a year..
 shall apply to all banks except to na- tional banks. and to all trust compa- nies and individuals doing a banking business. whether incorporated or not. l ARTICLE XIV.
 | Education.
 256. The Legislature shall establish
 organize and maintain liberal sys- l tenn of public schools throughout the State for the benefit of the children thereof between the ages of seven and twenty-one years. The public school fund shall be apportioned to the sev- eral counties in proportion to the num- Der of children of school age therein, and shall be so apportioned to the schools in the districts or townships in the county as to provide. as nearly as
 practicable. school te ms of equal du-
 ration in such school districts or town
 ships Separate schools shall be pro-
 vii led for white and colored children
 and no child of either race shall De I -
 other race.
 257. The principal of all funds aris- ing from the sale or other disposition of lands or other property. which has
 been or may hereafter be granted or intrusted to this State or given by the United States for educational purposes shall be preserved inviolate and undi- unfinished; and the income arising there from shall be faithfully applied to the l aa of the original grants or appropriations.
 25S. All lands or other property given by individuals, or appropriated by the State for educational purposes and all estates of deceased persons who die without leaving a will or heir shall be faithfully applied to the mainten- ance of the public schools. .x.. State shall be applied to the support of the public schools In the respective counties where collected: .r
 26l The income aristrg rom the sixteenth section trust fund, the sur plus revenue fund, until 1t Is calleo TOT by the United States government anu the funds enumerated in Sections soe and 257 of this Constitution, together 1 with a special annual tax or thirty cents on each one hundred dollars of taxable property Tn this State, which the IegisIatur shall levy, shall De ap- nlied to the support and maintenance of the public schools, and 1t shall pc the duty of the Legislature to increase the public school fund from time to
 time as neces ity teerefor and the con- dition of the treasury and the resources
 of the State may justify; provided, Una,
 nothing herein contained shall be SC
 nonstrred as to authorize the Legisla- ture to levy in any one year greater
 rate of State taxation for al purposes
 including schools. than sixty-five cents
 on each one hundred dollars worth ol
 taxa 5le property; and provided turther
 that nothing herein contained shai
 prevent the Legislature from hrst pro. | V'd'ng for the payment ot the oohaeo
 indebtedness of the State and lnteresl
 thereon out of all the revenues or th'
 State. .. n,
 S6i. Not more than four per cent oI
 all moneys raised, or which may here
 after be appropriated for the suppor
 of public schools shall be used or eX
 pended otherwise than for the pa: men
 of teachers employed in such schools
 nrovided. that the Legislature may, pl
 a vote of two-thirds of each house sus
 mend the ope ation of this section.
 cRs The supervision of the puoh' scbools ahall be vested in Superin tendent of Education. whose powers Guties and compensation shall be hXe' l
 'Se5 No money ra'sed for the supper of the pup.ic schools, shall be appro n,i.ted to or used for the support O
 any sectafisn or denom national schoSl
 nGt The State University shall n
 under the management and cohtroi a b.a1d of trustees which shall con'ls of two members from the Congressiona DistI ict in which the University IS 10 catad. enc from each of the other Con
 oregsional Districts in the State, th Sunerintsndent of Educaticn ana 'h
 Governor. who shall be ex ofi1cio pres ; ident of the board. The members O tha hoard of trustees as now constltu' , cd shall hold office until their respec . five terms expire under exitting law . and until tkair successors snail
 n,acte1 and confirmed as heremarte , raouIred Successors to those trustee
 ,,hose terms expi.e in 1902 shall hol p office until 1907; succ assors to tnos . trmetees whose terms expire In l9U
 ehaI hold office until 1911; successor , to those trustees whose terms eXpiIe , 1aO6 shall hold office until l9Io; an thereafter their successors shell nol i office for a term of twelve years Whe i the term of any member of such boar eball expire, the remaining m am per
 of the board shall by secret ballot eieo 9 his successor; provided. that any trus , fee so eIe; ted shall hold of11ce from th . date of his election until his conhrna 7 | ton or rejection by the Senate an' , if confirmed, until the expiration or tn , ternn for which he was elected an z un.il his succs ssor is elected. AL ever