Arizona republican., 1910-12-10

eign corporation shall be permitted to transact business within this State unless said foreign corporation is by the laws of the country. state. or ter ritory under which it is formed per mitted to transact like business in such country, state, or territory. I Sec. T. No corporation shall issue stock, except to bona fide subscribers therefor or their assignees; nor shall ! any corporation issue any bond, or other obligation. for the payment of money, except for money or property received or for labor done. The stock of corporations shall not be increased except in pursuance of a general law, nor shall any law authorize the in crease of stock of any corporation without the consent of the person or persons holding the larger amount in value of the stock of such corporation nor without due notice of the proposed increase having been given as may be | prescribed by law. All fictitious in- crease of stock or indebtedness shall be void.
 Sec. S. No corporation shall lease or alienate any franchise so as to re- lieve the franchise. or property held hereunder, from the liabilities of the i lessor, or grantOr, lessee. or grantee, contracted or incurred in the opera ton, use, or enjoyment of such fran chise or of any of its privileges.
 Sec. 9. No domestic or foreign coh- poration shall do any business in this State without first having filed it's ar l of fofl copy thereof with the Corporation Commission, without having one or more known places of business and an authorized agent, or agents, in the State upon whom process may be served. Suit may be maintained against a foreign corporation in the county where an agent of such cOrpo- ration may be found, or in the county where the cause of action may arise
 Sec. 10. The right of exercising eminent domain shall never be so alb ridged or construed as to prevent the State from taking the property and the franchises of incorporated com panies and subjecting them to public use the same as the property of -indi- viduals.
 Sec. II. In all elections for direc- tors or managers of any corporation. each shareholder shall have the right to cast as many votes in the aggregate as he shall be entitled to vote in said company under it's charter multiplied by the number of directors or mana. gers to be elected at such election {; and each shareholder may cast the whole number of votes, either in per son or by proxy, for one candidate, or distribute such votes among two or more such candidates: and such di- rectors or managers shall not be cleo. ted otherwise.
 Sec. 12. The shareholders or stock. holders of every banking or insurance corporation or association shall be held individually responsible. equally and ratably, and not one for another for all contracts, debts. and engage ments of such corporation or associa ton, to the extent of the amount of their stock therein, at the par value | thereof. Gin addition to the amount invested in such shares or stock
 Sec. 13. Any president, director manager, cashier. or other officer of any banking institution who shall re- ceive, or assent to, the reception of any deposits after he shall have knowledge of the fact that such bank ing institution is insolvent or in fail | ing circumstances shall be individual ly responsible for such deposits.
 Sec. IA. No persons acting as a corporation under the laws of Arizona shall be permitted to set up, or rely upon. the want of legal organization as a defense to any action which may be brought against them as a corpo- ration, nor shall any person or per sons who may be sued on a contract now or hereafter made with such cor pOratiOn, or sued for any injury now or hereafter done to it's property, or | for a wrong done to its interests, be permitted to rely upon such want of legal organization in his or their de fense.
 Sec. 15. This Article shall not be construed to deny the right of the legislative power to impose other con ditions upon corporations than those | herein contained.
 | Sec. Is. MOnopolies and trusts shall never be allowed in this State. and no incorporated company, co-part- nership, or association of persons in this State shall directly or indirectly combine or make any contract, with any incorporated company, foreign or domestic, through their stockholders or the trustees or assigns of such stockholders or with any cO-partner- | ship or association of persons or in any manner whatever. to fix the pri- ces, limit the production. or regulate the transportation of any product or commodity. The Legislature shall enact laws for the enforcement of this Section by adequate penalties. and in the case of incorporated companies, if necessary for that purpose, may. as penalty declare a forfeiture of their franchises.
 Sec. 17. The records, books, and files of all public service corporations, State banks, building and loan associa- tions, trust. insurance, and guaranty companies shall be at all times liable and subject to the full visitorial and inquisitOrial powers of the State. not withstanding the immunities and pri- vileges secured in the Declaration of Rights of this Constitution to persons, inhabitants, and citizens of this State
 Sec. Is. The Corporation Commis. !