The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-18
ARTICLE tNiIfl Nj.

section l.. Corporations may be formed
under general laws; but shall not be
created 10y special act except for munic-
Judgment OF IA" legislature. the objects
~ the 'corpotattoh canno, be attained
under general laws. Al general laws and
spccial acts passed pursuant to this sec
Hon may be altered from time to time or
repealed.
ba secured by such Individual LA billy of
tho ,orporators aud other means as may
he prescribed by law.
section ,. The term corporations a. used
IA this article shall he construed to in
cludc Al associations and joint stock com
psnies having any of the powers or privi-
ieges Of corporations not possessed by in
diNiduals or partnerships. And al cor;
shall hc subject to he sued In all courts In
Ike eases as natural persons
section I, Tho Legislature shall, by
general law. conform all charters Of saw
ings hanks. or institutions for savings. to
= uniformity 81 powers. rights and liablli-
TICS. and all charters hereafter granted for
such corporations shall he made I" con-
form 10 sub general law, and 10 such
M such corporation shall have any capital
stock. nor shall the ,rust"eb thereof, or
any 90 them. have any interest "h.tever.
direc, ~ Indirect. In the pronis of such
corporation. aud no director or trustee OF
any such bank or institution shall he In
. tcrested in any loan or uss ~ any money
ton for savings Tho legislature shall
h.v" no power e" pass any act
EflhtlnE HhN fl''lFl ' y "
purpo.es. but corporations or associations
may h. formed for such purposes under
general laws.
S.ctlon :. The Legislature shah have no
power to pass any law sau"tionlng IN any
mHuucr, directly or indirectly, the suspen-
sion Of spcoi" payments, by any ncrson, as
soci,'ion ar corporation, issuing bank notes
OF any description.
section g.. rne legislature .hai provide
by L,w for the registry OF All bills or notes,
issued or put In circulation As money, and
shan require ample security for the re.
domptiun ~ tho same In specie.
section :. Tho stock holders Of every
corporation and ioint stock association for
banking purposes, shall bc individually re.
! sponsihic to the amount Of their respective
share or shares Of stock In any such cor
porstion or association. for all It's debts
AMI Ma utilities II ever. KIND.
section $. In ease OF the Insolvency OF
any bank or banking Lssocia tt"n, IN" bill
holders thereof shan lie entitled To pref
or,nce in pa m"nt. over all other creditors
section D Neither tho credit nor tho
10 or in aid Of any. a.socia!ion. corporation
or priyat" undertaking. This section shan
not, however. prevent The logislature from
making such provision for the education
ana support Of the blind, tho dear and
dumh, and juvenile .drlinqncnts, as to It
may seem proper. Nor SHAH II apply to
may hereafter he held. by the state for
educatlonal purpose, o,,, ,.. .
village shall hereafter give any money or
property, or loan, ~ money or credit to or
I'm AID or any lhllN llutl, a~SbtlblIon or cor
poration. or become directly or Indirectly
The owner of stock In. or bonds of. any
a ssociation or corporation, nor shall any
such county, city, town or VII age lie al
loved TO incur any Indebtedness except for
county. city. town or village purposes. This
section shall not prevent such county, city.
Town or Village from making such pro.
,ision for the aid or support Of its poor as
may be- authorized by law,
section ~. Upart of : 10 OF present ar
tIclc eight No county or city shall be
allowed to become indebted for any pur.
- -a Ia. lnA lnnnr In IN 49,.
which. including existing indcbtedness
shall exceed Zen per contum Of the asse ssed
valuation of the real estate Of such county
or city subject To taxation, as II appeare,
hy the assessment rOI y OF lsaidl such
county or city on the last assessment for
state or county taxes prior to the incurrlnc
of such Indebtedness; and all indebtedness
In excess OF such limitation. except such
--
Motel Matter In boldface is new; mat.
ter In brackets I Is to Re omitted.