The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-11
ARTICLE WILL NJ.

Section !. Corporation. may be formed
under general laws; bu; shall not be
created by special act. except. for munio-
!pai purposes' anu IN cases "nSre' IN ,ns
OF the corporation csnnos be attained
under general laws, All general laws and
ION may be Altered from time to time or
repealed, ,
be secured by such Individual liability OF
the corporatorr and other means as may
be prescribed by law,
Section 3, The term corporations as used
In his article shall bc construed to In
clude all associations and Joint stock com
panies having any OF the powers or privi-
ieges Of corporations not possessed by In
porations shall have the right TO sue and
shall be subject 10 be sued In all courts In
''k see sasSs 4. The lesisissa.e shall. BY
general law, conform all charters OF saw
inss banks, or Institutions foy savings, "a
ties, and ali charters hereafter granted for
such corporations shall lie made to con-
form to sprh general law, and 20 such
amendments as may be made thereto. And
no such corporation shall have any capita
stock. nor shall tho trustees thereof. OF
any Of them have any interest whatever
direct or Indirect. In the profits of such
corporation, and no director or trustee OF
any such bank or institution shall be In.
t nr nSSpa In any 'os sncS S' S Sans q or Sny ,m m9nt,
ton for savings. Tho legislature shall
have no power To pass any act
granting any special charter for banking
purposes hu, corporations or association,
may Doe formed for such purposes under
general laws.
power to pass any law sanctioning in any
manner. directly or Indirectly. the suspen'
sion ~ specie payments. by any person. as
ISOLATION or corporation. Issuing bank note,
OF any description.
Section I. 1he legislature shol provid,
by law for the registry OF all bills or notes
shall require ample security for the re
demption OF the same In specie.
section :. The stock holders OF ever,
corporation and Join, stock association FOL
banking purposes. shay he individually re
spouslblo to the amount Of their respective
share or shares OF stock IN any such cor
AMI liabilities OF every kind.
Section In case of the Insolvency .
any hank or SsnhinT 9mssoeiaiiHn; the bill,
rrence In payment. over all other creditor
OF such bank or association,
Section ., Neither the credit nor Thu
money OF the state shall be given or loane,
TO OF In aid of any association corporation
or private undertaking. This section shall
making such provision for The education
and support OF the blind, the deaf ant
dumb. and Juvenile aellnGusnts' as TO I
any fund or property. now held, or whici
may hereafter be held. by the state 70
section 10. No County, city. town o
village shall heyeafter give any money o
property. or loan Its money or credit to o
In aid OF any Individual. association or cor
poration. or become directly or indlrecti
Inc owner Of stock In. or bonds Of. an,
association or corporation. nor shall an,
such county, city. town or village be al
lowed TO incur any Indebtedness except 10
county, city. town or village purposes. TIL
section shall not prevent such county. city
| Vision for he aid or support OF It's poor a
may he authorized by law,
section ~ ,par, OF 10 Of present ar
allowed to become indebted for any pu,
pose or In any manner to an amour
Witch. including existing indebtedness,
shall exceed ten per centum of the assesse
valuation Of the real estate of such count
or city subject TO taxation, as II appeare
by the assessment rol : OF lsaidl sue
county or city on the last assessment 10
state or COUNT taxes prior to the ~incurrin
of such indebtedness; and all indebtedness
In excess OF such limitation. except sue
-~
Nots;-Nattsr In bOldfare 10 new: mat
ter In brackets is to Be omitted.