The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-25
ARTICLE WILL NJ.

section !. corporations may be formed
under general Laws, but shall not be
created by pccia. act. "Acept. fnr rnuric.
,n.I purpossr, and in cases vhe-o. in the
Judgment ~ th" lrsisla ure. tho objects
~ the corpora Ion cHnno, be- attained
under general lHNs. All general laws and
Ton may be altered from time 10 iine or
repeated
be- secured BY such Individual liability Of
the corporators and other means as may
be prescribed by Law.
section i. The term corporations as used
In this article shall he construed to in
ciido all associations snd joint stock com
nanics having any OF the powers or priyi.
dlviduals or partnerships And all cor
rorations shall have the right 20 sue and
section ! The isgisia'ur. shall. by
general law. conform sll charters Of saw
, uniformity 81 powers. rights and liabili-
tics. and all charters hereafter granted for
such corporations shall he made to con.
form "a ssh general law, and to such
amendments as imay he made thereto. And
no sIch CORPORATION shall have any capital
stock. nor shall the trustees Thereof. or
ans % them. have any interest whatever.
direct or indirect. in the profits OF such
any such bank or institution shall be In
,ercstci In any loan or use OF any MONEY
or pf"pcrtS or s"TT1b . osnT .la or ,ns .hnii
have no power TO pass any act
granting any special charter for banking
purposes: hut corporations or associations
may he formed for such purposes under
section 3. The legislature shall have no
mover TO pass any law snnctloning in any
manner. directly or indirectly. the snspen
sion Of specie payments, nv any person. as
ISOLATION or corporation Issuing bank notes
Of nny description.
section T.. mo legislature sha provide
~ law FOR tho registry ot all hills or notes,
ISSUED ar nu' In circulation as money, and
shall require ample security Tor the re-
: ~dcnption of the same In specie.
section :, The stock holders Of every
baaking purposes. shall lie individually re.
suonsibIs to the amount of their respective
nnnnrrat,on or a.socia,ion, for al its debts
! aud liabilities Of every kind,
section In case OF ne Insolvency OF
any bank or banking association, the bill
holder thereof shall be entitled to pref.
crence IN payment, over al other creditors
Of s saTm S9 q, q af.%''1 'h. credit nor tn.
money OF the state shall he given or loaned
10 or In aid Of any, associa,ion' corporation
making such provision for The education
dumb, and juvenile delinqu.nts, az 10 Il
may seem proper, Nor shall II apply 10
any fund or pr9per,y nov hs,d, or which
Section 10. No county, city, tow or
property. or loan It's money or credit TO OF
In aid of any individual, association or cor.
marathon, or become directly or Indirectly
Tho owner of stock In, or bonds OF any
association or corpdrs ton; nor shall any
such county, city, town or VII age be al
low ed Ia incur any Indebtedness except FOR
county, city. town or village purposes. This
section shall not prevent such county, civ,
toNu or village from making sucn Dro.
vision for tho aid or support OF its poor as
may he authorized by law.
section =. Irar, %, 10 Of prcssn, ar.
allowed to become indebted for any pur.
pose or In any manner to AN amount
Witch Including existing indebtedness
yhail exceed ten per ceniun of the assessed
valuation OF the real estate Of such county
or city subject to taxation, as Il appeared
by the assessment rols Of IslidI such
county or city on the last assessment for
state or county taxes prior to the incurrlnG
Of such indebtedness; and all indebtedness
In excess Of such limitation, except such
Fote;-Mattsr In holiface Is now; mat.
Ter In brackets 10 70 be omitted.