New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-25
STATE CONSTITUTION

fhre shall cstgJLsh fGr dsfrcis none y
~. "a, -' 49, !. % c'., ..o. 'Iofe.e Io'f
b. elected ~ the electors Of such districts ~
appointed b. such authorities thereof as shall
proride fhaf Ire dsscssmenf roll Of each iGrg,r
district shall sefte for all the lesser tar lis-
. rTts tcithH tts toundorics. No zach iaJ dis
Be esfGblsAcd sHf,i re l1c prou,qisg therefor
shoH hars been adopted by rofs o. no
torfv Of the electors roftag thereon ~ such
proD0sed dlsirtcf N an election for mitch pro-
tfstOH shGN be made bv lGW The legislature
niOv. houertr. proride for ne assess'rsHf ~
r1fsd cidssss q prbhc serric- cOrpOrgu0ns.
ABs1KhCr.- ScctiOus two and three require
= he read IN conjunction Their effect is a.
follows; All taxes are required 10 be imposed
~ general laws snd FOR public purposes only
The legislature r. required 10 classify tie
subjects ~ taHati0H and TO designate what
that In the assessment ~ ordinary real prop
criy he assessing officers must be selected
side u the city of New York. tax district
units not larger than = county. blt Do tax
district larger than town can hc established
without local referendum. one system OF
assessment and collection may be- established
for si the tax districts within the larger
tax district unit This viii avoid the present
extensive duplication ~ work resulting In .
large saving Of expense. The legislature Il
required 10 provide for supervision. review
and equalization 81 assessments which will
make Tor greater uniformity and less Unequal
itv IN taxation. The Legislature IS empowered
g. provide for the assessment 81 all the prop
crty 81 public service corporations by stai-
authorities TIC nature aud extent ~ steam
and street railroad, telephone and telegram
electric, gas and water properties has been
found e. preclude their proper valuation hy
local assessors. These sections vest com
pete and unhampered power IN the legislature
10 deal effectively with the subject OF taxation
10 the end that property now VIGOROUSLY cs-
Gaping taxation may be- made 10 bear fair
sld Just share Of the burdens Of government.
ARTICLE WILL Al.
Section l. Corporations may be formed I'M
der general laws, but shall not be- created Nv
special act. except FOR municipal purposes and
IN cases where Re-, 10 II ile Judgment Of the legls
latuTe IN" onJects OF the COZ poit tion cannot be
and special acts passed pursuant 10 tins sec
ton may be altered from time TO time or re-
Section . Dues from corporations shall be
secured by such individual liability Of the
corporators and other means as may be pre-
Section The term corporations as used
IN his article shall be construed 10 include
all associations and Joint stock companies
generations not possessed By individuals or
partnerships. And all corporations shall have
the right 20 sue and shall be subject 10 be
sued In all courts IN ike cases as natural
persons.
Section T. Tho legislature shall. BY general
law conform all charters Of savings banks
or institutions FOR savings. 10 a uniformity
Of powers. rights snd liabilities. and all char
tiers hereafter granted for such corporations
"a
law and to such ameudn ents a. may le made
thereto And no such corporation shall have
any capita aS s,oI q; , hS5 ' bs, t Trustees
whatever. direct or indirect, IN the profits Of
such corporation; and no director or trustee
OF any such bank or institution shall h. in
terested in any loan or use OF any money ar
property Of such bank or Institution for sar
ings. The legislature shall have no power 10
pass any act granting any special charter FOR
banking PURPOSES but corporations or asso-
Citations may be formed for such purposes IN.
section 3 The legislature shall have M
power TO pass any law sanctioning In any
manner. directly or Indirectly. the suspension
Of specie payments. by any person. associa-
any description.
/ Section g. The legislature shall provide
by law Tor the registry Of all bills or notes,
issued or put In circulation as money. ana
shall require ample security for the rodemp-
t'on OF the seme In specie; 81, ....-,. o.-
pordtion and joint stock association for bank
Ing purposes shall be individually respon-
sihle 10 the amount Of their respective share
or shares OF stock IN any such corporation
or association, for all its debts ana liabilities
Of every kind
Section s. In case Of the insolvency Of any
bank or banking association. the hlllhold-rs
thereof shall be entitled TO preference IN pay
ment over all other creditors OF such bank
Section 9 Neither the credit nor the
money Of the state shall be given or loaned
10 or In aid Of any association, corporation
nor. however, prevent the legislature from
making such provision for the education ana
support Of the blind, the deaf and dumb and
JuVeAhe delnquents, as 10 II may seem
proper. Nor shall IL apply TO any fund or
property now held. or which may hereafter he
held. by the state for educational purposes.
Section 10. No county. city. town or VIII
age shall hereafter give any money OF prop
erty, or loan It's money or credit 20 or IN aid
OF any individual association OF corporation.
or become directly or indirectly the owner Of
stock In. or bonds Of any association or cor
poration; nor shall any such county. city
town or village be allowed 10 Incur any IN
dehtedness except for county, CITY, town or
village purposes. This section shall not pre-
vent such county. city, town or village from
making such provision FOR the aid or support
Of rs poor AZ may be authorized by law.
Section II. Part Of 10 Of present article
eight. No county or city shall De allowed
TO become indebted for any purpose or In
any manner 20 an amount which, lncludlhg
existing Indebtedness shall exceed len PEI
centum OF the assessed valuation or me Iedl
estate Of such county or city subject 10 taxa
ton. as Il appeared by the assessment rolls
Of lsaidl such county or city on the last az
sessment for state or county taxes prior 70
the mourning Of such indebtedness; and all
Indebtedness in excess OF such limitation eX-
cept such now may exist, snail pe aDSo-
lutely void, except as herein otherwise pro-
Vided. No county or city whose present IN
debtedness exceeds ten per centum OF me "a
sessed valuation OF It's real estate subject 10
taxation, shall be allowed TO become IN
debted in any further amount until such IN
debtedness shall he reduced within sucn limit.
This section shall not DE construed 10 prevent
the issuing OF certificates OF Indebtedness or
revenue bonds issued IN anticipation OF the
collection OF taxes for amounts actually con
talned or TO be contained In the taxes Tor
the year when such certificates or revenue
bonds are issued ana payable on. OF SuCIi
taxes: nor 20 prevent the city or New loIh
from Issuing bonds 10 be redeemed oui Of me
tax levy for the year next succeeding the year
OF their issue, provided that the amount ol
such bonds which may be issued IN any one
year IN excess Of the limitations herein con-
tained shall not exceed one-tenth ~ one per
centum Of the assessed valuation OF the real
estate OF tsaidl such city subject 70 taNatloh.
Nor shall this section be construed 20 pre-
vent the. issue Of bonds to provide tor the..
supply Of water. I but the term OF me ponds
issued 10 provide for the supply or water, IN
excess Of the Limitation Of Indebtedness hEeD
herein, shall not exceed twenty years ana a
sinking fund shall be created on the Issuing OF
the said bonds for their redemption by raising
annually sum which VIII produce an amount
equal TO the sum Of the principal and Interest
OF said bonds at their maturity All GER
tihcates OF indebtedness or revenue bonds Is
sued In anticipation OF the CORRECTION OF 'eses.
/ which are not retired within iye years after
T their date OF issue. and bonds Issued 10 pro-
vide for the supply OF water. ana any oebt
rfty n here Shall be any such debt shall
j civ 10 become otherwise inlebted; except
cities Of the tTff class after the nrst day OF
January, tnineteenI one ffOuSdGd ninc nun
dred and four and debts incurred hy any city
. of the second class after the first day u-
January, inineteenl one thousand rias hun
dred and eight and debts Incurred by any
city Of the third class after the first day OF
January. fnineteenl one thousand nine hun.
bred and ten. 20 provide for me supply o.
water. shall not be 70 included ana eNctp
. further that any debt hereafter Incurred by
the city OF New YORK FOR a public iInprove-
ment owned or 20 pc owned by the city
/ which Yields 10 the city current net revenue,
| after making any necessary allowance for re-
. pairs and maintenance for which me CITY Us
D liable in excess 81 the interest on lsaldl sue.
debt and uf the annual instalinents NECESSARY
for IFS amortization may be excluded In as
7 pertaining the power 81 lsaidl StcH ctlE 10
sinking fund for its amortization fhsii have