The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1922-09-01

general debate, will be taken up sec.
ton by section for amendment when il
next comes before the convention
Many suggestions have been offered
by members for amendments that il
is believed will meet the principal OBJ
jections to the committee report
There seems to be disposition on the
part of the committee to make con-
cessions in the interest of harmony
and it may introduce amendments on
the floor of the convention that will go
a long way toward smoothing the
troubled waters stirred up by the gen.
eral debate on the new proposed jul
dicial system, and yet make it a de-
cided improvement over the old sys-
TEN now in use.
Notice has been given to the con-
vention that the Committee on Suf-
frage and Elections will call up its
report for discussion in the committee
of the whole as soon as it is through
with the consideration Of the Legisla-
tive Committee report. This report
will probably be under discussion
practically all of the coming week.
Double liability Of stockholders in
state banks and trust companies which
may hereafter be organized in the
state may be imposed by act of the
General Assembly if provision
adopted by the Committee on Corpor-
atoms becomes part of the new con-
stitution. 1t also provides way for
banks and trust companies now Or
ganized to take advantage of the pro-
vision if they so desire. The proposed
revised section reads as follows:
Section 8. Stockholders. Extent of
Liability.--Dues from private corpor-
ations shall be secured by such means
as may be prescribed by law, but in
no case shall any stakeholder be indi-
vidually liable in any amount over
and above the amount of stock owned
by him or her, provided, however,
that the owner of stock in banks and
trust companies hereafter formed
shall be liable in an additional sum of
one hundred per centum of the par
value of stock owned by them, which
| liability shall be several and not joint;
it is further provided that any bank or
trust company now created shall be
privileged, by the unanimous vote of
the stockholders, to be liable in an adj
ditional sum of one hundred per cent
UNI of the par value of the stock own
ed by them, which liability shall be
several and not joint,
The committee has modified section
IL, defining corporations, so as to in
clude what is known as common law
trusts" under the corporation laws of
the state. In this list the committee
includes joint stock companies, asso-
Citations or business trusts having any
powers not possessed by individuals or
partnerships; provided, however, the
term business trusts" as used in this
constitution, shall include only such
voluntary equitable trusts created by
written instrument or declaration of
trusts, the beneficial interest under
which is divided into transferable
certificates of participation or shares.
The provision in section II relating
to the "long and short haul" and COM
mutation tickets is modified to meet
the requirements of the federal trans
portation act, which now controls all
rate matters.
A new section is added to the con-
stitution which is intended to provide
rural communities with such facilities
for the safe and convenient conduct
of business as is offered those COM
munities in which trust companies
are maintained. 1t provides that;
Blanks heretofore or hereafter in
corporated under the laws of this
state shall have power to act as eX--
ecutors, administrators, curators and
trustees under such regulations as
may be required by law"
By adopting the subcommittee re-
port on exemptions the Committee on
Taxation will propose important
changes to the provisions in the old
constitution, including the exemption
from taxation Of bonds or other OBJ
legations issued by the state or any po- |
litical subdivision thereof, and house
hold furniture used as such up to 5000. |
The amended sections read as fol-
lows:
Section 6. Property Exempt from, |
Taxation.-The property, real and per-
sonal, of the state, counties and other |
municipal corporations, and all bonds |
or other obligations hereafter issued
by the state or any political subdi-
vision thereof, shall be exempt from |
taxation.
Cemeteries, not held for private
profit, and all moneys and personal
property and the income thereon,
owned by associations incorporated as
cemetery associations, and required |