Article VII, § 10 For history of the movement leading up to the constitutional amendment of 1854, and for comment on the amendment itself, see II: 218-224. References to constitutional conventions and commissions. 1867. II:357-358. 1872. II:540–541. 1894. III:377, 380–382. Debates of constitutional conventions Canal im- 1 1867. II:1530–1531; III:2019-2035. 1894. IV:303–308 (V:2134-2137); IV:320–321 (V:2145); IV:947 (V:2502). Texts of proposed amendments In the convention of 1894: see Proposed Constitutional Amendments, Overtures Nos. 247 (Int. 245), 254-437 (Int. 252),13 430 (Int. 386). In the legislature, 1895-1914: see Part II, post, pp. 189-190. § 10. The canals may be improved in such manner as the provement 2 Legislature shall provide by law. A debt may be authorized 3 for that purpose in the mode prescribed by section four of 4 this article, or the cost of such improvement may be defrayed 5 by the appropriation of funds from the state treasury, or by 6 equitable annual tax. Payment state debts Sinking funds Source Const. 1894, Art. VII, § 10. For history of the incorporation into the Constitution of this section, Debates of constitutional conventions 1894. IV :227–349 (V:2101-2160); IV :943–969 (V:2500-2515). Texts of proposed amendments of 1 In the legislature, 1895-1914: see Part II, post, pp. 190-191. § 11. The legislature may appropriate out of any funds 2 in the treasury, moneys to pay the accruing interest and 3 principal of any debt heretofore or hereafter created, or 4 any part thereof and may set apart in each fiscal year, 5 moneys in the state treasury as a sinking fund to pay the 6 interest as it falls due and to pay and discharge the principal 7 of any debt heretofore or hereafter created under section 13 This overture was adopted by the convention and accordingly became a part of the Constitution. Article VII, § 12 8 four of article seven of the constitution until the same shall 9 be wholly paid, and the principal and income of such sink10 ing fund shall be applied to the purpose for which said 11 sinking fund is created and to no other purpose whatever; 12 and, in the event such moneys so set apart in any fiscal year 13 be sufficient to provide such sinking fund, a direct annual 14 tax for such year need not be imposed and collected, as 15 required by the provisions of said section four of article 16 seven, or of any law enacted in pursuance thereof. Source Amendment of 1905.14 Texts of proposed amendments 1 In the legislature: see Part II, post, pp. 191-192. ment of of debts § 12. A debt or debts of the state may be authorized by Improve2 law for the improvement of highways. Such highways shall highways 3 be determined under general laws, which shall also provide 4 for the equitable apportionment thereof among the counties. 5 The aggregate of the debts authorized by this section shall Limitation 6 not at any one time exceed the sum of fifty millions of dollars. 7 The payment of the annual interest on such debt and the Payment 8 creation of a sinking fund of at least two per centum per annum to discharge the principal at maturity shall be pro10 vided by general laws whose force and effect shall not be 11 diminished during the existence of any debt created there12 under. The legislature may by general laws require the County and 13 county or town or both to pay to the sinking fund the pro- of cost 14 portionate part of the cost of any such highway within the 15 boundaries of such county or town and the proportionate 16 part of the interest thereon, but no county shall at any time 17 for any highway be required to pay more than thirty-five 18 hundredths of the cost of such highway, and no town more 19 than fifteen hundredths. None of the provisions of the fourth 20 section of this article shall apply to debts for the improve21 ment of highways hereby authorized. Source Amendment of 1905.15 Texts of proposed amendments In the legislature: see Part II, post, pp. 192-196. 14 For the legislative history of the amendment of 1905, and the action of the people thereon, see Part II, post, p. 191. 15 For the legislative history of the amendment of 1905, and the action of the people thereon, see Part II, post, pp. 192–193. town share Article VIII, § 1 Согрога- 1 tions, how formed 2 Dues from 1 corporations 3 Section 1. Corporations may be formed under general laws; but shall not be created by special act, except for municipal purposes, and in cases where, in the judgment of the Legis4 lature, the objects of the corporation cannot be attained under 5 general laws. All general laws and special acts passed pursu6 ant to this section may be altered from time to time or 7 repealed. Source Const. 1846, Art. VIII, § 1. See also Const. 1821, Art. VII, § 9. Lincoln's Constitutional History For historical sketch of corporations in this state from 1783 to 1846, For court decisions construing this section, see IV:671-674. 1846. II:59-64, 184-195. 1867. 11:370-374. Debates of constitutional conventions 1846. 221-223 (July 2), 961-974, 984 (Sept. 24-26). Texts of proposed amendments 2 3 In the constitutional convention of 1894: see Proposed Constitutional Amendments, Overtures Nos. 46, 50, 105, 169, 256 (Int. 254), 302 (Int. 298), 321 (Int. 313), 324 (Int. 316), 325 (Int. 317), 357 (Int. 348), 408 (Int. 377). § 2. Dues from corporations shall be secured by such individual liability of the corporators and other means as may be prescribed by law. Source Const. 1846, Art. VIII, § 2. Lincoln's Constitutional History For court decisions construing this section, see IV:674-675. References to constitutional conventions. 1846. II:193. Texts of proposed amendments In the constitutional convention of 1894: see Proposed Constitutional 1 For references to certain subjects coming within the general scope of Article VIII but not relating specifically to any particular section thereof. see Supplemental Notes following Article XV, post, under the titles Corporations, and Railroads. 1 Article VIII, § 4 Corpora defined § 3. The term corporations as used in this article shall be tion; term 2 construed to include all associations and joint-stock companies 3 having any of the powers or privileges of corporations not Actions by 4 possessed by individuals or partnerships. And all corporations and against 5 shall have the right to sue and shall be subject to be sued 6 in all courts in like cases as natural persons. Source Const. 1846, Art. VIII, § 3. Lincoln's Constitutional History For court decisions construing this section sce IV:675–676. References to constitutional conventions. 1846. II:189, 191, 194. Debates of constitutional conventions 1846. 982 (Sept. 26), 1021-1022 (Sept. 30). 1867. II:1080. Texts of proposed amendments 1 In the constitutional convention of 1894: see Proposed Constitutional corporations Savings bank charters trustees § 4. The Legislature shall, by general law, conform all 2 charters of savings banks, or institutions for savings, to a 3 uniformity of powers, rights and liabilities, and all charters 4 hereafter granted for such corporations shall be made to 5 conform to such general law, and to such amendments as Restrictions 6 may be made thereto. And no such corporation shall have upon 7 any capital stock, nor shall the trustees thereof, or any of 8 them, have any interest whatever, direct or indirect, in the 9 profits of such corporation; and no director or trustee of any 10 such bank or institution shall be interested in any loan or 11 use of any money or property of such bank or institution 12 for savings. The Legislature shall have no power to pass Special 13 any act granting any special charter for banking purposes; prohibited 14 but corporations or associations may be formed for such 15 purposes under general laws. Sourco Const. 1846, Art. VIII, § 4; amended in 1874. Lincoln's Constitutional History For court decisions construing this section see IV:677. For historical sketch of the development of the banking and cur- charters Article VIII, § 5 References to constitutional conventions and commissions. Debates of constitutional conventions 1846. 989-995 (Sept. 28). Texts of proposed amendments Speele pay- 1 ments not to be sus- 2 pended Bills or notes; registry, security In the constitutional convention of 1894: see Proposed Constitutional § 5. The Legislature shall have no power to pass any law sanctioning in any manner, directly or indirectly, the suspension of specie payments, by any person, association or corpora4 tion, issuing bank notes of any description. 3 Source Const. 1846, Art. VIII, § 5. Lincoln's Constitutional History See notes under 8 4 of this article. Debates of constitutional conventions 1846. 989-996 (Sept. 28). 1867. II:1080-1085. Texts of proposed amendments 1 2 In the constitutional convention of 1894: see Proposed Constitutional § 6. The Legislature shall provide by law for the registry of all bills or notes, issued or put in circulation as money, and shall require ample security for the redemption of the 4 same in specie. 3 Source Const. 1846, Art. VIII, § 6. Lincoln's Constitutional History For historical comment upon the reason for putting this provision into the Constitution, and the judicial construction of the same, see IV:678. See also the notes to § 4 of this Article. Debates of constitutional conventions 1846. 996–997, 1000-1005 (Sept. 28-29), 1073 (Oct. 8). Texts of proposed amendments Liability 1 of bank stockholders In the constitutional convention of 1894: see Proposed Constitutional § 7. The stock holders of every corporation and joint stock 2 association for banking purposes, shall be individually re3 sponsible to the amount of their respective share or shares of |