|
|
||||||||||
 |
||||||||||
 |
|
||||||||||||||||||||||||||
|
|
ARTICLE XIII. Banks and Other Corporations. Section 1. The General Assembly shall pass no act of incorporation,
nor make any alteration in one, unless with the assent of at least two-thirds
of each House, and unless public notice, in one or more newspapers in the State,
shall have been given for at least three months immediately preceding the session
at which the same may be applied for. Section 2. No bank charter, nor any act of incorporation granting exclusive
privileges, shall be granted for a longer period than twenty years. Section 3. Banks chartered by the General Assembly shall be restricted
to the business of exchange, discount, and deposit, and they shall not deal
in real estate, nor in merchandise or chattels, except as security for loans
or discounts, or for debts due to such Bank; nor shall they be concerned in
insurance, manufacturing, exportation, or importation, except of bullion or
specie; nor shall they own real estate or chattels, except such as shall be
necessary for their actual use in the transaction of business, or which may
be received in payment of previously contracted debts, or purchased at legal
sales to satisfy such debts, of which they shall be required to make sale within
three years after the acquisition thereof. Section 4. The capital stock of any bank shall not be less than one
hundred thousand dollars, to be paid in suitable instalments, and shall be created
only by the payment of specie thereon. Section 5. All liabilities of such banks shall be payable in specie,
and the circulation of no bank shall exceed three dollars for one of capital
actually paid in. Section 6. No dividends or profits exceeding ten per centum per annum
on the capital stock paid in shall be made; but all profits over ten per centum
per annum shall be set apart and retained as a safety fund. Section 7. Stockholders in a bank, when an act of forfeiture is committed,
or when it is dissolved or has expired, shall be individually and severally
liable for the redemption of the outstanding circulation, in proportion to the
stock owned by each, and no transfer of stock shall exonerate such stockholder
from this liability, unless such transfer was made at least one year previous
to said forfeiture, dissolution or expiration. Section 8. Banks shall be open to inspection under such regulations
as may be prescribed by law, and it shall be the duty of the Governor to appoint
a person or persons, not connected in any manner with any Bank in the State,
to examine at least once a year into their State and condition; and the officers
of every Bank shall make quarterly returns to the Governor of its state and
condition, and the names of the stockholders and shares held by each. Section 9. Non-user for the space of one year, or any act of a corporation
or those having the control or management thereof, or intrusted therewith, inconsistent
with, or in violation of the provisions of this Constitution, or of its charter,
shall cause its forfeiture; and the General Assembly shall by general law provide
a summary process for the sequestration of its effects and assets, and the appointment
of officers to settle its affairs, and no forfeited charter shall be restored.
Section 10. The General Assembly shall not pledge the faith and credit of the State to raise funds in aid of any corporation whatever.
|
|
||||||||||||||||||||||||
