corporations shall be assessed for taxation and the taxes paid. in the county where situated, but the Legislature may by twothirds vote authorize the payment of taxes of non-residents of counties to be made at the office of the Comptroller of Public Accounts. And all lands and other property not rendered for taxation by the owner thereof shall be assessed at its fair value by the proper officer. VII. WHERE TAX MONEY IS TO BE DEPOSITED. Michigan A 10, S 15. State money is to be deposited in banks Mo. A 10, S 15, Banks designated by treasurer, approved by Mont. A 12, S 14 (banks designated by State Depository Board); N. M. VIII. PUBLICATION OF FINANCIAL STATEMENT. Some states provide for the publication of a statement of the receipts and expenditures of tax money: Indiana A 10, S 4. An accurate statement of the receipts and expenditures of the public money shall be published with the laws of each regular session of the General Assembly. Mich. A 10, S 17; Minn. A 9, S 11; Mo. A 10, S 16 (in manner designated by Governor); Mont. A 12, S 13; Ore. A 9, S 5; S. C. A 10, S 8; S. Dak. A 11, S 12; Utah A 13, S 6; Wash. A 7, S 7; W. Va. A 10, S 3. XIV. CORPORATIONS. No Ohio provision. Okla. A 9, S 1. As used in this article, the term "corporation" 1. Defined. or "company" shall include all associations and joint stock companies having any power or privileges not possessed by individuals and exclude all municipal corporations and public institutions owned or controlled by the state. The following states have similar provisions: Ala. A 12, S 241; Ariz. A 14, S 1; Cal. A 12, S 4; Idaho A 11, S 16; I. FORMATION OF CORPORATIONS. OHIO A 13, S I. The general assembly shall pass no special 1. act conferring corporate powers. (1) Similar provisions are found in the folowing constitutions: Not to be created by Special Act. Similar provisions, with certain exceptions, are found in the fol- 2. Exceptions. lowing constitutions: (1) Except for charitable, educational, penal, or reformatory pur- Ark. A 14, S 2; Colo. A 15, S 2; Del. A 9, S 1 (banks also excepted); (2) Except in cases where the object of the corporation cannot Me. A 4, S 14, Pt. 3; N. Y. A 8, S 1; N. C. A 8, S 1; Wis. A 11, S 1. 13 D. OF C. 3. 4. Certain (3) Except where no general laws exist providing for the creation of corporations of the same general character as the corporation proposed to be created, and except banks: Md. A 3, S 48. Corporations with right of eminent domain or street franchises must Corporations be created by special act: must be created by Special Act. To be formed under Gen eral Laws. with Bank R. I. A 9, S 1 (amdt. 1892). OHIO A 13, S 2. Corporations may be formed under general laws; but all such laws may, from time to time, be altered or repealed. (1) Similar provisions in respect to formation of corporations under Ala. A 12, S 229; Ariz. A 14, S 2; Ark. A 12, S 6; Cal. A 12, S 1; Colo. N. Dak. A 7, S S. Dak. A 17, S Del. A 9, S 1. Similar, except law must be passed by 2/3 vote of members of legislature. (2) Similar provisions in respect to reservation of power to amend and repeal are found in the following states: Ala. A 12, S 229; Ariz. A 14, S 2; Ark. A 12, S 6; Cal. A 12, S 1; (3) In the following states legislature may provide for forfeiture of Del. A 9, S 1; Ky. S 205; Va. S 154. (4) In the following constitutions the Legislature shall pass no law for the benefit of a railroad or other corporation, retrospective in its operation: Colo. A 15, S 12; Idaho A 11, S 12; Mo. A 12, S 19; Mont. A 15, S 13. 5. Associations OHIO A 13, S 7. No act of the general assembly authorizing ing Powers associations with banking powers, shall take effect until it must be Ap- shall be submitted to the people at the general election next succeeding the passage thereof, and be approved by a majority of all the electors voting at such election. proved by vote of Electors. Similar provisions are found in the following constitutions: Ill. A 11, S 5; Iowa A 8, S 5; Kan. A 13, S 8; Minn. A 4, S 32; Mo. A 12, S 26; Cal. A 12, S 5; (no bank shall have power to issue currency); Wis. A 11, S 5. Michigan A 12, S 9. (Requires two-thirds vote of Legislature). No general law providing for the incorporation of trust companies or corporations for banking purposes, or regulating the business thereof, shall be adopted, amended or repealed except by a vote of two-thirds of the members elected to each house of the legislature. Such laws shall not authorize the issue of bank notes or paper credit to circulate as money. Oregon A 11, S 1. The Legislative Assembly shall not have the power to establish or incorporate any bank or banking company, or moneyed institution whatever; nor, shall any bank, company or institution exist in the state with the privilege of making, issuing or putting into circulation any bill, check, certificate, promissory note, or other paper, or paper of any bank, company or person to circulate as money. Nevada A 8, S 6, has a similar provision. No Ohio provision. Michigan A 12, S 3. No corporation shall be created for a longer period than thirty years, except for municipal, railroad, insurance, canal or cemetery purposes, or corporations authorized without any capital stock or for religious, benevolent, socialor fraternal purposes; but the Legislature may provide by general laws, applicable to any corporations for one or more extensions of the term of such corporations, while such term is running, not exceeding thirty years for such extension on the consent of not less than two-thirds of the capital stock of the corporation; and by like general laws for the corporate reorganizations for the further period, not exceeding thirty years, of such corporations whose terms have expired by limitation, on the consent of not less than four-fifths of the capital stock. Ala. A 12, S 234. No corporation shall issue stock or bonds except for money, labor done or property actually received; and all fictitious increase of stock or indebtedness shall be void. * * * Similar provisions in the following states: Ariz. A 14, S 6; Ark. A 12, S 8; Cal. A 12, S 11; Colo. A 15, S 9; Ill. A 11, S 13; Neb. A 11, S 5; S. C. A 9, S 10; Miss. S 196. 1. 2. 3. Stockholders' Liability. To pay Tax. sate for II. OBLIGATIONS OF CORPORATIONS. OHIO A 13, S 3. Dues from private corporations shall be secured by such means as may be prescribed by law, but in no case shall any stockholder be individually liable otherwise than for the unpaid stock owned by him or her. (1) Liability limited, as in Ohio, to unpaid subscriptions, in the following states: Minn. A 10, S 3 (but see 50 N. W. Rep. 1110); Neb. A 11, S 4 (double liability in banking corporations); Ore. A 11, S 3; Wash. A 12, S 4 (double in banks); W. Va. A 11, S 2. Oregon A 11, S 3. The stockholders of all corporations and joint stock companies shall be liable for the indebtedness of said corporation to the amount of their stock subscribed and unpaid and no more. (2) Liability to be defined by General Assembly, in the following states: Ala. A 12, S 236 (but not to exceed unpaid stock); Ariz. A 14, S 2 (double liability of shareholders in banking companies); Cal. A 12, S 2; Idaho A 12, S 17 (but not more than unpaid stock); Ind. A 12, S 14; Kan. A 12, S 2 (unpaid stock and such other means as may be provided by law); Mich. A 12, S 4 (individual liability for labor); Mont. A 15, S 19; Mo. A 12, S 9 (but not more than unpaid stock); N. Y. A 8, S 2; N. C. A 8, S 2; Nev. A 8, S 3. Michigan A 12, S 4. The stockholders of every corporation and joint stock association, shall be individually liable for all labor performed for such corporation or association. Nebraska A 11, S 7. Every stockholder in a banking corporation or institution shall be individually responsible and liable to its creditors over and above the amount of stock by him held to an amount equal to his respective stock or shares so held, for all its liabilities accruing while he remains such stockholder, and all banking corporations shall publish quarterly statements under oath of their assets and liabilities. OHIO A 13, S 4. The property of corporations now existing or hereafter created shall forever be subject to taxation, the same as the property of individuals. The following states have similar provisions: (See subject "Taxation; Sub-heading "Corporations.") To Compen- OHIO A 13, S 5. No right of way shall be appropriated to right of way, the use of any corporation until full compensation therefor be is Appropri- first made in money or first secured by a deposit of money to the owner, irrespective of any benefit from any improvement before same ated. |