Section 1. Incorporation

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Corporation; creation; amendment or repeal of laws

Corporations may be formed under general laws, but shall not be created, nor shall any rights, privileges or franchises be conferred upon them, by special act of the legislature. All laws heretofore or hereafter passed by the legislature for the formation of, or conferring rights, privileges or franchises conferred by such laws may be amended, altered, repealed or abrogated.

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Incorporation

Corporations may be formed under general laws, but shall not be created by special act, except for municipal purposes. All laws passed pursuant to this section may be amended, altered or repealed. But the Legislature may, be a vote of two-thirds of the members elected to each House, create a single bank, with branches.

Summary: Providing that corporations shall be formed under general laws; allowing the legislature by 2/3 vote to create a single bank with branches; providing that no banking law shall take effect unless ratified by the people

Election Date: November 4, 1862

Votes For Ratification: 5067

Votes Against Ratification: 1644

Percent for Ratification: 76%

Percent Against Ratification: 24%

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Amendment Source: 1861 JR 17

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Incorporation

Corporations may be formed under general laws; but shall not be created by special act, except for municipal purposes. All laws passed pursuant to this section may be altered or repealed.

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