Section 10. Corporation; term of; reorganization

Corporation; term of; reorganization

No corporation, except for municipal purposes, or for the construction of rail roads, plank roads and canals, shall be created for a longer time than thirty years; but the Legislature may provide by general laws applicable to any corporations for one of more extensions of the term of such corporations while such term is running, not exceeding thirty years for each extension, on the consent of not less than a two-thirds majority of the capital of the corporation; and by like general laws for the corporate re-organization for a 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: Provided, That in cases of corporations where there is no capital stock the Legislature may provide the manner in which such corporations may be re-organized.