Section 11. Incorproation of banks and trust companies
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Notice of bills to create banks; bank charters limited to twenty years
No corporate body to possess banking and discounting privileges shall be created or organized in pursuance of any law without three months previous public notice, at the place of the intended location, of the intention to apply for such privileges, in such manner as shall be prescribed by law, nor shall a charter for such privilege be granted for a longer period than twenty years.
Notice of bills to create banks, bank charters limited to twenty years
No corporate body shall be hereafter, created, renewed or extended, with banking or discounting privileges, without six months previous public notice of the intended application for the same in such manner as shall be prescribed by law. Nor shall any charter for the purposes aforesaid, be granted for a longer period than twenty years, and every such charter shall contain a clause reserving to the legislature the power to alter, revoke or annul the same whenever in their opinion it may be injurious to the citizens of the commonwealth, in such manner however that no injustice shall be done to the corporators. No law hereafter enacted, shall create, renew or extend the charter of more than one corporation.