Section 2. Certain charters to be subject to the Constitution

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Certain charters to be subject to the Constitution

Private corporations which have accepted or accept the Constitution of this Commonwealth or the benefits of any law passed by the General Assembly after 1873 governing the affairs of corporations shall hold their charters subject to the provisions of the Constitution of this Commonwealth.

Summary: Repealing article regarding corporate formation and voting procedures; substituting a new article providing that unused charters issued before 1874 are void, allowing charters be amended or repealed, and providing time for payment of property taken by eminent domain

Election Date: November 8, 1966

Votes For Ratification: 1212790

Votes Against Ratification: 636925

Percent for Ratification: 66%

Percent Against Ratification: 34%

Notes:

Amendment Source: 1965 JR 3

Effective Date Source:

No charter to be validated or amended except on condition

The General Assembly shall not remit the forfeiture of the charter of any corporation now existing, or alter or amend the same, or pass any other general or special law for the benefit of such corporation, except upon the condition that such corporation shall thereafter hold its charter subject to the provisions of this Constitution.

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