Section 3. Revocation, amendment and repeal of charters and corporation laws

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Revocation, amendment and repeal of charters and corporation laws

All charters of private corporations and all present and future common or statutory law with respect to the formation or regulation of private corporations or prescribing powers, rights, duties or liabilities of private corporations or their officers, directors or shareholders may be revoked, amended or repealed.

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substituting a new article providing that unused charters issued before 1874 are void, allowing charters be amended or repealed, and providing time for payment of property taken by eminent domain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:

Repeal of charter authorized; no law to create, &c., more than one charter.

The General Assembly shall have the power to alter, revoke or annul any charter of incorporation now existing and revocable at the adoption of this Constitution, or any that may hereafter be created, whenever in their opinion it may be injurious to the citizens of this 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.

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