Constitution of the State of North Carolina and Copy of the Act of the ... by North Carolina

Author:North Carolina [Carolina, North]
Language: eng
Format: epub
ISBN: 9781378362174
Google: 86tdtAEACAAJ
Goodreads: 39500726
Publisher: Palala Press
Published: 2018-02-21T00:00:00+00:00

ARTICLE VIII.

CORPORATIONS OTHER THAN MUNICIPAL.

Corporations under general laws.

Section 1. Corporations may be formed under general laws, but shall not be created by special act except for municipal purposes and in cases where, in the judgment of the Legislature, the object of the corporation can not be attained under general laws. All general laws and special acts passed pursuant to this section may be altered from time to time or repealed.

Debts of corporations, how secured.

Sec. 2. Dues from corporations shall be secured by such individual liabilities of the corporations and other means as may be prescribed by law.

What corporations shall include.

Sec. 3. The term corporation, as used in this article, shall be construed to include all associations and joint stock companies having any of the powers and privileges of corporations not possessed by individuals or partnerships. And all corporations shall have the right to sue and shall be subject to be sued in all courts in like cases as natural persons.

Legislature to provide for organising cities, towns, etc.

Sec. 4. It shall be the duty of the Legislature to provide for the organization of cities, towns and incorporated villages, and to restrict their power of taxation, assessment, borrowing money, contracting debts and loaning their credit, so as to prevent abuses in assessment and in contracting debts by such municipal corporations.

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