Corporations, Kentucky Constitution

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The sections entitled Corporations of the Kentucky Constitution consists of sections 190-208.

Section 190

Text of Section 190:

Regulation of Corporations by General Assembly

Except as otherwise provided by the Constitution of Kentucky, the General Assembly shall, by general laws only, provide for the formation, organization, and regulation of corporations. Except as otherwise provided by the Constitution of Kentucky, the General Assembly shall also, by general laws only, prescribe the powers, rights, duties, and liabilities of corporations and the powers, rights, duties, and liabilities of their officers and stockholders or members.[1]

Amendments

Section 191

Text of Section 191:

Unexercised charters granted prior to Constitution revoked

Repealed with the approval of Kentucky Proposed Corporations Amendment, Amendment 2 (2002) on November 5, 2002.'[1]

Section 192

Text of Section 192:

Corporations Restricted to Charter Authority -- Holding of Real Estate Limited

Repealed with the approval of Kentucky Proposed Corporations Amendment, Amendment 2 (2002) on November 5, 2002.'[1]

Section 193

Text of Section 193:

Stock or Bonds to be Issued Only for Money or for Property or Labor at Market Value -- Watered Stock Void

Repealed with the approval of Kentucky Proposed Corporations Amendment, Amendment 2 (2002) on November 5, 2002.'[1]

Section 194

Text of Section 194:

Corporations to Have Place of Business and Process Agent in State

Repealed with the approval of Kentucky Proposed Corporations Amendment, Amendment 2 (2002) on November 5, 2002.'[1]

Section 195

Text of Section 195:

Corporation Property Subject to Eminent Domain -- Corporations Not to Infringe upon Individuals

The Commonwealth, in the exercise of the right of eminent domain, shall have and retain the same powers to take the property and franchises of incorporated companies for public use which it has and retains to take the property of individuals, and the exercise of the police powers of this Commonwealth shall never be abridged nor so construed as to permit corporations to conduct their business in such manner as to infringe upon the equal rights of individuals.[1]

Section 196

Text of Section 196:

Regulation of Common Carriers -- No Relief from Common-Law Liability

Transportation of freight and passengers by railroad, steamboat or other common carrier, shall be so regulated, by general law, as to prevent unjust discrimination. No common carrier shall be permitted to contract for relief from its common law liability.[1]

Section 197

Text of Section 197:

Free Passes or Reduced Rates to Officers Forbidden

No railroad, steamboat or other common carrier, under heavy penalty to be fixed by the General Assembly, shall give a free pass or passes, or shall, at reduced rates not common to the public, sell tickets for transportation to any State, district, city, town or county officer, or member of the General Assembly, or Judge; and any State, district, city, town or county officer, or member of the General Assembly, or Judge, who shall accept or use a free pass or passes, or shall receive or use tickets or transportation at reduced rates not common to the public, shall forfeit his office. It shall be the duty of the General Assembly to enact laws to enforce the provisions of this section.[1]

Section 198

Text of Section 198:

Trusts and Combinations in Restraint of Trade to Be Prevented

Repealed with the approval of Kentucky Proposed Corporations Amendment, Amendment 2 (2002) on November 5, 2002.'[1]

Section 199

Text of Section 199:

Telegraph and Telephone Companies -- Right to Construct Lines -- Exchange of Messages

Any association or corporation, or the lessees or managers thereof, organized for the purpose, or any individual, shall have the right to construct and maintain lines of telegraph within this State, and to connect the same with other lines, and said companies shall receive and transmit each other's messages without unreasonable delay or discrimination, and all such companies are hereby declared to be common carriers and subject to legislative control. Telephone companies operating exchanges in different towns or cities, or other public stations, shall receive and transmit each other's messages without unreasonable delay or discrimination. The General Assembly shall, by general laws of uniform operation, provide reasonable regulations to give full effect to this section. Nothing herein shall be construed to interfere with the rights of cities or towns to arrange and control their streets and alleys, and to designate the places at which, and the manner in which, the wires of such companies shall be erected or laid within the limits of such city or town.[1]

Section 200

Text of Section 200:

Domestic Corporation Consolidating with Foreign Does Not Become Foreign

Repealed with the approval of Kentucky Proposed Corporations Amendment, Amendment 2 (2002) on November 5, 2002.'[1]

Section 201

Text of Section 201:

Public Utility Company Not to Consolidate with, Acquire or Operate Competing or Parallel System -- Common Carriers Not to Share Earnings with One Not Carrying -- Telephone Companies Excepted under Certain Conditions

No railroad, telegraph, telephone, bridge or common carrier company shall consolidate its capital stock, franchises or property, or pool its earnings, in whole or in part, with any other railroad, telegraph, telephone, bridge or common carrier company owning a parallel or competing line or structure, or acquire by purchase, lease or otherwise, any parallel or competing line or structure, or operate the same; nor shall any railroad company or other common carrier combine or make any contract with the owners of any vessel that leaves or makes port in this State, or with any common carrier, by which combination or contract the earnings of one doing the carrying are to be shared by the other not doing the carrying: Provided, however, That telephone companies may acquire by purchase or lease, or otherwise, and operate, parallel or competing exchanges, lines and structures, and the property of other telephone companies, if the state agency as may have jurisdiction over such matters shall first consent thereto, and if, further, each municipality wherein such property or any part thereof is located shall also first consent thereto as to the property within its limits, but under any such acquisition and operation toll line connections with the property so acquired shall be continued and maintained under an agreement between the purchasing company and the toll line companies then furnishing such service, and in the event they are unable to agree as to the terms of such an agreement the state agency as may have jurisdiction over such matters, shall fix the term of such agreement.

Amendments

Section 202

Text of Section 202:

Foreign Corporations Not to Be Given Privileges over Domestic

Repealed with the approval of Kentucky Proposed Corporations Amendment, Amendment 2 (2002) on November 5, 2002.'[1]

Section 203

Text of Section 203:

Liabilities under Corporate Franchise Not Released by Lease or Alienation

Repealed with the approval of Kentucky Proposed Corporations Amendment, Amendment 2 (2002) on November 5, 2002.'[1]

Section 204

Text of Section 204:

Bank Officer Liable for Receiving Deposit for Insolvent Bank

Any President, Director, Manager, Cashier or other officer of any banking institution or association for the deposit or loan of money, or any individual banker, who shall receive or assent to the receiving of deposits after he shall have knowledge of the fact that such banking institution or association or individual banker is insolvent, shall be individually responsible for such deposits so received, and shall be guilty of felony and subject to such punishment as shall be prescribed by law.[1]

Section 205

Text of Section 205:

Forfeiture of Corporate Charters in Case of Abuse or Detrimental Use

The General Assembly shall, by general laws, provide for the revocation or forfeiture of the charters of all corporations guilty of abuse or misuse of their corporate powers, privileges or franchises, or whenever said corporations become detrimental to the interest and welfare of the Commonwealth or its citizens.[1]

Section 206

Text of Section 206:

Warehouses Subject to Legislative Control -- Inspection -- Protection of Patrons

All elevators or storehouses, where grain or other property is stored for a compensation, whether the property stored be kept separate or not, are declared to be public warehouses, subject to legislative control, and the General Assembly shall enact laws for the inspection of grain, tobacco and other produce, and for the protection of producers, shippers and receivers of grain, tobacco and other produce.[1]

Section 207

Text of Section 207:

Cumulative Voting for Directors of Corporations -- Proxies

Repealed with the approval of Kentucky Proposed Corporations Amendment, Amendment 2 (2002) on November 5, 2002.'[1]

Section 208

Text of Section 207:

Corporation' Includes Joint Stock Company or Association

Repealed with the approval of Kentucky Proposed Corporations Amendment, Amendment 2 (2002) on November 5, 2002.'[1]

See also

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