Section 1. A Bureau of Industrial Resources shall be established,
to be under the management of a Commissioner, who shall be elected at the
first general election, and shall hold his office for the term of four years.
Section 2. The Commissioner of Industrial Resources shall collect and condense statistical information concerning the productive industries of the state; and shall make, or cause to be made, a careful, accurate and thorough report upon the agriculture and geology of the state, and annually report such additions as the progress of scientific development and extended explorations may require. He shall, from time to time, disseminate among the people of the state such knowledge as he may deem important, concerning improved machinery and production, and for the promotion of their agricultural, manufacturing and mining interests; and shall send out to the people of the United States and foreign countries, such reports concerning the industrial resources of Alabama, as may best make known the advantages offered by the state to emigrants; and shall perform such other duties as the General Assembly may require.
Section 3. It shall be the duty of the General assembly, at the first session after the adoption of this Constitution, to pass such laws and regulations as may be necessary for the government and protection of this bureau, and also to fix and provide for the compensation of the commissioner.
Section 4. This bureau shall be located, and the commissioner shall reside at the capital of the state, and he shall annually make a written or printed report to the Governor of the state, to be laid before the General Assembly at each session.
Section 5. In case of the death, removal or resignation of the commissioner, the Governor, with the approval of the Senate, shall have power to appoint a commissioner for the unexpired term.
Section 1. Corporations may be formed under general laws, but
shall not be created by special act, except for municipal purposes. All
general laws and special acts passed pursuant to this section, may be altered,
amended or repealed.
Section 2. Dues from corporations shall be secured by such individual liabilities of the corporators or other means as may be prescribed by law.
Section 3. Each stockholder in any corporation shall be liable to the amount of stock held or owned by him.
Section 4. The property of corporations now existing, or hereafter created, shall forever be subject to taxation the same as property of individuals, except corporations for educational and charitable purposes.
Section 5. No right of way shall be appropriated to the use of any corporation, until full compensation therefor be first made in money or secured by a deposit of money to the owner, irrespective of any benefit from any improvement proposed by such corporation, which compensation shall be ascertained by a jury of twelve men, in a court of record, as shall be prescribed by law.
Section 6. The General Assembly shall not have power to establish or incorporate any bank or banking company, or monied institution, for the purpose of issuing bills of credit or bills payable to order or bearer, except under the conditions prescribed in this Constitution.
Section 7. No bank shall be established, otherwise than under a general banking law, as provided in the first section of this article.
Section 8. The General Assembly may enact a general banking law, which law shall provide for the registry and countersigning by the Governor of the State, of all paper credit designed to be created as money; and ample collateral security, convertible into specie, or the redemption of the same in gold or silver, shall be required, and such collateral security shall be under the control of such officer or officers as may be prescribed by law.
Section 9. All bills or notes issued as money, shall be, at all times, redeemable in gold or silver, and no law shall be passed sanctioning, directly or indirectly, the suspension, by any bank or banking company, of specie payment.
Section 10. Holders of bank notes shall be entitled, in case of insolvency, to preference of payment over all other creditors.
Section 11. Every bank or banking company shall be required to cease all banking operations within twenty years from the time of its organization, and promptly thereafter close its business.
Section 12. No bank shall receive, directly or indirectly, a greater rate of interest than shall be allowed by law to individuals for lending money.
Section 13. The state shall not be a stockholder in any bank, nor shall the credit of the state ever be given or lent to any banking company, association or corporation, except for the purpose of expediting the construction of railroads, or works of internal improvement, within this state, and the credit of the state shall, in no case, be given or lent without the approval of two-thirds of both houses of the General Assembly.
Section 15. All corporations shall have the right to sue and shall be subject to be sued, in all courts, in like cases as natural persons.
Section 16. It shall be the duty of the General Assembly to provide for the organization of cities, and incorporated towns, and to restrict their power of taxation, assessment and contracting of debt.