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same, where such lands have been already sold, and any land which may hereafter be granted or appropriated for such purpose, for the support and maintenance of such school, and may make the same a branch of the Uniuersity for instruction in agriculture and the natural sciences connected there with, and place the same under the supervision of the Regents of the University.
$ 12. The Legislature shall also provide for the establishment of at least one library in each township; and all fines assessed and rios. collected in the several counties and townships for any breach of the penal laws, shall be exclusively applied to the support of such librarius.
FINANCE AND TAXATION.
$ 1. All specific State taxes, except those received from the mining companies of the upper peninsula, shall be applied in paying the in- Specific as terest upon the primary scbool, university and other educational funds, and the interest and principal of the State debt, in the order herein recited, until the extinguishment of the State debt, other than the amounts due to educational funds, when such specific taxes shall be added to, and constitute a part of the primary school interest fund. The Legislature shall provide for an annual tax, sufficient, with other resources, to pay the estimated expenses of the State Government, the interest of the State debt, and such deficiency as may occur in the resources.
$ 2. The Legislature shall provide by law a sinking fund of at least twenty thousand dollars a year, to commence in eighteen hund - Sinking fund red and fifty-two, with compound interest at the rate of six per cent per annum, and an annual increase of at least five per cent, to be applied solely to the payment and extinguishment of the principal of the State debt, other than the amounts due to educational sunds, and shall be continued until the extinguishment thereof. The unfunded debt shall not be funded or redeemed at a value exceeding that established by law in one thousand eight hundred and forty-eight.
$ 3. The State may contract debts to meet deficits in revenue. Stare may Such debts shall not in the aggregate at any one time exceed fifty dobro, &c. thousand dollars. The moneys so raised shall be applied to the parposes for which they were obtained, or to the payment of the debte so contracted.
State not to
Not to en. gage in in ternal im provement.
To repel in. $ 4. The State may contract debts to repel invasion, suppress in
surrection, or defend the State in time of war. The money arising from the contracting of such debts shall be applied to the purposes for which it was raised, or to repay such debts.
$ 5. No money shall be paid out of the treasury except in pursuMoncy; how paid out. ance of appropriations made by law. Scale credit, 8 6. The credit of the State shall not be granted to or in aid of,
any person, association or corporation. Scrip not to
§ 7. No scrip, certificate or other evidence of State indebtedness shall be issued, except for the redemption of stock previously issued,
or for such debts as are expressly authorized in this constitution. Fabscribe
§ 8. The State shall not subscribe to, or be interested in, the stock of any company, association or corporation.
8 9. The State shall not be a party to, or interested in, any work of internal improvement, nor engaged in carrying on any such work, except in the expenditure of grants to the State of land or other property.
§ 10. The State may continue to collect all specific taxes accruing To collect apecitic tax. to the treasury under existing laws. The Legislature may provide
for the collection of specific taxes, from banking, rail road, plank road and other corporations hereafter created.
$ 11. The Legislature shall provide an uniform rule of taxation, Unifo'm rate except on property paying specific taxes, and taxes shall be levied
on such property as shall be prescribed by law.
§ 12. All assessments hereafter authorized shall be on property at
its cash value. Equalizati'n § 13. The Legislature shall provide for an equalization by a State
board, in the year one thousand ei ht hundred and fifty-one, and every
fifth year thereafter, of assessments on all taxable property,
except that paying specific taxes. Laws impo
§ 14. Every law which imposes, continues or revives a tax, shall ning tazas. distinctly state the tax, and the object to which it is to be applied;
and it shall not be sufficient to refer to any other law to fix such tar or object.
CORPORATION8. 9 1. Corporations may be formed under general laws; but shall
to be rub. mitted to people
not be created by special act, except for municipal purposes. All How formed laws passed pursuant to this section may be altered, amended or repealed.
$ 2. No banking law or law for banking purposes, or amendments Banking law thereof, shall have effect until the same shall, after its passage, be submitted to a vote of the electors of the State, at a general election, and be approved by a majority of the votes cast thereon at such election.
$ 3. The officers and stockholders of every corporation or associa- Individual tion for banking purposes, issuing bank notes or paper credits to circulate as money, shall be individually liable for all debts contracted during the time of their being officers or stockholders of such corporation or association.
$ 4. The Legislature shall provide by law for the registry of all Registry or bills or notes issued or put in circulation as money, and shall require security to the full amount of notes and bills so registered, in State or United States stocks, bearing interest, which shall be deposited with the State Treasurer, for the redemption of such bills or notes in specie.
$ 5. In case of the insolvency of any bank or banking association, the bill holders thereof shall be entitled to preference in payment ereference over all other creditors of such bank or association.
8 6. The Legislature shall pass no law authorizing or sanctioning Suspension the suspension of specie payments by any person, association or corporation. 8 7. The stockholders of all corporations and joint stock associa
Liability tions shall be individually liable for all labor performed, for such corporation or association.
$ 8. The Legislature shall pass no law altering or amending any act of incorporation heretofore granted, without the assent of two- &c. thirds of the members elected to each house; nor shall any such act be renewed or extended. This restriction shall not apply to municipal corporations.
$ 9. The property of no person shall be taken by any corporation Property for public use without compensation being first made or secured, in such manner as may be prescribed by law.
$ 10. No corporation, except for municipal purposes, or for the Term of corcastruction of railroads, plank roads and canals, shall be created for a longer time than thirty years.
Construct'n of term cor
Svies and villages.
11. The term "corporations," as used in the preceding sections poration of this article, shall be construed to include all associations and joint
stock companies having any of the powers or privileges of corporations, not possessed by individuals or partnerships. All corporations shall have the right to sue, and be subject to be sued, in all courts,
in like cases as natural persons. Limilation. $ 12. No corporation shall hold any real estate hereafter acquired,
for a longer period than ten years, except such real estate as shall be actually occupied by such corporation in the exercise of its franchises.
$ 13. The Legislature shall provide for the incorporation and organization of cities and villages, and shall restrict their powers of tar
ation, borrowing money, contracting debts and loaning their credit. Election of
§ 14. Judicial officers of cities and villages shall be elected, and judicial offi
all other officers shall be elected or appointed, at such time and in
such manner as the Legislature may direct. Private pro.
§ 15. Private property shall not be taken for public improvements in cities and villages without the consent of the owner, unless the compensation therefor shall first be determined by a jury of freeholders, and actually paid or secured in the manner provided by
law. Votice for
§ 16. Previous notice of any appplication for an alteration of the cburier.
charter of any corporation shall be given in such manner as may be prescribed by law.
EXEMPTIONS. § 1. The personal property of every resident of this State, to consist of such property only as shall be designated by law, shall be exempted to the amount of not less than five hundred dollars from sale on execution or other final process of any court issued for the collection of any debt contracted after the adoption of this constitution.
$ 2. Every homested of not exceeding forty acres of land, and the dwelling-bouse thereon, and the appurtenances to be selected by the owner thereof, and not included in any towa plat, city or village: or instead thereof, at the option of the owner, any lot in any eits, village, or recorded town plat, or such parts of lots as shall be equal
thereto, and the dwelling-house thereon, and its appurtenances, owned and occupied by any resident of the State, not exceeding in value fifteen hundred dollars, shall be exempt from forced sale on execution or any other final process from a court, for any debt contracted after the adoption of this constitution. Such exemption shall not extend to any mortgage thereon lawfully obtained; but such mortgage or other alienation of such land, by the owner thereof, if a married man, shall not be valid without the signature of the wife to the same.
§ 3. The homested of a family, after the death of the owner thereof, shall be exempt from the payment of his debts contracted after the adoption of this constitution, in all cases, during the minority of his children.
§ 4. If the owner of a homested die, leaving a widow, but no children, the same shall be exempt, and the rents aud profits thereof shall accrue to her benefit during the time of her widowhood, unless she be the owner of a homested in her own right.
$ 5. The real and personal estate of every female, acquired before marriage, and all property to which she may afterwards become malso entitled, by gift, grant, inheritance or devise, shall be and remain the estate and property of such female, and shall not be liable for the debts, obligations or engagements of her husband; and may be devised or bequeathed by her as if she were unmarried.
Esiale of te
§ 1. The militia shall be composed of all able-bodied white male citizens, between the ages of eighteen and forty-five years, except composed. such as are exempted by the laws of the United States or of this State; but all such citizens of any religious denomination whatever, who, from scruples of conscience, may be averse to bearing arms, shall be excused therefrom, upon such conditions as shall be prescribed by law.
8 2. The Legislature shall provide by law for organizing, equip- Organisat's ping and disciplining the militia, in such manner as they shall deem expedient, not incompatible with the laws of the United States.
$ 3. Officers of the, militia shall be elected or appointed, and be commissioned in such manner as may be provided by law.
Odeer; how elected.