Municipal and Other Corporations

Section. 1.  Corporations formed under general laws; municipal corporations formed under special acts.  The Legislature shall pass no Special Act in any manner relating to corporate powers except for Municipal purposes; but corporations may be formed under general laws; and all such laws may from time to time, be altered or repealed.

Sec: 2.  Corporate property subject to taxation, exemptions.  All real property, and possessor rights to the same, as well as personal property in this State, belonging to corporations now existing or hereafter created shall be subject to taxation, the same as property of individuals; Provided, that the property of corporations formed for Municipal, Charitable, Religious, or Educational purposes may be exempted by law.

Sec: 3.  Individual liability of corpora tors.  Dues from corporations shall be secured by such means as may be prescribed by law; Provided, that corp orators in corporations formed under the laws of this State shall not be individually liable for the debts or liabilities of such corporation.

Sec: 4. Regulation of corporations incorporated under territorial law.  Corporations created by or under the laws of the Territory of Nevada shall be subject to the provisions of such laws until the Legislature shall pass laws regulating the same, in pursuance of the provisions of this Constitution[.]

Sec: 5.  Corporations may sue and be sued.  Corporations may sue and be sued in all courts, in like manner as individuals.

Sec. 6.  Circulation of certain bank notes or paper as money prohibited.  No bank notes or paper of any kind shall ever be permitted to circulate as money in this State, except the Federal currency, and the notes of banks authorized under the laws of Congress.

Sec: 7.  Eminent domain by corporations.  No right of way shall be appropriated to the use of any corporation until full compensation be first made or secured therefor.

Section 8.  Municipal corporations formed under general laws.  The legislature shall provide for the organization of cities and towns by general laws and shall restrict their power of taxation, assessment, borrowing money, contracting debts and loaning their credit, except for procuring supplies of water; provided, however, that the legislature may, by general laws, in the manner and to the extent therein provided, permit and authorize the electors of any city or town to frame, adopt and amend a charter for its own government, or to amend any existing charter of such city or town.

[Amended in 1924. Proposed and passed by the 1921 legislature; agreed to and passed by the 1923 legislature; and approved and ratified by the people at the 1924 general election. See: Statutes of Nevada 1921, p. 420; Statutes of Nevada 1923, p. 403.]

Sec: 9.  Gifts or loans of public money to certain corporations prohibited.  The State shall not donate or loan money, or its credit, subscribe to or be, interested in the Stock of any company, association, or corporation, except corporations formed for educational or charitable purposes.

Sec: 10.  Loans of public money to or ownership of stock in certain corporations by county or municipal corporation prohibited.  No county, city, town, or other municipal corporation shall become a stockholder in any joint stock company, corporation or association whatever, or loan its credit in aid of any such company, corporation or association, except, rail-road corporations[,] companies or associations.