Election of Regents of University.

Regents body corporate.

President of University.

Board of Education.

Asylums.

Agricultural

School.

ing to maintain such school, shall be deprived for the ensuing year of its proportion of the income of the primary school fund, and of all funds arising from taxes for the support of schools.

SEC. 6. There shall be elected in each judicial circuit, at the time of the election of the Judge of such circuit, a Regent of the University, whose term of office shall be the same as that of such Judge. The Regents thus elected shall constitute the Board of Regents of the University of Michigan.

SEC. 7. The Regents of the University, and their successors in office, shall continue to constitute the body corporate, known by the name and title of "the Regents of the University of Michigan."

SEC. 8. The Regents of the University shall, at their first annual meeting, or as soon thereafter as may be, elect a President of the University, who shall be ex-officio a member of their board, with the privilege of speaking, but not of voting. He shall preside at the meetings of the Regents, and be the principal executive officer of the University. The Board of Regents shall have the general supervision of the University, and the direction and control of all expenditures from the University Interest Fund.

SEC. 9. There shall be elected at the general election in the year one thousand eight hundred and fifty-two, three members of a State Board of Education, one for two years, one for four years, and one for six years; and at each succeeding biennial election there shall be elected one member of such board, who shall hold his office for six years. The Superintendent of Public Instruction shall be ex-officio a member and secretary of such board. The board shall have the general supervision of the State Normal School, and their duties shall be prescribed by law.

SEC. 10. Institutions for the benefit of those inhabitants who are deaf, dumb, blind or insane, shall always be fostered and supported.

SEC. 11. The Legislature shall encourage the promotion of intellectual, scientific and agricultural improvement; and shall, as soon as practicable, provide for the establishment of an agricultural school. The Legislature may appropriate the twenty-two sections of salt spring lands now unappropriated, or the money arising from the sale of the 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 University, for instruction in agriculture and the natural sciences connected therewith, and place the same under the supervision of the Regents of the University.

SEC. 12. The Legislature shall also provide for the establish- Town Libraries ment of at least one library in each township; and all fines assessed and collected in the several counties and townships for any breach of the penal laws, shall be exclusively applied to the support of such libraries.

SECTION 1. All specific State taxes, except those received Specific taxes. from the mining companies of the Upper Peninsula, shall be applied in paying the interest upon the Primary School, Uniniversity 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.

SEC. 2. The Legislature shall provide by law a sinking fund Sinking Fund. of at least twenty thousand dollars a year, to commence in eighteen hundred 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 funds, 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. SEC. 3. The State may contract debts to meet deficits in state may conrevenue. Such debts shall not in the aggregate at any one time exceed fifty thousand dollars. The moneys so raised shall be applied to the purposes for which they were obtained, or to the payment of the debts so contracted.

tract debts, etc.

sions.

SEC. 4. The State may contract debts to repel invasion, To repel inva suppress insurrection, or defend the State in time of war. The money arising from the contracting of such debts shall be

Money; how

out.

Iaid

State credit, etc.

Scrip not to be issued.

State not to subscribe stock.

Not to engage in internal improvement.

To collect specific tax.

applied to the purposes for which it was raised, or to repay such debts.

SEC. 5. No money shall be paid out of the Treasury, except in pursuance of appropriations made by law.

SEC. 6. The credit of the State shall not be granted to, or in aid of, any person, association or corporation.

SEC. 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.

SEC. 8. The State shall not subscribe to, or be interested in, the stock of any company, association or corporation.

SEC. 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.

SEC. 10. The State may continue to collect all specific taxes accruing to the Treasury under existing laws. The Legislature may provide for the collection of specific taxes, from banking, railroad, plank road and other corporations hereafter created. Uniform rate of SEC. 11. The Legislature shall provide an uniform rule of taxation, except on property paying specific taxes, and taxes 2 Mich. Rep. 500. shall be levied on such property as shall be prescribed by law.

taxation.

Assessments.

Equalization.

Laws imposing taxes.

How formed.

Banking law to be

SEC. 12. All assessments hereafter authorized shall be on property at its cash value.

SEC. 13. The Legislature shall provide for an equalization by a State board, in the year one thousand eight hundred and fifty-one, and every fifth year thereafter, of assessments on all taxable property, except that paying specific taxes.

SEC. 14. Every law which imposes, continues or revives a tax, shall 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 tax or object.

ARTICLE X V.

CORPORATIONS.

SECTION 1. Corporations may be formed under general laws; but shall not be created by special act, except for municipal purposes. All laws passed pursuant to this section may be altered, amended or repealed.

SEC. 2. No banking law or law for banking purposes, or

submitted to peo

amendments thereof, shall have effect until the same shall, sub 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.

ity.

SEC. 3. The officers and stockholders of every corporation Individual liabilor association 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.

SEC. 4. The Legislature shall provide by law for the regis- Registry of bills, try of all 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.

tled to pre fer

SEC. 5. In case of the insolvency of any bank or banking Bill holders enti association, the bill holders thereof shall be entitled to prefer- ence. ence in payment over all other creditors of such bank or association.

SEC. 6. The Legislature shall pass no law authorizing or Suspension. sanctioning the suspension of specie payments by any person, association or corporation.

SEC. 7. The stockholders of all corporations and joint stock Liability. associations shall be individually liable for all labor performed for such corporation or association.

SEC. 8. The Legislature shall pass no law altering or amend- Amendment, etc. ing any act of incorporation heretofore granted, without the

assent of two-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.

taken.

SEC. 9. The property of no person shall be taken by any Property; how corporation for public use without compensation being first made or secured, in such manner as may be prescribed by law.

tion.

SEC. 10. No corporation, except for municipal purposes, or Term of corporafor the construction of railroads, plank roads and canals, shall be created for a longer time than thirty years.

term corpora

SEC. 11. The term "corporation," as used in the preceding Construction of sections of this article, shall be construed to include all asso- tion. ciations 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,

term for holding

real estate.

and be subject to be sued in all courts, in like cases as natural

persons.

Limitation of SEC. 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.

Citica and villages.

Election of judicial officers.

Private property; how taken.

SEC. 13. The Legislature shall provide for the incorporation and organization of cities and villages, and shall restrict their powers of taxation, borrowing money, contracting debts and loaning their credit.

SEC. 14. Judicial officers of cities and villages shall be elected, and all other officers shall be elected or appointed, at such time and in such manner as the Legislature may direct.

SEC. 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 deter2 Mich. Rep. 560. mined by a jury of freeholders, and actually paid or secured in the manner provided by law.

Notice for charter.

Of personal property.

Of homestead.

2 Gray 384.

SEC. 16. Previous notice of any application for an alteration of the charter of any corporation shall be given in such manner as may be prescribed by law.

ARTICLE XVI.

EXEMPTIONS.

SECTION 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.

SEC. 2. Every homestead of not exceeding forty acres of land, and the dwelling house thereon, and the appurtenances to be selected by the owner thereof, and not included in any town plat, city or village; or instead thereof, at the option of the owner, any lot in any city, 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;