INDIANA CONSTITUTION
ARTICLE XI
CORPORATIONS

Art. XI §1 | RESTRICTIONS ON ESTABLISHING BANKS

The General Assembly shall not have power to establish, or incorporate, any bank or banking company, or moneyed institution, for the purpose of issuing bills of credit, or bills payable to order or bearer, except under the conditions prescribed in this Constitution.

Art. XI §2 | BANKS UNDER GENERAL LAW

No banks shall be established otherwise than under a general banking law, except as provided in the fourth section of this article.

Art. XI §3 | REQUIREMENTS FOR GENERAL BANKING LAW

If the General Assembly shall enact a general banking law, such law shall provide for the registry and countersigning, by an officer of State, of all paper credit designed to be circulated as money; and ample collateral security, readily convertible into specie, for the redemption of the same in gold or silver, shall be required; which collateral security shall be under the control of the proper officer or officers of State.

Art. XI §4 | CHARTERING BANKS WITH BRANCHES

The General Assembly may also charter a bank with branches, without collateral security as required in the preceding section.

Art. XI §5 | BRANCH BANK RESPONSIBILITY

If the General Assembly shall establish a bank with branches, the branches shall be mutually responsible for each other's liabilities upon all paper credit issued as money.

Art. XI §6 | [REPEALED]

Art. XI §7 | REDEEMABILITY OF BANK NOTES

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 payments.

Art. XI §8 | PREFERENCE FOR BANK NOTE HOLDERS

Holders of bank notes shall be entitled, in case of insolvency, to preference of payment over all other creditors.

Art. XI §9 | BANK INTEREST RATE LIMITS

No bank shall receive, directly or indirectly, a greater rate of interest than shall be allowed, by law, to individuals loaning money.

Art. XI §10 | [REPEALED]

Art. XI §11 | INVESTMENT OF TRUST FUNDS IN BANKS

The General Assembly is not prohibited from investing the Trust Funds in a bank with branches; but in case of such investment, the safety of the same shall be guarantied by unquestionable security.

Art. XI §12 | STATE NOT STOCKHOLDER IN BANKS

The State shall not be a stockholder in any bank; nor shall the credit of the State ever be given, or loaned, in aid of any person, association or corporation; nor shall the State become a stockholder in any corporation or association.However, the General Assembly may by law, with limitations and regulations, provide that prohibitions in this section do not apply to a public employee retirement fund.

Art. XI §13 | FORMATION OF CORPORATIONS

Corporations, other than banking, shall not be created by special act, but may be formed under general laws.

Art. XI §14 | LIABILITY OF CORPORATE STOCKHOLDERS

Dues from corporations shall be secured by such individual liability of the stockholders, or other means, as may be prescribed by law.

Congratulations! You're now booked up on Article XI of the Indiana Constitution!

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INDIANA CONSTITUTIONARTICLE XICORPORATIONS

Art. XI §1 | RESTRICTIONS ON ESTABLISHING BANKS

Art. XI §2 | BANKS UNDER GENERAL LAW

Art. XI §3 | REQUIREMENTS FOR GENERAL BANKING LAW

Art. XI §4 | CHARTERING BANKS WITH BRANCHES

Art. XI §5 | BRANCH BANK RESPONSIBILITY

Art. XI §6 | [REPEALED]

Art. XI §7 | REDEEMABILITY OF BANK NOTES

Art. XI §8 | PREFERENCE FOR BANK NOTE HOLDERS

Art. XI §9 | BANK INTEREST RATE LIMITS

Art. XI §10 | [REPEALED]

Art. XI §11 | INVESTMENT OF TRUST FUNDS IN BANKS

Art. XI §12 | STATE NOT STOCKHOLDER IN BANKS

Art. XI §13 | FORMATION OF CORPORATIONS

Art. XI §14 | LIABILITY OF CORPORATE STOCKHOLDERS

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