Nebraska Const. art. XI, § 1

Nebraska Constitution

Article XI, § 1 — Subscription to stock prohibited; exception

Nebraska Const. art. XI, § 1 (Subscription to stock prohibited; exception) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

JurisdictionNebraska DocumentConstitution

ArticleXI

Section§ 1

CitationNebraska Const. art. XI, § 1

Bluebook

Neb. Const. art. XI, § 1.

Full Text

No city, county, town, precinct, municipality, or other subdivision of the state shall ever become a subscriber to the capital stock, or owner of such stock, or any portion or interest therein of any railroad, or private corporation, or association, except that, notwithstanding any other provision of this Constitution, the Legislature may authorize the investment of public endowment funds by any city which is authorized by this Constitution to establish a charter, in the manner required of a prudent investor who shall act with care, skill, and diligence under the prevailing circumstance and in such investments as the governing body of such city, acting in a fiduciary capacity for the exclusive purpose of protecting and benefiting such investment, may determine, subject to such limitations as the Legislature may by statute provide.

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No city, county, town, precinct, municipality, or other subdivision of the state shall ever become a subscriber to the capital stock, or owner of such stock, or any portion or interest therein of any railroad, or private corporation, or association, except that, notwithstanding any other provision of this Constitution, the Legislature may authorize the investment of public endowment funds by any city which is authorized by this Constitution to establish a charter, in the manner required of a prudent investor who shall act with care, skill, and diligence under the prevailing circumstance and in such investments as the governing body of such city, acting in a fiduciary capacity for the exclusive purpose of protecting and benefiting such investment, may determine, subject to such limitations as the Legislature may by statute provide.

History

Source: Neb. Const. art. XI, sec. 1 (1875); Transferred in 1907, art. XIa, sec. 1; Transferred by Constitutional Convention, 1919-1920, art. XI, sec. 1; Amended 2008, Laws 2007, LR6CA, sec. 1.