Kentucky Constitution

Sections 193-195

Corporations

Section 193. Stock or bonds to be issued only for money or for property or labor at market value—Watered stock void. No corporation shall issue stock or bonds, except for an equivalent in money paid or labor done, or property actually received and applied to the purposes for which such corporation was created, and neither labor nor property shall be received in payment of stock or bonds at a greater value than the market price at the time such labor was done or property delivered, and all fictitious increase of stock or indebtedness shall be void.
Text as Ratified on: August 3, 1891, and revised September 28, 1891. History: Not yet amended.

Section 194. Corporations to have place of business and process agent in State. All corporations formed under the laws of this State, or carrying on business in this State, shall, at all times, have one or more known places of business in this State, and an authorized agent or agents there, upon whom process may be executed, and the General Assembly shall enact laws to carry into effect the provisions of this section.
Text as Ratified on: August 3, 1891, and revised September 28, 1891. History: Not yet amended.

Section 195. Corporation property subject to eminent domain—Corporations not to infringe upon individuals. The Commonwealth, in the exercise of the right of eminent domain, shall have and retain the same powers to take the property and franchises of incorporated companies for public use which it has and retains to take the property of individuals, and the exercise of the police powers of this Commonwealth shall never be abridged nor so construed as to permit corporations to conduct their business in such manner as to infringe upon the equal rights of individuals.
Text as Ratified on: August 3, 1891, and revised September 28, 1891. History: Not yet amended.