Section XI-1, Subscription to stock prohibited.
No city, county, town, precinct, municipality, or other sub-division 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.
Neb. Const. art. XI, sec. 1 (1875);
Transferred in 1907, art. XIa, sec. 1;
Transferred by Constitutional Convention, 1919-1920, art. XI, sec. 1.
This Article and section of the Nebraska Constitution prohibits the deposit of funds by subdivisions of the State of Nebraska in mutual savings and loan associations, whether federal or state chartered, except those funds authorized under Article XV, section 17(2), of the Constitution of Nebraska. Nebraska League of S. &L. Assns. v. Mathes, 201 Neb. 122, 266 N.W.2d 720 (1978).
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