Wyoming Constitution article 10. Corporations.
Wyoming Constitution – Article 10: Corporations
Article 10 of the Wyoming Constitution establishes the framework for the creation, regulation, and responsibilities of corporations operating within the state. It aims to ensure fair competition, public accountability, and protection from monopolistic practices, especially in industries like transportation, banking, and utilities.
🔹 Key Provisions of Article 10 (Summary of Sections):
Section 1 – Corporate Powers Defined by Law
All corporate powers must be granted, regulated, or restricted by general laws, not special acts.
Section 2 – Formation of Corporations
Corporations must be formed under general law—the legislature may not create them by special legislation, except for charitable, educational, penal, or reformatory institutions.
Section 3 – Corporate Charters Subject to Alteration
All charters and franchises are subject to alteration, amendment, or repeal by the legislature.
Section 4 – Equal Access to Facilities
Railroads and similar corporations must provide equal access to transportation services, without unfair discrimination.
Section 5 – Eminent Domain for Corporations
Corporations may exercise eminent domain for public use, but only under legal and constitutional procedures.
Section 6 – Liability for Injuries
Corporations (especially transportation or public service companies) are liable for injuries caused to employees or the public through negligence.
Section 7 – Corporate Officers and Liabilities
Corporate officers may be held personally liable for fraud or illegal acts committed under their direction.
Section 8 – No Foreign Control of State Resources
Corporations or entities controlled by foreign interests cannot acquire or operate land, water rights, or resources in Wyoming without legislative approval.
Section 9 – Stock and Debt Restrictions
Limits the issuance of stocks and bonds, requiring they be based on actual value received—to prevent speculative overcapitalization.
Section 10 – Banking Regulations
Prohibits corporations (other than banks) from engaging in banking.
Banking must be separately regulated under strict laws.
Section 11 – Common Carrier Obligations
Common carriers (e.g., railroads, pipelines) are subject to regulation as public utilities and cannot engage in unfair practices.
Section 12 – Right to Inspect Corporate Records
The legislature can require corporations to file reports and open records for public inspection.
✅ Overall Themes:
Transparency and Accountability: Requires clear legislative oversight and public reporting.
Anti-Monopoly: Prohibits favoritism, special privileges, and foreign monopolistic control.
Public Protection: Safeguards worker rights, consumer access, and state sovereignty over natural resources.
Separation of Banking and Business: Ensures financial integrity by regulating banking separately.
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