This article originally consisted of eight sections, of which all but two were repealed in 1980 by an amendment approved overwhelmingly by a vote of 582,367 to 146,278. The same amendment added the “nor” clause to section 1. The deleted sections had all been made superfluous as a result of federal legislation. No bank shall be established otherwise than under a general banking law, nor be operated otherwise than by a duly organized corporation. The state shall not be a stockholder in any banking institution.
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