Authority to establish courts of chancery; division of state into chancery divisions; districts within chancery divisions; residency requirements for chancellor.

The legislature shall have power to establish a court or courts of chancery, with original and appellate jurisdiction, except as otherwise authorized in this article. The state shall be divided by the legislature into convenient chancery divisions; each division shall be divided into districts, and for each division there shall be a chancellor, who shall have resided in the division for which he shall be elected or appointed, for one year next preceding his election or appointment, and shall reside therein during his continuance in office.