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Show Constitutional ' Amendment Liability of Stockholders of Banks A lOlNl RESOLUTION PROPOS-INC PROPOS-INC TO AMEND SECTION 18. ARTICLE XII OF THE CONSTITUTION CONSTI-TUTION OF THE STATE OF UTAH, RELATING TO LIABILITY LIABIL-ITY OF STOCKHOLDERS OF BANKS. Be it enacted by the Legislature of the Stale of Utah, tno-thirds t all the member elected to each house concurring con-curring therein: SECTION 1. That it is proposed to amend section 18, article XII, ot the constitution of the state of Utah to read: Sec. IS. The legislature may provide by law that the stockholders stock-holders In every corporation and joint stock association organized for banking purposes, or the holders hold-ers of any one or more of the classes of stock issued by any such corporation in addition to the amount of capital stock subscribed and fully paid by them shall be Individually responsible for an additional addi-tional amount equal to not exceeding exceed-ing the amount of their stock In such corporation, or the amount of their stock of any particular class In such corporation, for all Its debts and liabilities of every kind. Section 2. The secretary of state is directed to submit this proposed amendment to the electors elec-tors ot the state at the next general election in the manner provided by law. Section 3. If adopted by the electors of the state, this amendment amend-ment shall take effect the first day of January, 1941. I, E. B. Monson, Secretary of State of the State of Utah, do hereby certify that the foregoing is a full, true and correct copy of the Constitutional Amendment proposed pro-posed by the regular session of the legislature ot 1939 as the same appears of record in my office. In witness whereof, I have hereunto here-unto set my hand and affixed the Great Seal of the State ot Utah, this 26th day of August, 1940. Secretary of Stat. |
