OCR Text |
Show Constitutional Amendment j ' liabWty tjt Stockholderi of Banum A IOINT RESOLUTION PROPOSING PROPOS-ING TO AMEND SECTION 18, ARTICLE Xll OF THE CONSTITUTION CONSTI-TUTION OF THE STATE OF UTAH, RELATING TO LIABILITY LIABIL-ITY OF STOCKHOLDERS OF BANKS. B A mcleJ it the Legislature f the Skdn H Uiei, fo-Wi e-f all the mumhert elected let each house con-Mliwf con-Mliwf therein l SECTION 1. That It la proposed to amend Motion 13, article XII, of th eomtltution of the state of I TJUi to read: Iw IS. The legislature may prorid by law that the stockholder stock-holder in every corporation and Joist stock aiBOclation organized tot banking purpose, or the hold-era hold-era of any one or more ot the classes ot stock issued by any such oorporation 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 1. The secretary of state Is directed to submit this proposed amendment to the electors elec-tors of the state at the next general election In the manner provided by law. Section S. If adopted by the electors of the state, this amendment amend-ment shall take effect the first day of January, 1941. I, E. E. 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 of 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 8eal of the State of Utah, this I6th day of August, 1940. Secretary ot State. |