OCR Text |
Show Constitutional' I Amendment Liability or Stockholder! ef Banks A JOINT RESOLUTION PROPOSING PROPOS-ING TO AMEND SECTION 18. ARTICLE Xll OF THE CONSTITUTION CONSTI-TUTION OF THE STATE OF UTAH, RELAT1NC TO LIABILITY LIABIL-ITY OF STOCKHOLDERS OF BANKS. Be it enacted ij the Legislature ef the I Slate of Utah, Ivo-ihirJi of all the members elected each house concurring con-curring therein: SECTION 1. That It Is proposed to amend section 18, article XII, of the constitution of the state of Utah to read: Sec. 18. The legislature may . provide by law that the stock- holders In every corporation and I joint stock association organized for banking purposes, or the hold-1 hold-1 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 bo Individually responsible for an additional addi-tional amount equal to not exceeding exceed-ing the amount of their stock la such corporation, or the amount of their stock of any partloular class In such corporation, for all its debts 1 and liabilities of every kind. Section 2. The secretary of j state is directed to submit this proposed amendment to the elec- ' tors of the state at the next general election In the manner provided by law. j Section 3. If ndopted by the electors of the state, this amendment' amend-ment' shall take effect the first day 1 of January, 1941. I I, E. E. Monson, Secretary of I 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 nppears of record in my office. ' In witness whereof, I have hereunto here-unto set my hand and affixed the Great Seal of the State of Utah, ' this 2Cth day of August, 1940. Secretary of State. 1 |