Proposition Summary

Senate Constitutional Amendment 5. Amends Section 3, Article XII, of Constitution. Declares constitutional provision imposing stockholder's liability for debts of corporation or joint-stock association, and director's or trustee's liability to creditors and stockholders for moneys embezzled or misappropriated by officers, shall not apply to exposition company organized to conduct fairs, sports, games or exhibitions authorized by law, nor to California corporation using "Limited" or "Ltd." as last word of corporate name, subjecting stockholders of latter to such liabilities as Legislature may provide; declares section inapplicable to liabilities already incurred against stockholders in corporation created before adoption of amendment.

Proposition Number

16

Year

1928

Document Type

Proposition

Pass/Fail

Pass

Popular Vote Results

Y: 602121; A: 56.4; N: 465703; B: 43.6

Election Type

General Election

Proposition Type

Senate Constitutional Amendment

Code Sections Affected

Amended Cal. Const. art. XII, section 3.

For Author

J. W. McKinley, State Senator, Thirty-eighth District; James M. Allen, State Senator, Second District

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