Assembly Constitutional Amendment 37. Amends Section 3, Article XII of Constitution. Eliminates therefrom provisions relative to exposition, companies and liabilities of stockholders thereof. Adds paragraph to section declaring that provisions thereof imposing upon stockholder proportionate liability for debts and upon directors liability for moneys misappropriated shall not apply to any corporation, hereafter organized under laws of this state, which adopts and uses last word of its corporation name the word “Limited” or “Ltd.”, but that stockholders thereof shall be subject to such liabilities as legislature may provide.
Popular Vote Results
Y: 178355; A: 47.5; N: 196948; B: 52.5
Assembly Constitutional Amendment
Clarence W. Morris, Assemblyman Thirtieth District, Chairman Committee on Corporations; Joe C. Burke, Assemblyman Seventy-sixth District
STOCKHOLDER'S LIABILITY California Proposition 24 (1918).