Ohio Stockholder Liability, Amendment 1 (1936)

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The Ohio Stockholder Liability Amendment was on the November 3, 1936 ballot in Ohio as a legislatively-referred constitutional amendment, where it was approved.

This amendment modified Article XIII, Section 3, of the Ohio Constitution to eliminate additional liability of stockholders authorized to receive money on deposits.[1]

Election results

Ohio Amendment 1 (1936)
ResultVotesPercentage
Approveda Yes 1,078,170 56.65%
No824,96843.35%

Election results via: Ohio Secretary of State

Text of measure

The language that appeared on the ballot:

This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.

Proposing to amend Section 3 of Article XIII of the Constitution of Ohio, so as to eliminate therefrom the additional liability of the stockholders of corporations authorized to receive money on deposit.
ARTICLE XIII, SECTION 3

"Dues from private corporations shall be secured by such means as may be prescribed by law, but in no case shall any stockholder be individually liable otherwise than for the unpaid stock owned by him or her. No corporation not organized under the laws of this state, or of the United States, or person, partnership or association shall use the word 'bank', 'banker' or 'banking', or words of similar meaning in any foreign language, as a designation or name under which business may be conducted in this state unless such corporation, person, partnership or association shall submit to inspection, examination and regulation as may hereafter be provided by the laws of this state."

SCHEDULE

If the foregoing amendment shall be adopted, it shall take effect July 1, 1937, and existing section 3 of Article XIII of the constitution shall thereupon be repealed and annulled.


SHALL ARTICLE XIII, SECTION 3, CONSTITUTION OF OHIO, RELATING TO LIABILITY OF STOCKHOLDERS BE SO AMENDED.[2]

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