Oregon Repeal of Double Liability on State Bank Shareholders, Measure 3 (1940)

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The Oregon Repeal of Double Liability on State Bank Shareholders Amendment, also known as Measure 3, was on the November 5, 1940 ballot in Oregon as a legislatively-referred constitutional amendment, where it was defeated. The measure would have repealed constitutional provisions regarding the double liability of stockholders of state banks to the depositors of said banks.[1]

Election results

Oregon Measure 3 (1940)
ResultVotesPercentage
Defeatedd No191,29054.78%
Yes 157,891 48.28%

Election results via: Oregon Blue Book

Text of measure

The language appeared on the ballot as:[1]

Referred to the People by the Legislative Assembly

AMENDMENT REPEALING THE DOUBLE LIABILITY OF STOCKHOLDERS OF STATE BANKS - Purpose: To amend section 3 of Article XI of the state constitution by repealing the provision now contained therein which is known as the double liability of stockholders of state banks to the depositors of said banks, so that said section as so amended will read: "The stockholders of all corporations and joint stock companies shall be liable for the indebtedness of said corporations to the amount of their stock subscribed and unpaid and no more."
Vote YES or NO


304. Yes. I vote for the proposed amendment.

305. No. I vote against the proposed amendment.

[2]

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References

  1. 1.0 1.1 Oregon State Library, "State of Oregon Official Voters' Pamphlet," accessed November 19, 2013
  2. Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.