South Dakota Repeal Provisions Related to Corporations, Amendment H (2008)
The South Dakota Repeal Provisions Related to Corporations Amendment, also known as Amendment H, was on the November 4, 2008 ballot in South Dakota as a legislatively-referred constitutional amendment, where it was defeated. The measure was referred to the ballot by the South Dakota Legislature acting on House Joint Resolution 1001 (HJR 1001). It was a proposed amendment to Article XVII of the South Dakota Constitution.
The measure, if it had passed, would have repealed provisions of the South Dakota Constitution relating to corporations.
The Constitution limited “corporations” to business entities with powers or privileges not possessed by individuals or partnerships. The Constitution also required the payment of money, property or labor for issuance of corporate stock and bonds; prohibited the increase of corporate stock and debt without consent of stockholders holding a larger value of stock first obtained; and protected cumulative voting rights of stockholders.
Constitutional Amendment H would have repealed the above provisions and permitted a 2008 Legislative Session bill (HB 1139) to become law. The new law would have allowed a corporation to restrict cumulative voting and to issue corporate stock for any consideration determined to be adequate by its board of directors."
See also 2008 ballot measure election results
|South Dakota Amendment H (2008)|
Text of measure
The text of the measure can be read here.
Representative Mark Feinstein, a Democrat from Sioux Falls, and Patrick Goetinger of Rapid City, co-chairs of the Business Law Committee of the State Bar of South Dakota wrote the "pro" arguments for the measure for the state Ballot Question Pamphlet:
- The current language of the Constitution deters economic development. This update would help South Dakota remain competitive.
- Amendment H eliminates a constitutional provision preventing corporations from issuing stock as a form of payment, giving corporations greater leeway.
No writer for the opposing viewpoint could be found by the Secretary of State.
- South Dakota 2008 ballot measures
- 2008 ballot measures
- List of South Dakota ballot measures
- History of Initiative & Referendum in South Dakota
- South Dakota Political Almanac, South Dakota Constitutional Amendments, Initiatives and Referendums 1970-2010
- South Dakota Secretary of State: 2008 Ballot Question Text
- Voters need to pass Amendment G to get legislative travel up to date, Dakota Voice, September 22, 2008
- Voters Will Decide Seven Issues, Marshall County Journal, October 1, 2008
- South Dakota Political Almanac, "South Dakota Constitutional Amendments, Initiatives and Referendums 1970-2010," accessed August 27, 2014
- South Dakota Secretary of State, "Historical Election Data," accessed August 27, 2014
- South Dakota Secretary of State, "2008 South Dakota Ballot Question pamphlet," accessed August 27, 2014
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