Washington Stockholder Liability, SJR 8 (1940)
The Washington Stockholder Liability Amendment, also known as Senate Joint Resolution 8, was on the November 5, 1940 ballot in Washington as a legislatively-referred constitutional amendment, where it was approved. The measure authorized the legislature to provide that stockholders of banks organized under the laws of Washington be relieved from personal liability to the same extent as stockholders in national banks. The measure amended Section 11 of Article XII of the Washington State Constitution.
|Washington SJR 8 (1940)|
Election results via: Washington Secretary of State
Text of measure
The language appeared on the ballot as:
|“||A resolution amending Section 11, Article XII of State Constitution authorizing legislature to provide that stockholders of banks organized under laws of this state which shall provide and furnish, through membership in Federal Deposit Insurance Corporation or any other instrumentality of the United States Government, insurance or security for payment of debts equivalent to requirements furnished by national banks be relieved from personal liability to the same extent as stockholders in national banks, under federal law.||”|
- State of Washington ballot measure election results
- State of Washington 1940 Voters Pamphlet & Local Voters Pamphlet
- Washington State Constitution
- Office of the Secretary of State, "1940 Voters Pamphlet," accessed September 12, 2013
- Washington State Legislature, "Washington State Constitution," accessed September 12, 2013
- Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
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