Washington Stockholder Liability, SJR 8 (1940)

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Washington Constitution
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Amendments
State of Washington Constitutional Amendment 16 was a legislatively-referred constitutional amendment to the Washington State Constitution. It was on the November 5, 1940 ballot in the State of Washington, where it was approved.

Election results

Amendment 16
ResultVotesPercentage
Approveda Yes 255,047 57.45%
No188,92942.55%


Amendment 16 amended Article XII, Section 11 of the Washington State Constitution.

It was the 16th amendment approved to the Washington State Constitution subsequent to its adoption in 1940.

Before Amendment 16

The text of Section 11, Article XII before Amendment 16 was enacted said:

"PROHIBITION AGAINST ISSUANCE OF MONEY AND LIABILITY OF STOCKHOLDERS IN BANKS -- No corporation, association, or individual shall issue or put in circulation as money anything but the lawful money of the United States. Each stockholder of any banking or insurance corporation or joint stock association, shall be individually and personally liable equally and ratably and not one for another, for all contracts, debts and engagements of such corporation or association accruing while they remain such stockholders to the extent of the amount of their stock therein at the par value thereof, in addition to the amount invested in such shares."

Amendment 16

The text of Section 11, Article XII once Amendment 16 was enacted said:

"No corporation, association, or individual shall issue or put in circulation as money anything but the lawful money of the United States. Each stockholder of any banking or insurance corporation or joint stock association shall be individually and personally liable equally and ratably, and not one for another, for all contracts, debts, and engagements of such corporation or association accruing while they remain such stockholders, to the extent of the amount of their stock therein at the par value thereof, in addition to the amount invested in such shares. The legislature may provide that stockholders of banking corporations organized under the laws of this state which shall provide and furnish, either through membership in the Federal Deposit Insurance Corporation, or through membership in any other instrumentality of the government of the United States, insurance or security for the payment of the debts and obligations of such banking corporation equivalent to that required by the laws of the United States to be furnished and provided by national banking associations, shall be relieved from liability for the debts and obligations of such banking corporation to the same extent that stockholders of national banking associations are relieved from liability for the debts and obligations of such national banking associations under the laws of the United States."

See also

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