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Washington Stockholder Liability, SJR 8 (1940)

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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.[1] The measure amended Section 11 of Article XII of the Washington State Constitution.[2]

Election results

Washington SJR 8 (1940)
ResultVotesPercentage
Approveda Yes 255,047 57.45%
No188,92942.55%

Election results via: Washington Secretary of State

Text of measure

See also: Washington State Constitution, Section 2 of Article VII

The language that appeared on the ballot:[1]

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

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.

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