California Proposition 5, Corporation Department Referendum (1914)
| California Proposition 5 | |
|---|---|
 | |
| Election date November 3, 1914 | |
| Topic Administration of government | |
Status Approved | |
| Type Referendum | Origin Citizens |
California Proposition 5 was on the ballot as a veto referendum in California on November 3, 1914. It was approved.
A “yes” vote supported upholding the Act passed by the state legislature, which was designed to create a state corporation department to regulate investment companies and brokers. |
A “no” vote supported repealing the Act passed by the state legislature, which was designed to create a state corporation department to regulate investment companies and brokers. |
Election results
|
California Proposition 5 |
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|---|---|---|---|---|
| Result | Votes | Percentage | ||
|
|
343,805 | 54.41% | ||
| No | 288,084 | 45.59% | ||
Text of measure
Ballot title
The ballot title for Proposition 5 was as follows:
| “ | Investment Companies Act | ” |
Ballot summary
The ballot summary for this measure was:
| “ | Creates state corporation department. Authorizes governor to appoint commissioner of corporations who shall employ necessary deputies, fix their compensation, have control over investment companies and investment brokers and power of examination thereof as in state banks; prohibits issuance of securities before investigation by commissioner, regulates issuance and sale thereof, taking subscriptions therefor, advertisements and circulars respecting same: creates fund from official fees and declares salaries and expenses payable therefrom; provides for broker's permit and agent's certificate, reports by companies and broker, appeal to court from commissioner's decision, and penalties for violations. | ” |
Full Text
The full text of this measure is available here.
Path to the ballot
In California, the number of signatures required for a veto referendum is equal to 5 percent of the votes cast at the preceding gubernatorial election. For veto referendums filed in 1914, at least 19,286 valid signatures were required. Proponents of the veto referendum had 90 days from the date that the bill was signed to collect signatures.
See also
External links
Footnotes
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