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California Proposition 16, Stockholder Liability Amendment (1928)
| California Proposition 16 | |
|---|---|
 | |
| Election date November 6, 1928 | |
| Topic Business regulation | |
Status Approved | |
| Type Constitutional amendment | Origin State legislature |
California Proposition 16 was on the ballot as a legislatively referred constitutional amendment in California on November 6, 1928. It was approved.
A “yes” vote supported declaring the constitutional provision making stockholders liable for moneys embezzled or misappropriated unapplicable to exposition companies. |
A “no” vote opposed declaring the constitutional provision making stockholders liable for moneys embezzled or misappropriated unapplicable to exposition companies. |
Election results
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California Proposition 16 |
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|---|---|---|---|---|
| Result | Votes | Percentage | ||
|
|
602,121 | 56.39% | ||
| No | 465,703 | 43.61% | ||
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- Results are officially certified.
- Source
Text of measure
Ballot title
The ballot title for Proposition 16 was as follows:
| “ | Stockholder's Liability | ” |
Ballot summary
The ballot summary for this measure was:
| “ | Senate Constitutional Amendment 5. Amends Section 3, Article XII, of Constitution. Declares constitutional provision imposing stockholder's liability for debts of corporation or joint-stock association, and director's or trustee's liability to creditors and stockholders for moneys embezzled or misappropriated by officers, shall not apply to exposition company organized to conduct fairs, sports, games or exhibitions authorized by law, nor to California corporation using "Limited" or "Ltd." as last word of corporate name, subjecting stockholders of latter to such liabilities as Legislature may provide; declares section inapplicable to liabilities already incurred against stockholders in corporation created before adoption of amendment. | ” |
Full Text
The full text of this measure is available here.
Path to the ballot
- See also: Amending the California Constitution
A two-thirds vote was needed in each chamber of the California State Legislature to refer the constitutional amendment to the ballot for voter consideration.
See also
External links
Footnotes
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State of California Sacramento (capital) |
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