California Proposition 24, Stockholder Liability Amendment (1918)
| California Proposition 24 | |
|---|---|
 | |
| Election date November 5, 1918 | |
| Topic Business regulation | |
Status Defeated | |
| Type Constitutional amendment | Origin State legislature |
California Proposition 24 was on the ballot as a legislatively referred constitutional amendment in California on November 5, 1918. It was defeated.
A “yes” vote supported declaring that provisions for proportionate liability upon stockholders for debts are not applicable to corporations with "Limited" or "Ltd." in its name and removing wording that exempted businesses related to international expositions from proportionate liability upon stockholders. |
A “no” vote opposed declaring that provisions for proportionate liability upon stockholders for debts are not applicable to corporations with "Limited" or "Ltd." in its name and removing wording that exempted businesses related to international expositions from proportionate liability upon stockholders. |
Election results
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California Proposition 24 |
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|---|---|---|---|---|
| Result | Votes | Percentage | ||
| Yes | 178,355 | 47.52% | ||
|
|
196,948 | 52.48% | ||
Text of measure
Ballot title
The ballot title for Proposition 24 was as follows:
| “ | Stockholder's Liability | ” |
Ballot summary
The ballot summary for this measure was:
| “ | Assembly Constitutional Amendment 37. Amends Section 3, Article XII of Constitution. Eliminates therefrom provisions relative to exposition, companies and liabilities of stockholders thereof. Adds paragraph to section declaring that provisions thereof imposing upon stockholder proportionate liability for debts and upon directors liability for moneys misappropriated shall not apply to any corporation, hereafter organized under laws of this state, which adopts and uses last word of its corporation name the word “Limited” or “Ltd.”, but that stockholders thereof shall be subject to such liabilities as legislature may provide. | ” |
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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