Massachusetts Question 5, Foreign Banking Regulations Referendum (1924)
| Massachusetts Question 5 | |
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| Election date |
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| Topic Banking policy |
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| Status |
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| Type Veto referendum |
Origin |
Massachusetts Question 5 was on the ballot as a veto referendum in Massachusetts on November 4, 1924. It was approved.
A “yes” vote supported requiring anyone engaged in foreign banking to obtain a license from the Commissioner of Banks, post a bond or equivalent securities, follow investment and operational rules set by the law, and be subject to penalties and license revocation for violations. |
A “no” vote opposed requiring anyone engaged in foreign banking to obtain a license from the Commissioner of Banks, post a bond or equivalent securities, follow investment and operational rules set by the law, and be subject to penalties and license revocation for violations. |
Election results
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Massachusetts Question 5 |
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| Result | Votes | Percentage | ||
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435,141 | 69.92% | ||
| No | 187,228 | 30.08% | ||
Text of measure
Ballot title
The ballot title for Question 5 was as follows:
| “ | Shall a law (Chapter 473 of the Acts of 1923) which amends existing legislation on the same subject and provides that, subject to certain limitations, no person shall engage or be financially interested in the business of receiving deposits of money for safe keeping or for the purpose of transmitting the same or equivalents thereof to foreign countries unless he has executed and delivered a bond to the State Treasurer, or deposited securities in lieu thereof, and has received a license from the Commissioner of Banks authorizing him to carry on such business; that any money which in case of breach of bond shall be paid by the licensee or surety thereon, or the securities deposited in lieu thereof, shall constitute a trust fund for the benefit of depositors; that the license shall be revocable by the Commissioner of Banks for cause shown; that the money deposited with licensees for, safe keeping shall be invested in the manner prescribed by the act; and that the violation of any provision of the act shall be punished in the manner therein prescribed law was approved by both branches of the General Court by votes not recorded, and was approved by His Excellency the Governor, be approved? | ” |
Path to the ballot
Before 1952, citizen-initiated ballot measures in Massachusetts required a fixed number of signatures. In 1950, voters approved a constitutional amendment changing this to a percentage-based system, tying the number of required signatures to ballots cast in the most recent gubernatorial election. Before 1952, the signature requirement for veto referendums was 15,000 for general legislation and 10,000 for emergency legislation.
See also
External links
- William Francis Galvin Secretary of the Commonwealth of Massachusetts, "Massachusetts Statewide Ballot Measures: 1919-Present"
- The Springfield Daily Republican, "Legal Notices," Oct 28, 1924
Footnotes
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