South Dakota Referred Law 1, Depositors Guarantee Fund Measure (1926)
| South Dakota Referred Law 1 | |
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| Topic Banking policy and Business regulations |
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| Status |
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| Type Veto referendum |
Origin |
South Dakota Referred Law 1 was on the ballot as a veto referendum in South Dakota on November 2, 1926. It was defeated.
A "yes" vote supported repealing the state bank deposit guaranty fund, ending further assessments on banks, and creating a new commission to oversee remaining funds and distributing them to depositors of banks that failed before January 1, 1925. |
A "no" vote opposed repealing the state bank deposit guaranty fund, ending further assessments on banks, and creating a new commission to oversee remaining funds and distributing them to depositors of banks that failed before January 1, 1925. |
Election results
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South Dakota Referred Law 1 |
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| Result | Votes | Percentage | ||
| Yes | 79,823 | 45.44% | ||
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95,830 | 54.56% | ||
Text of measure
Ballot title
The ballot title for Referred Law 1 was as follows:
| “ | An act entitled, an act to provide for a depositors' advisory commission, prescribing their qualifications and duties, transferring funds now under the depositors guaranty fund to said commission, providing for liquidation or change to a national bank of any state bank: providing for an assessment against state banks, creating a fund and providing for the administration of such funds and the distribution thereof. | ” |
Path to the ballot
A veto referendum is a citizen-initiated ballot measure that asks voters whether to uphold or repeal an enacted law. This type of ballot measure is also called statute referendum, popular referendum, people's veto, or citizen's veto. There are 23 states that allow citizens to initiate veto referendums.
In South Dakota, the number of signatures required for a veto referendum is equal to 5% of the votes cast in the last gubernatorial election. Signatures for veto referendums are due 90 days following the final adjournment of the legislative session at which the targeted bill was passed. A simple majority vote is required for voter approval.
See also
External links
Footnotes
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