Provisions
VIII.7 of 1936 • Repeal of: Individual responsibility of stockholders.
APPROVED
The Text
[Repeal – removing the following words so that there is NO section 7:
“The stockholders of every corporation and joint-stock association for banking purposes shall be individually responsible to the amount of their respective share or shares of stock in any such corporation or association, for all its debts and liabilities of every kind.”]
A Few Facts
• Joined the Constitution in 1936
• In Article VIII: Corporations and Charities
• Has 53 words
• Was proposed by the Legislature
• Went to NYS voters as proposed amendment 3 of 1935
• Repealed a previously existing section or sub-section
• Amends or builds on:
◦ 1895-VIII.7
Credits
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