Provisions
XI.7 proposed for 1916 • Individual responsibility of stockholders.
REJECTED
The Text
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
• Has 42 words
• Was proposed by the Constitutional Convention
• Went to NYS voters as proposed amendment 4 of 1915
If New Yorkers voted to approve this provision, it would have:
• Joined the Constitution in 1916
• Been in Article XI: Corporations; municipal debts; boards and commissions
• Re-upped the text of a previously existing provision
• Amended or built on:
◦ 1895-VIII.7
Credits
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