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Legislative action that proposed this amendment: SJR4 1939 Regular Session

Disposition: This amendment took effect following voter ratification. You may read the resulting 1941 Utah Constitution here.

Amends article 12 section 18

12:18

The legislature may provide by law that the stockholders in every corporation and joint stock association organized for banking purposes, or the holders of any one or more of the classes of stock issued by any such corporation in addition to the amount of capital stock subscribed and fully paid by them shall be individually responsible for an additional amount equal to not exceeding the amount of their stock in such corporation, or the amount of their stock of any particular class in such corporation, for all its debts and liabilities of every kind.