Section 2. Banking law: vote of electors

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Banking and trust company laws

No general law providing for the incorporation of trust companies or corporations for banking purposes, or regulating the business, thereof, shall be adopted, amended or repealed except by a vote of two-thirds of the members elected to each house of the legislature. Such laws shall not authorize the issue of bank notes or paper credit to circulate money.

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Banking law: vote of electors

No general banking law shall have effect until the same shall, after its passage, be submitted to a vote of the electors of the State at a general election, and be approved by a majority of the votes cast thereon at such election.

Summary: Providing that corporations shall be formed under general laws; allowing the legislature by 2/3 vote to create a single bank with branches; providing that no banking law shall take effect unless ratified by the people

Election Date: November 4, 1862

Votes For Ratification: 5067

Votes Against Ratification: 1644

Percent for Ratification: 76%

Percent Against Ratification: 24%

Notes:

Amendment Source: 1861 JR 17

Effective Date Source:

Banking law; vote of electors

No banking law or law for banking purposes, or amendments thereof, shall have effect until the same shall, after its passage, be submitted to a vote of the electors of the State, at a general election, and be approved by a majority of the votes cast thereon at such election.

Summary:

Election Date:

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Votes Against Ratification:

Percent for Ratification: %

Percent Against Ratification: %

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Amendment Source:

Effective Date Source: