Section 4. Registry of bills or notes; security required

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Registry of bills or notes; security required

For all banks organized under general laws, he legislature shall provide for the registry of all bills or notes issued or put in circulation as money, and shall require security to the full amount of notes and bills so registered in State or United States stocks, bearing interest, which shall be deposited with the State Treasurer for the redemption of such bills or notes in specie.

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:

Registry of bills or notes; security required

The Legislature shall provide by law for the registry of all bills or notes issued or put in circulation as money, and shall require security to the full amount of notes and bills so registered, in State or United States stocks, bearing interest, which shall be deposited with the State Treasurer, for the redemption of such bills or notes in specie.

Summary:

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