Section 7. The fictitious increase of stocks or bonds forbidden

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The fictitious increase of stocks or bonds forbidden

Summary:

Election Date: November 8, 1966

Votes For Ratification: 1212790

Votes Against Ratification: 636925

Percent for Ratification: 66%

Percent Against Ratification: 34%

Notes:

Amendment Source: 1965 JR 3

Effective Date Source:

The fictitious increase of stocks or bonds forbidden

No corporation shall issue stocks or bonds except for money, labor done, or money or property actually received; and all fictitious increase of stock or indebtedness shall be void. The stock and indebtedness of corporations shall not be increased except in pursuance of general law.

Summary: Eliminating requirement that stock indebtedness of private corporations may not be increased without stockholders' consent obtained at a meeting held after sixty days' notice

Election Date: November 6, 1956

Votes For Ratification: 711646

Votes Against Ratification: 525321

Percent for Ratification: 58%

Percent Against Ratification: 42%

Notes:

Amendment Source: 1955 JR 5

Effective Date Source:

The fictitious increase of stocks or bonds forbidden

No corporations shall issue stocks or bonds except for money, labor done, or money or property actually received; and all fictitious increase of stock or indebtedness shall be void. The stock and indebtedness of corporations shall not be increased except in pursuance of general law, nor without the consent of the persons holding the larger amountin value of the stock, first obtained at a meeting to be held after sixty days notice given in pursuance of law.

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