Section 5. Referendum on banking laws

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General banking law

The legislature may enact a general banking law for the creation of banks, and for the regulation and supervision of the banking business.

Summary: Obsolete corporate and banking provisions (together with amendment to Art. XI Section 1, above).

Election Date: April 7, 1981

Votes For Ratification: 418997

Votes Against Ratification: 186898

Percent for Ratification: 69%

Percent Against Ratification: 31%

Notes:

Amendment Source: 1981 JR 9

Effective Date Source: Wisconsin, State Elections Board, state canvasses, 1970-1998, 2000-2012, Box 3

General banking law

The legislature shall have power to enact a general banking law for the creation of banks, and for the regulation and supervision of the banking business, provided that the vote of two-thirds of all the members elected to each house, to be taken by the yeas and nays, be in favor of the passing of such law.

This item is based on 2 items:

1848 — Article XI. Section 4

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1848 — Article XI. Section 5

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Summary: NEW SECTION: General banking law, replacing Article XI Sections 4 and 5.

Election Date: November 4, 1902

Votes For Ratification: 64836

Votes Against Ratification: 44620

Percent for Ratification: 59%

Percent Against Ratification: 41%

Notes: Volume 5 of the Wisconsin Board of State Canvassers Election Return Statements is missing at the Wisconsin Historical Society Archive; however, our review of effective dates for other amendments reveals that certification generally took place no later than the end of the month following the election.

Amendment Source: 1901 JR 2

Effective Date Source: WI Bd. State Canvassers, 1848-1978, Vol. 5, 510-11; 486-89

Referendum on banking laws

The legislature may submit to the voters at any general election the question of “bank or no bank;” and if at any such election a number of votes equal to a majority of all the votes cast at such election on that subject shall be in favor of banks, then the legislature shall have power to grant bank-charters, or to pass a general banking law, with such restrictions and under such regulations as they may deem expedient and proper for the security of the bill-holders: Provided, That no such grant or law shall have any force or effect until the same shall have been submitted to a vote of the electors of the State at some general election, and been approved by a majority of the votes cast on that subject at such election.

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