The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1928-10-17
Amendment No. l Would Give
One-Third of Gas Tax to the
State and Secondary Roads

Purposes of two constitutional
amendments to be submitted to Min
nesota voters at the November 6 ell
ection were described by Attorney
General G. A. Youngquist, in connec-
ton with legal publication of the pro-
posals.
One amendment, known as No. I,
proposes to divert one-third of the
gasoline tax revenue from the state
highway fund, to be used on local
roads. An organization has been
formed to campaign for the amend
ment.
The second amendment would wipe
out the present double liability pro-
vision against stockholders in the
state
On amendment No. l Mr.. Young
quist explained the purpose as fol-
lows:
"The entire proceeds of the gaso-
line tax are now placed in the trunk
highway system. The purpose of the
proposed amendment is to place two
thirds of the proceeds of such tax in
the trunk highway and one-third in
the state road and bridge fund"
'The effect of the proposed amend
ments," he said, will be to place
two-thirds of the proceeds of the
gasoline tax in the trunk highway
fund for the use of the trunk high
way system, and one-third in the
state road and bridge fund for lending
aid, by the distribution of that fund
among the counties of the state, in
the construction and improvement of
road other than trunk highways.
The purpose of amendment No. ..
Mr.. Youngquist said, is as follows:
1.-THE constitution as it now stands,
makes every stakeholder in any COR
poration, excepting those organized
for the purpose of carrying on
manufacturing or mechanical bust
ness, liable for the debts of the cor
poration, if the corporate assets are
insufficient to pay the debts, up to an
amount equal to the par value of the
stock held or owned by him, in addi-
ton to any sum that he may owe the
corporation on account of his stock.
The purpose of the proposed amend
ment is to authorize the legislature
to prescribe and regulate by law the
liability of stockholders or members
of in all corporations and joint associ-
ations organized for banking purpos-
es which issue bank notes, as pro-
vided by Section IS, of Article of
the Constitution.
THE effect of the proposed amend
ment," Mr.. Youngquist said, will be
to abrogate the present fixed rule of
stockholders liability prescribed by
the Constitution, except in the case of
stockholders in banks which issue
bank notes, and to place the matter of
prescribing and regulating the liabil-
ity of stockholders in all corporations,
cooperative or associations created
under the laws of this state Except
those banking corporations and joint
associations specifically excepted
therefrom) entirely within the con-
troll of the legislature, subject to
change from time to time as they may
see fit.
Stockholders in banks of the kind
provided for by Section 13 of Article
9 of the Constitution are by that sec
ton made liable for the debts of such
corporation or associations up to an
amount equal to double the amount of
the stock owned by them. Stockhold-
ers of this class are excepted from
the operation of the proposed amend
ment. However, the only banks pro-
vided for by Section Is are those that