The Ely miner., 1930-10-31
AMENDMENT NO. Il.


Minnesota corporations will be abol-
iShed if the people of Minnesota will
remember to vote up Amendment No. l
to the Minnesota Constitution which
will be presented to the voters at the
general election Tuesday, November A..
Keep Minnesota Business at Home"
is the slogan adopted by the Citizens
Volunteer Committee for Amendment
No. l which has been organized with
representative men and women from
all sections of Minnesota among its
members.
Amendment No. provides for plac-
ing the so-called double liability of
stockholders in ordinary business cor
porations in the control of the legis-
lature. This amendment received a
majority of the votes cast upon it at
the last election but lost because of
the failure of many voters to vote
either "YeS" or mo" The present
clause in the Constitution for the
double liability in ordinary corpora
tionS has driven many Minnesota in
veStors to other tateS for the formation
of their corporations and has proved a
snare for innocent investors in cor
porations formed in this state. Min
nesota is the only state in the Union
that has such provision in its Con-
Stitution.
The Citizens Committee through its
state wide campaign have shown the
voters that the present provision in the
state constitution for the double liza
bility forces the people of Minnesota
to incorporate their businesses in other
states. This means that each year
several hundred thousand dollars for
filing and publication fees, Office main
tenance and taxes are sent to other
states 1t is a constant drain on Min
nesota resources, with no compenSating
return.
Endorsements have been received
at headquarters from many large or
ganizations and prominent individuals.
The Minnesota State Bar Association
and the Minnesota Association of Dis
trict Court Judges are giving the
amendment their hearty support.
The Minnesota Federation of
Women's Clubs representing mem
bership of about $4,000 club women of
the state endorsed the Amendment at
their general convention at Albert Lea
last week. The resolution passed by
the Minnesota Federation of Women's
Clubs said: "The Minnesota Federation
of Women'S Clubs join with the Mime
sofa State Bar Association in recon-
mending the adoption of the proposed
Amendment No of the State Con-
stitution which will appear on this
years official ballot at the November
election, relative to placing the So-called
double liability of. stockholders in the
control of the Legislature"
Cooperative organizations of Mime
sofa are actively supporting the
amendment which has been endorsed
by the Minnesota Farm Bureau Fed
Grafton, the Land of Lakes Creameries,
Inc, the Central Cooperative Associ-
alton and the Twin City Milk Pro-
ducers Association.
Six advantages to Minnesota to be
obtained from the passage of Amend
ment No. are as follows:
l. Amendment No l will create an
adequate corporation law for Mime
sofa.
2. 1t Will increase the revenue of the
state treasury thereby reducing the
tax burden.
3. 1t will keep many thousands dol
lars in the state annually which would
otherwise be sent outside the state for
incorporation, registration and publi-
cation fees, taxes and representation.
a. 1t will facilitate state and court
supervision over corporations which
require such supervision. Minnesota
courts have no supervising power over
corporations organized in other states.
s. 1t would place business incor-
porated in Minnesota on an equality
with any corporation.
g. 1t would remove the injustice
which now attends the enforcement of
the stockholders liability.
AMENDMENT NO. III.
The supreme court, as now organized
,,pdar tho constitution consists 0f q