Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1930-10-09
DON'T FORGET
AMENDMENT
Committee Urges Passage
of No. 1 to Abolish Stock
holders Double Liability.
Will Keep Much M oney
Within State if Passed
November 4.

Double liability for stockholders in
Minnesota corporations will be abol
ished if the people of Minnesota will
remember to vote upon Amendment
No. 1 to the Minnesota Constitution
which will be presented to the voters
at the general election Tuesday, No
vember according to a statemen,
handed out by the Citizens Volunteer
committee in charge of the campaign
for it. The statement goes on to say
keep Minnesota Business at Home
is the slogan adopted by the Citizens
Volunteer committee for Amendment,
No. 1 which is being organized with
representative men and women from
all sections of Minnesota among It's
members. Any citizen interested in
the passage of Amendment No. 1 viii
be welcomed to membership on the
committee. P L. Solether of Mime.
apolis is general chairman of the
committee in charge of the campaign
which will have headquarters at 1882
Mcknight building, Minneapolis.
Amendment No. 1 provides for
placing the so-called double liability
of stockholders in ordinary business
corporations in the control of the
legislature. This amendment received
a majority of the votes cast upon ii
at the last election, but lost because
of the failure of many voters to vote
either Yes or No The present
clause in the Constitution for dOu-
BILE liability in ordinary corporations
has driven many Minnesota investors
to other states 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.
1.-The Citizens Committee through
its statewide campaign will endeavor
to show the voters that the present
provision in the state constitution for
double liability forces the people of
Minnesota to incorporate their bust
nesses in other states. This means
that each year several hundred thou
sand dollars for filing and publication
fees, office maintenance and taxes are
sent to other states 1t is constant
drain on Minnesota resources, with
no compenSating return.
"a committee has been organized
i'm each county to take charge of the
work in that county.
Endorsements have been already
received at headquarters from many
large organizations and prominent in
dividuals. The Minnesota State Bar
association and the Minnesota AsSOci-
alton of District Court Judges are CIV
ing the amendment their hearty sup
port.
1.-The Minnesota Federation of Wom-
ems clubs representing a membership
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 Fedora
ton of Women's clubs join with the
Minnesota State Bar association in
recommending the adoption of the
proposed Amendment No. 1 of the
state constitution which will appear
on this years official ballot at the
November election, relative to plac-
ing the so-called double liability of
stockholders in the control of the
legislature
cooperative organizations of Min
nesOta are actively supporting the
amendment which has been endorsed
by the Minnesota Farm Bureau Fed
Grafton, the Land of Lakes Creamer-
les. Inc, the Central Cooperative as
sociation and the Twin City Milk Pro-
ducerS association.
The Citizens Volunteer committee
in its campaign will emphasize six
advantages to Minnesota to be OBJ
tanned from the passage of Amend
ment No. 1 as follows:
Il. Amendment No. 1 will create
an adequate corporation law for Min
nesota.
80. 1t will increase the revenue of
the state treasury thereby reducing
the tax burden.
.'3. 1t will keep many thousands of
dollars in the state annually which
would otherwise be sent outside the
state for Incorporation, registration
and publication fees, taxes and rep
reSentation.
II. 1t will facilitate state and court
supervision over corporations which
may require such supervision. Min
nesota courts have no supervising
power over corporations organized in
other states.
''5. 1t would place a business in
corporated in Minnesota on an equal
ity with any corporation.
IS. 1t would remove the injustice
which now attends the enforcement
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