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 NJ on ey
Within State if Passed
November 4.

Double liability for stockholders IN
Minnesota corporations will be aool-
ished if the people Of Minnesota Will
remember 70 vote upon Amendment
No. l 10 the Minnesota Constitution
which will be presented 10 the voters
al the general election Tuesday No
vember according 10 statement
handed out by the Citizens Volunteer
committee in charge Of the campaign
for il. The statement goes on 10 say:
Keep Minnesota Business al Home
Is the slogan adopted by the Cltlzens
Volunteer committee for Amendment
No. l which Is being organized Win
representative men and women from
all sections OF Minnesota among lis
members. Any citizen interested ID
the passage of Amendment No. / Will
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 viii have headquarters at 1O32
Mcknight building, Minneapolis.
Amendment No. ! 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
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 lis Con-
Sfitution.
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. II is constant
drain on Minnesota resources, with
no compromising return.
"A committee has been organized
in each county To take charge Of the
work in that county.
Endorsements have been already
received ar headquarters from many
large organizations and prominent in
dividuals The Minnesota State Ban
association and the Minnesota Associ-
alton of District Court Judges are Civ
ing the amendment their hearty sup
port
The Minnesota Federation of Won
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
clubs said: The Minnesota Fedora
ton of Womens clubs join with the
Minnesota State Bar association in
recommending the adoption of tht
proposed Amendment No. l OF tbs
state constitution which viii appear
on this years official ballot at The
November election. relative 10 plac.
ing the so-called double liability o.
stockholders in the control of tht
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 Dreamer
les. Inc, the Central Cooperative as
sociation and the Twin City Milk Pro
ducers association
The Citizens Volunteer committee
in its campaign viii emphasize 81,
advantages 10 Minnesota 10 be OBJ
tanned from the passage Of Amend
ment No. ! as follows:
u. Amendment No. ! will create
an adequate corporation law for Min
nesota
80. II viii increase the revenue q
the state treasury thereby reducin!
the tax OurNSn-
%. II will keep many thousands o
dollars in the state annually whici
would otherwise be sent outside th'
state for Incorporation. registration
and publication fees taxes and rep
resentation-
- II viii facilitate state and cour
supervision over corporations which
may require such supervision Min
nesota courts have no supervisor!
power over corporations organized Il
other states
"a. II would place a business IN
corporated in Minnesota ON an equal
ity with any corporation
-6. II would remove the injustic
which now attends the enforcement
~