STOCKHOLDER\u27S LIABILITY

Senate Constitutional Amendment 5. Amends Section 3, Article XII, of Constitution. Declares constitutional provision imposing stockholder\u27s liability for debts of corporation or joint-stock association, and director\u27s or trustee\u27s liability to creditors and stockholders for moneys embezzled or misappropriated by officers, shall not apply to exposition company organized to conduct fairs, sports, games or exhibitions authorized by law, nor to California corporation using Limited or Ltd. as last word of corporate name, subjecting stockholders of latter to such liabilities as Legislature may provide; declares section inapplicable to liabilities already incurred against stockholders in corporation created before adoption of amendment