South Dakota Constitutional Amendment M: Corporate Language

Full text of the amendment is as follows:

Title: An Amendment to the South Dakota Constitution regarding certain provisions relating to corporations.

Explanation: The Constitution currently contains certain restrictions on the Legislature’s authority to enact laws regarding corporations. For example, corporate directors must be elected by cumulative voting, in which a shareholder may choose to cast all votes for a single candidate or spread the votes among two or more candidates. Corporate stock or bonds may only be issued for money, labor or property received by the corporation. Corporate stock or debt may not be increased without prior notice to and consent of current stockholders.

Constitutional Amendment M removes these restrictions, and allows the Legislature to: (1) authorize alternative methods of voting in elections for corporate directors; (2) expand the types of contributions a corporation may receive for the issuance of stock or bonds; and (3) establish procedures governing the increase of corporate stock or debt.

Yes” will remove the constitutional restrictions.
No” will leave the Constitution as it is.

On the “Yes” side of things, I’m for giving people greater freedom to determine how they wish to do business. On the “No” side of things, I’m not supportive of creating even more laws to govern how things might be done. You could say that I lack trust in our legislature to not further muddle matters by creating more complexities where they are not needed.

While I think the amendment itself is of little immediate concern to most voters, I would have to come down on the side of leaving things alone as the approach which is likely to do the least harm.

Constant Conservative recommends a “No” vote on Amendment M.