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To embed, copy and paste the code into your website or blog: California s statutes requiring that publicly held corporations have a minimum number of female directors and directors from underrepresented communities rely upon the individual s self identification. Cal. Corp. Code §§ 301.3(f)(1) & 301.4(e)(1). Self-identification seems to leave the question entirely up to the individual. However, the self-identification standard raises concerns about potentially liability under the securities laws for allegedly opportunistic or unproved identifications. First, although self-identification may be regarded simply as an opinion, an opinion may be false if it is not sincerely held. It is conceivable, for example, that some potential board candidates will insincerely identify themselves as female or members of an underrepresented community in order to obtain board positions. Such an insincere self-identification could be actionable under the securities laws because ....
To embed, copy and paste the code into your website or blog: One of the many inconveniences imposed by the Covid-19 pandemic has been the difficulty in obtaining notarization of documents. Yesterday, Secretary of State Dr. Shirley N. Weber held a Zoom hearing to discuss whether remote notarization should be permitted in California. The hearing was attended by more than 500 persons and included proponents and opponents of the concept. The Secretary of State announced that she currently has no position on the idea. Assembly Member Jones-Sawyer has, in fact, introduced legislation, AB 1093, that would permit a notary public to apply for registration with the Secretary of State to be a remote online notary public. The bill would authorize the Secretary of State to adopt implementing regulations but does not specify, or authorize the imposition of, standards to be observed by remote notaries. ....
In 2006, the California legislature reestablished the requirement that certain state agencies designate a small business liaison. Cal. Gov't Code § 11148.5 added by Cal. Stats. 2006,. ....
To embed, copy and paste the code into your website or blog: California s Corporate Securities Law of 1968 makes offers it unlawful for any person to offer or sell a security in any nonissuer transaction unless it is qualified or exempt (or not subject to) qualification. Cal. Corp. Code § 25130. Transaction exempt from this requirement can be found in Section 25104 and securities not subject to this requirement can be found in Section 25100.1. The Commissioner has also exempted by rule any offer or sale of a security issued by any corporation organized under the laws of a foreign country or a certificate of deposit, receipt or other evidence relating to such security provided that one of several conditions is met. Because ....
Section 189 of the California General Corporation Law defines subsidiary as follows: (a) Except as provided in subdivision (b), “subsidiary” of a specified corporation means a corporation shares of which possessing more than 50 percent of the voting power are owned directly or indirectly through one or more subsidiaries by the specified corporation. (b) For the purpose of Section 703, “subsidiary” of a specified corporation means a corporation shares of which possessing more than 25 percent of the voting power are owned directly or indirectly through one or more subsidiaries as defined in subdivision (a) by the specified corporation. Because this definition, a corporation qualifies as a subsidiary only if it is a California corporation. This means that a Delaware corporation is not a subsidiary even when all of its outstanding shares are owned by a California corporation. It also means that a limited liability company, whether formed under California ....