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Share Repurchases Authorized by Committee Authority

Tuesday, May 4, 2021
Section 311 of the California Corporations Code authorizes the creation of one or more committees. Unlike Delaware, a committee of the board must have two or more members. The board of directors may vest all of the authority of the board in a committee except with respect to seven specified actions. One of these actions is authorization of a distribution to the corporation s shareholders.
Because Section 166 defines distribution to its shareholders to include a corporation s purchase or redemption of its own shares, a board may not delegate to a committee of the board its authority with respect to share repurchases. The statute, however, includes an exception to the limitation. Subdivision (f) of Section 311 permits such a delegation if the repurchase or redemption is within a price range set forth in the articles or determined by the board . ....

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Committee Authority To Authorize Share Repurchases | Allen Matkins

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Section 311 of the California Corporations Code authorizes the creation of one or more committees. Unlike Delaware, a committee of the board must have two or more members. The board of directors may vest all of the authority of the board in a committee except with respect to seven specified actions. One of these actions is authorization of a distribution to the corporation s shareholders.
Because Section 166 defines distribution to its shareholders to include a corporation s purchase or redemption of its own shares, a board may not delegate to a committee of the board its authority with respect to share repurchases. The statute, however, includes an exception to the limitation. Subdivision (f) of Section 311 permits such a delegation if the repurchase or redemption is within a price range set forth in the articles or determined by the board . ....

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