The California General Corporation Law has imposes a single qualification to serve as a director - the person must be a "natural person". Cal. Corp. Code § 164. Nevada's for-profit corporation law adds the additional requirement that a director must...
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The Financial Industry Regulatory Authority, more commonly known as FINRA, has adopted a Code of Arbitration for Customer Disputes (FINRA has a separate code for industry disputes). Under FINRA's Customer Code, a claim by or against an inactive...
When I joined the Department of Corporations, it had no website. I remember reviewing possible designs for a site. Now, it seems hard to imagine that there was a time when state agencies didn't have websites. Today, the Department's website is a...
The California Corporations Code endows corporations with certain rights, including the right to "adopt, use and alter" a seal. Cal. Corp. Code § 207(a). The Corporations Code does not define a "seal" but the Code of Civil Procedure does. Under...
Yesterday's post discussed virtual currencies (e.g., Bitcoin) and the General Corporation's law prohibition on issuing or putting into circulation money. But what exactly is money? The General Corporation Law has no answer. I'm aware of at least...
I've been seeing an increasing number of references to Bitcoin and other forms of virtual or crypto currencies in the news. For example, Jeffrey Sparshott and Robin Sidel of the Wall Street Journal reported last week that the Department of Homeland...
It is widely assumed that if a contract, note or other instrument is signed by a corporation's president and its secretary, it will not be invalidated as to the corporation by any lack of authority of the signing officers. After all, Section 313 of...
Artistotle didn't think much of the idea of paying interest:
