No more "takin' sick when nobody knows the cure"?
Last week, Senator Jones took the first step in the creation of a remedy for what heretofore had been irremediable (a "pair and snare" of "irredeemable"?). If enacted, SB 870 will authorize otherwise lawful corporate actions that were not taken in compliance, or purportedly not in compliance, with the California General Corporation Law or the corporation's articles or bylaws in effect at the time of a corporate action, to be ratified, or validated by the superior court, in conformity with specified procedures. The bill is one of many projects of the Corporations Committee of the Business Law Section of the California Lawyers Association. As they say in the film industry, the bill was inspired by similar legislation enacted in Delaware (Sections 204 & 205) and Nevada (NRS 78.0296).
Note to readers: Steve Hazen and I currently serve as co-chairs of the Corporations Committee.