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Marijuana Bank Legislation On Hold But May Take Effect Next Year

Last January, I wrote about Senator Robert Hertzberg's introduction of a bill, SB 51, that would authorize the licensing and regulation of cannabis limited charter banks and credit unions under the oversight of the Commissioner of Business...

Financial Institutions

SEC Questions Puts Cart Before The Horse

The idea of putting the cart before the horse is not new.  The Second Century C.E. writer Lucian of Samosata used the phrase in his Dialogues of the Dead ("ἡ ἅμαξα τὸν βοῦν").  Although the phrase is now a cliché, it was all that came to mind when...

federal securities law

Happy Constitution & Citizenship Day!

According to federal law, today is Constitution and Citizenship Day.  Congress has helpfully codified the purpose of the day as follows:

"Constitution Day and Citizenship Day commemorate the formation and signing on September 17, 1787, of the...

LLCs And Corporations - Another Judicial Mash-UP

Dean Joshua Fershee at Creighton University School of Law has had a habit of pointing out judicial confusion of limited liability companies and corporations.  See LLCs Still Not Corporations, Even In Class Action Settlements.  Recently, I came...

Limited Liability Companies

No Equal Dignity For Corporate Officers

California has codified the so-called "equal dignity" rule for agents in Civil Code Section 2309 which provides:

"An oral authorization is sufficient for any purpose, except that an authority to enter into a contract required by law to be in...

Removal Of Directors Without Cause

Broc Romanek at The Mentor Blog has been writing about publicly traded companies that reportedly continue charter provisions allowing shareholders to remove directors only for "cause".   Section 303 of the California Corporations Code generally...

CARULLCA Transition Issues Left Unaddressed In Recent Decision

Hillsborough Dev. Co., LLC v. Annen Case No. D074818 (Cal. Ct. App. Aug. 9, 2019) involved a disputed removal of an LLC's manager by a majority of the members.  The LLC agreement was silent on how the manager could be removed and the parties did not...

uniform limited partnership act

DBO Warns Of False Flag Email

Impersonating government agencies and officials is nothing new.  The Financial Industry Regulatory Authority, Inc. (FINRA) issued this detailed warning of this practice in 2016.  Two years later, the Securities and Exchange Commission warned of...

Department of Business Oversight

Delaware Corporation Adopts Gender Quota Bylaw

NantKwest, Inc. is a Delaware corporation with its principal executive offices located in San Diego, California.  Last month, NantKwest filed this Form 8-K reporting that it had amended and restated its bylaws "to implement the requirements of SB...

Who Signs For The LLC?

California's Revised Uniform Limited Liability Company Act includes two separate provisions validating notes, mortgages, evidences of indebtedness, contracts, certificates, statements, conveyances or other written instruments against any lack of...

revised uniform limited liability

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30172DBAB0084D3A8F39D7AF0A8E79BC.ashxKeith Paul Bishop
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