Section 307(a)(1) of the California Corporations Code is quite specific in identifying who is empowered to call meetings of a corporation's board of directors: the chairperson of the board, the president, any vice president, the secretary, or any...
In an all too familiar story, an insurance company's managing agent was tricked into transferring nearly $2 million into the fraudster's account at Wells Fargo Bank. The plaintiffs then sued the bank alleging that after receiving actual knowledge of...
In the early 1970s, I worked as a petroleum transfer engineer (aka service station attendant). In those halcyon days, we actually pumped the gas for customers, washed their windows and offered to check the oil. I remember one customer who was a...
Yesterday, Governor Gavin Newsom signed AB 857 into law. The bill authorizes local agencies to establish so-called "public banks", subject to approval by the Department of Business Oversight and Federal Deposit Insurance Corporation.
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...
A California bill that would charter the California Infrastructure and Economic Development Bank (I-Bank) as a depository institution passed out of the Senate Banking and Financial Institutions Committee yesterday. If the I-Bank becomes a depository...
Did you know that some companies with securities registered under Section 12(b) or 12(g) of the Securities Exchange Act of 1934 do not file their periodic reports and proxy materials on EDGAR? Section 12(i) of the Exchange Act vests the Federal...
Recently, I have written about Senator Ben Hueso's proposal to convert the California Infrastructure and Economic Development Bank (I-Bank) as a depository institution. As a depository bank, the I-Bank would hold and lend taxpayer dollars.