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You Might Be Surprised Who Is Authorized To Call A Meeting Of Your Board of Directors

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...

Corporate Governance, Financial Institutions

DBO Website Lists Central Locations For Service Of Process

In a 2013 post, wrote about new legislation, AB 2364 (Wagner), intended to simplify the process for levying on bank accounts for both creditors and banks. AB 2364 required banks or financial institutions with more than nine branch offices within...

Financial Institutions

California Law Requires Banks To Disregard Notice of Adverse Claims To Accounts

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...

Financial Institutions

DBO Issues Guidance To Banks And Credit Unions Serving Cannabis Related Businesses

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...

Financial Institutions

Governor Signs Bill Authorizing Public Banks - What Could Possibly Go Wrong?

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. 

When I first ...

Financial Institutions

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

I-Bank Bill Advances Despite Manifold Issues

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...

Financial Institutions

The "Other" EDGAR

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...

Financial Institutions

Despite Skepticism California's I-Bank Bill Moves Forward

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. 


Financial Institutions

Bank Directors Appointed By Politicians - What Could Possibly Go Wrong?

I recently wrote about proposed legislation (SB 528) that would establish the California Infrastructure and Economic Development Bank (I-Bank) as a depository institution.  The I-Bank, despite its name, does not currently accept deposits.  The bill ...

Financial Institutions

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30172DBAB0084D3A8F39D7AF0A8E79BC.ashxKeith Paul Bishop
Partner at Allen Matkins
(949) 353-6328
 Contact me
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JD Supra Readers Choice Top Author 2020



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