State Law And Shareholder Representatives

As noted yesterday, the Securities and Exchange Commission has proposed to amend Rule 14a-8 to modernize "the process for shareholder proposals to be included in a company’s proxy statement".  Among other things, the SEC is proposing  to amend the...

Did The SEC Misstate State Law In Proposing Changes To Shareholder Proposal Rule?

Yesterday, the Securities and Exchange Commission proposed amendments to Rule 14a-8, which requires companies subject to the federal proxy rules to include shareholder proposals in their proxy statements, subject to certain procedural and...

When Signing A Subscription Agreement Is A Crime

Chapter 22 of the California General Corporation Law is devoted to crimes and penalties.  Some of these crimes are surprising.  Section 2252, for example, imposes criminal liability on every person who "signs to any subscription or agreement the...

Delaware Statutory Trusts And The California General Corporation Law

Delaware has enacted a business trust law that governs both domestic and foreign trusts.  12 Del. Code § 3801 et seq.  California has no similar law but it does purport to impose certain provisions of its General Corporation Law on business trusts. 

Subsidiaries Domestic Or Foreign?

Yesterday's post parsed the definition of "subsidiary" in Corporations Code Section 189.  Because a subsidiary must be a corporation as defined in Section 162, a subsidiary cannot be a foreign corporation, as defined in Section 171.  The legislature...

A Corporation May Be An Individual But What About Tony The Tiger?

The California legislature was so upset by the Supreme Court's decision in Citizens United v. Federal Election Commission, 558 U.S. 310 (2010) that it passed a resolution memorializing its disagreement and asseverating that "Corporations are not...

Stockholder Tenure And Voting Rights

A recent post by Broc Romanek linked to a MarketWatch article critiquing the new Long Term Stock Exchange.  The article mentions that "The LTSE has also proposed 'long-term voting rights,' wherein a shareholder’s voting power is commensurate with...

Learn What's New In Delaware And California For Free!

This Thursday, I will be joining Michael Allen of the prominent Delaware law firm of Richards, Layton & Finger in providing a webinar on recent developments on California and Delaware corporate law.  The webinar is sponsored by the Business Law...

Who May Adjourn A Shareholders' Meeting?

"Adjourn" is derived from the Latin words "ad" and "diurnus", meaning "to" and "daily" (a diurnal flower opens only during the day).  The word came into the English language through Old French "ajorner" ("soup du jour" is the soup of the day)....

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