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CALIFORNIA CORPORATE & SECURITIES LAW

Kudos For California’s Commissioner Of Corporations

The North American Securities Administrators Association (NASAA) describes itself as “the oldest international investor protection organization”.  It is comprised of 67 state, provincial, and territorial securities administrators in the 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico, Canada, and Mexico.

At lunch yesterday, I remarked to Broc Romanek that it has been a long time since a California Commissioner of Corporations headed NASAA.  It turns out it has been a very long time indeed.  I understand that the last California Commissioner to preside over NASAA was the redoubtable H.L. Carnahan who served as Commissioner from 1914 to 1918.  Here’s what the April 17, 1915 issue (p. 14) of California Outlook had to say about Commissioner Carnahan:

It doesn’t pay to lie to the State Corporation Commissioner.  One or two corporations have tried it to their sorrow and discomfiture.  Early last week the Pacific Coast Securities Company was denied the right to sell stock in California.  Mr. Carnahan accompanying his announcement of this fact with the additional statement that “if applicants are dishonest with this department, it is a fair conclusion that they will also be dishonest in their dealings with the public to whom they desire to sell their securities.”  The company included in a list of assets an agency of which it had previously lost control.

Another long drought began in 1918 – that was the beginning of the 86 year World Series hiatus for the Boston Red Sox.  California’s dry spell has lasted even longer.  However, I’m please to say that shortly after talking to Broc I learned that California’s long absence from the presidency will soon end.  Commissioner Preston DuFauchard is NASAA’s 2011-2012 president elect.  This is an exciting development for the Department as it will be celebrating its centennial in 2013.

On an etymological note, there is no such word as “kudo”.  The word “kudos”, meaning glory or fame, is derived from the ancient Greek singular noun with the same meaning, “κῦδος” .  The “s” ending causes many English speakers erroneously to assume that “kudos” is a plural form of “kudo”.

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