Website Heading

CALIFORNIA CORPORATE & SECURITIES LAW

Professor Bainbridge Precises Corporate Philanthropy

Earlier this week, UCLA Law School Professor Stephen Bainbridge precised the question of corporate philanthropy.  He notes “Virtually all states have adopted statutes specifically granting corporations the power to make charitable donations, which eliminates the ultra vires issue.”  Several years back, I compared California’s and Delaware’s statutes:

Delaware’s statute appears to be more limited than California’s – it doesn’t specifically mention community fund, hospital, or civic purposes.  It also doesn’t include the catch-all “similar purposes”.  Delaware also doesn’t expressly dispense with the requirement of a “specific corporate benefit”.   California, on the other hand, doesn’t mention donations of aid in time of war or other national emergency.

You can read the whole post here.

Share on:

ANY QUESTIONS REGARDING CALIFORNIA CORPORATE AND SECURITIES LAW? CONTACT US DIRECTLY

We offer expert advice with the intricacies of California law.

Our years of experience and expertise allow us to help clients navigate the business laws in California.

CONTACT US

Get the latest news and analysis about California Corporate & Securities law. Subscribe to our newsletter today!

Related Articles