I’ve been writing recently about the Milton-Marks “Little Hoover” Commission on California State Government Organization and the Economy which has an important task in reviewing Governor Jerry Brown’s proposed reorganization plan. Why does this state commission bears the name of a former U.S. President? The name is derived from two commissions chaired by former President Herbert C. Hoover. After the United States emerged from the Read more...
Just What Is The State Auditor And What Does She Do Anyway?
In yesterday’s post, I mentioned that the Milton Marks “Little Hoover” Commission on California State Government Organization and the Economy oversees the Bureau of State Audits. See Government Code Sections 8542 and 8543. The Bureau of State Audits traces its roots back to 1955 when the legislature created the Joint Legislative Audit Committee and the Office of Auditor General. Following the Read more...
The Little Hoover Commission And The Architecture Of Power
Last week, I testified before the Milton Marks “Little Hoover” Commission on California State Government Organization and the Economy concerning Governor Jerry Brown’s 2012 Reorganization Plan. My written comments are available here. The hearing was held in a state auditorium with the Commissioners sitting high on a stage before the audience. Speakers spoke from a lectern hard against the stage Read more...
Cannabis, Collectives, Cooperatives And The California Corporations Code
In reviewing recent California cases involving the Corporations Code, I was surprised to see several recent, published and and unpublished opinions dealing with marijuana dispensaries. I never would have imagined that California’s laws governing marijuana would require the courts to refer to the Corporations Code. By way of background, California’s voters passed Proposition 215 (the “Compassionate Use Act”) in November 1996. Proposition Read more...
Court Applies California Demand Requirement To Scottish Company (Again)
Last December, I wrote about U.S. District Court Judge Jeremy Fogel’s decision in Johnson v. Myers, 2011 U.S. Dist. LEXIS 112897 (N.D. Cal. Sept. 30, 2011). The case involved an attempt by some of the stockholders of a liquidated Scottish corporation to maintain a breach of contract action derivatively. The contract at issue included a California choice of law provision. Judge Read more...
California May Be The First State To Require Corporations To Disclose Compensation Paid To Retired Executives
Since 2002, California has imposed its own disclosure requirements on publicly traded corporations incorporated in or qualified to transact intrastate business in California. A subject corporation is currently required to disclose, among other things, the compensation for the most recent fiscal year paid to each member of the board of directors and paid to each of the five most highly compensated executive Read more...
California And Nevada Secretaries Of State Propose Rule Changes
California Secretary of State Debra Bowen recently gave notice of proposed amendments to the regulations governing the Victims of Corporate Fraud Compensation Fund. California corporations and foreign corporations qualified to transact intrastate business here pay an annual $2.50 fee that is deposited into the VCFC Fund. In 2004, the Secretary of State adopted regulations governing the the VCFC Fund. According Read more...
“It Depends On What The Meaning Of ‘In’ is.”
In May 2010, then Attorney General Jerry Brown announced that he had filed this complaint against former California Public Employees Retirement System (CalPERS) Board Member Alfred Villalobos, his company ARVCO Capital, and former CalPERS Chief Executive Officer Federico “Fred” Buenrostro, alleging violations of California Corporations Code §§ 25210, 25216 and 25403 and Business & Professions Code Section § 17200. A lot of Read more...
Hedge Fund Advertising – What’s The Wall Street Journal Talking About?
Last week, the Wall Street Journal published an article stating: “The JOBS Act, signed by President Obama on April 5, lifted a decades-old restriction on how hedge funds can go after new investors, clearing the way for managers to speak more publicly about their strategies and performance and even to advertise.” Later, a WSJ blog asserted: “But legal experts expect that Read more...
