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CALIFORNIA CORPORATE & SECURITIES LAW

All Power To The People: Initiatives And Referenda In California

A year ago, I addressed the effective date of California legislative bills in this post.  In California, the people can also exercise legislative power through two different mechanisms – the initiative and the referendum.  In fact, the California Constitution proclaims: All political power is inherent in the people.  Government is instituted for their protection, security,…

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Liechtenstein And Article II, Section 1 Of The Constitution

I spent the Fourth of July holiday in the Fürstentum Liechtenstein, a very beautiful and surprisingly inaccessible part of Europe.  Its capital city has no airport.  The country is also largely vertical, as it is sandwiched in the Alps between Austria and Switzerland.  While enjoying a cappuccino in an outdoor cafe in Vaduz, the principality’s capital,…

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SEC ALJs Face Free Enterprise Challenge

Several years ago, I testified as an expert witness in an administrative proceeding brought by the Securities and Exchange Commission.  The hearing was held in what looked like a courtroom before what appeared to be a judge and with lawyers for the SEC and the respondent.  However, the presiding officer was not an Article III…

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Will The “Fourth Branch” Rewrite California’s Corporate Law?

Voters – The “Fourth Branch” of Government In 1911, California became the tenth state to adopt three key tools of popular sovereignty – the initiative, referendum and recall.  As defined by the California Constitution, the initiative is the power of the electors to propose statutes and amendments to the Constitution and to adopt or reject them;…

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