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CALIFORNIA CORPORATE & SECURITIES LAW

Do Laws Have An Expiration Date?

Last week, I wrote about a bill, AB 129, currently pending in the California legislature that would amend California Corporations Code Section 107.  As I had pointed out in an even earlier post last May, that statute prohibits any corporation, flexible purpose corporation, association or individual from issuing or putting in circulation, as money, anything but the…

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Legislature Considers Allowing Alternative Currencies

Last March, I pointed out that Corporations Code Section 107 prohibits any corporation, flexible purpose corporation, association or individual from issuing or putting in circulation, as money, anything but the lawful money of the United States.  This raised the question in my mind whether Bitcoin was money.  See Ever Wonder What Money Is? California Has…

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Ever Wonder What Money Is? California Has Some Answers And I Have Some Questions

Yesterday’s post discussed virtual currencies (e.g., Bitcoin) and the General Corporation’s law prohibition on issuing or putting into circulation money.  But what exactly is money?  The General Corporation Law has no answer.  I’m aware of at least three different California statutes that define “money”. Government Sanction Seems To Be The Sine Qua Non Of Money First, we have the California Uniform Commercial…

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Bitcoin And The Corporations Code

I’ve been seeing an increasing number of references to Bitcoin and other forms of virtual or crypto currencies in the news.  For example, Jeffrey Sparshott and Robin Sidel of the Wall Street Journal reported last week that the Department of Homeland Security had frozen the account “tied to the largest Bitcoin exchange”.  In March, the Financial Crimes Enforcement…

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