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CALIFORNIA CORPORATE & SECURITIES LAW

California Voters Reject 11th Hour Gutting And Amending Of Bills

Not quite a year ago, I wrote: A reader of the California Constitution would be lead to believe that the course of legislation is orderly and predictable.  Under Article IV, Section 8(b), the legislature may make no law except by statute and no statute except by bill.  Every bill, moreover, must have a single subject…

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Initiative Measure Aims To Retard Gut And Amend Legislation

A reader of the California Constitution would be lead to believe that the course of legislation is orderly and predictable.  Under Article IV, Section 8(b), the legislature may make no law except by statute and no statute except by bill.  Every bill, moreover, must have a single subject and that subject must be expressed in…

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California Bill Would Expand Liability For Securities Fraud, Impose New Fees, Expand Commissioner’s Powers

In late February, Senator Jerry Hill introduced a bill, SB 538, to substantially amend the Franchise Investment Law.  A few days later, the bill was read for the first time and set for hearing by the Senate Banking and Financial Institutions Committee on April 3.  Then something very fishy happened.   Two days before the hearing, Senator…

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Bulk Sales Bill Gutted and Amended!

As we come down to the closing days of the current legislative biennium, the legislative process becomes frenetic and unpredictable.  SB 12 (Corbett) started out repealing California’s Bulk Sales Act.  As I wrote about earlier today, it was amended to maintain selected portions of the BSA.  Now, the author has gutted the entire bill and amended…

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Victims of Corporate Fraud Fund

In the waning days of the 2001-2002 legislative session, then Assemblymember Kevin Shelley gutted and amended AB 55.  As introduced, AB 55 would have amended the Elections Code.  Instead, AB 55 became the vehicle for the enactment of the deeply flawed California Corporate Disclosure Act. In the ensuing years, most practitioners and their clients have…

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Bills Making Last Dash to Enrollment

With the current legislative biennium ending next week, here are some key dates to keep in mind: August 31 – Last day for any bill (with certain exceptions) to be passed (Cal. Const. Art. IV, § 10(c), Joint Rule (J.R.) 61(b)(17)). Final Recess begins on adjournment (J.R. 51(b)(3)). September 30 – Last day for Governor to sign or veto…

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It’s Gut AND Amend (GANDA) Time and Your Bar Card May be at Risk!

In recent blogs, I’ve attempted to explain the reasons for a phenomenon that we’ll be seeing from now until August 31.  Why August 31?  We are in the second year of the biennium of the legislative session.  Under the California Constitution (Art. IV, Sec. 10(c)), no bill may be passed on or after September 1…

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