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CALIFORNIA CORPORATE & SECURITIES LAW

California Secretary Of State Upgrades Business Searches

For some time, the California Secretary of State’s office has offered a business search application on its website.  Although the function provided only limited information, the application received more than 5 million views per month.  On St. Lucia’s day, the Secretary of State announced a new and improved search application. From my perspective, one of the…

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Bill Illustrates Ills Besetting Corporate Fraud Fund

In 2002, the Legislature enacted AB 55 creating the victims of corporate fraud fund.  Since the fund was created, it has collected about $15 million and nearly 800 claims have been submitted.  In a devastating article published last fall by the Sacramento Bee, Dan Morain reported that only 10 people had been paid with a total…

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Bill Aims To Add Bite To Federal Conflict Minerals Disclosure Requirement

Section 1502 of the Dodd-Frank Act added a new Section 13(p) to the Securities Exchange Act of 1934.  Section 13(p) requires the SEC to promulgate disclosure and reporting regulations regarding the use of conflict minerals from the Democratic Republic of the Congo and adjoining countries. In compliance with this Congressional mandate, the SEC issued these…

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“Hello, Newman” – E-Mail Bill May Add To Post Office Woes

On Valentine’s Day, the United States Postal Service announced that it had begun its 2011 fiscal year with a loss of $329 million.  In announcing these results, the USPS cited “electronic diversion” as implying “long term structural changes in demand”.   If that is the case, the USPS’ revenue picture won’t be helped if AB 657…

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