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CALIFORNIA CORPORATE & SECURITIES LAW

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…

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Why The Word “Includes” Conflates The Separation Of Powers

There are many ways to define a term.  Many definitions are “intensional definitions”.   An intensional definition lays down all of the properties required to meet that definition.  For example, Corporations Code Section 185 provides that “Shareholder” means “one who is a holder of record of shares.”  That is, the necessary and sufficient condition for belonging…

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U.S. Supreme Court Decides Fate of Legislative Platypus

This morning, the U.S. Supreme Court issued its opinion concerning the constitutionality of the Public Company Accounting Oversight Board (PCAOB). The Court held that the dual for-cause limitations on removal of PCAOB members contravene the U.S. Constitution’s principle of separation of powers.  (See my article in which I concluded “This violates Article II of the…

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