Assembly Bill 1864
, effective January 1, 2021, among other things, renames the Department of Business Oversight as the Department of Financial Protection and Innovation.
Assembly Bill 979
, effective January 1, 2021, amends the General Corporation Law regarding composition of boards of directors. For more information about this bill see our article “California Requires Corporate Boards to Have Directors From Underrepresented Communities
Assembly Bill 3075
, effective January 1, 2021, amends the General Corporation Law and LLC law regarding the contents of Statements of information, such changes which will be effective January 1, 2022 unless the SOS certifies that California Business Connect is complete before then.
Senate Bill 522
, effective January 1, 2021, amends the Corporations Code regarding business entity naming requirements and amends the General Corporation Law and Nonprofit Corporation Law concerning inclusion of entity numbers on filings.
Senate Bill 1371
, effective January 1, 2021, amends the General Corporation Law and Nonprofit Corporation Law regarding director meetings and the LP law regarding dissenting limited partners. (See Bill Sections 38, 39 & 41)
Executive Order N-40-20
, effective March 30, 2020, suspends General Corporation Law requirements that business corporations obtain shareholder consent before holding shareholder meetings by electronic transmission or by electronic video screen communication and the requirement for written notice of such meetings under specified conditions and with respect to meetings already scheduled or otherwise required to be held before June 30,2020.
The California Secretary of State’s Office has posted its March 2020 Report on Women on Boards of Directors
. This report was required to be posted by the Secretary of State by Senate Bill 826, Laws of 2018 which provides, among other things, that “No later than the close of the 2019 calendar year, a publicly held domestic or foreign corporation whose principal executive offices, according to the corporation’s SEC 10-K form, are located in California shall have a minimum of one female director on its board.” The bill also provides that no later than March 1, 2020, and annually thereafter, the Secretary of State shall publish a report on its Internet Web site regarding compliance with the law and providing other information. For more information on Senate Bill 826, see our article “California Becomes First State To Require Gender Diversity on Boards of Directors