Governor Signs Committee-Drafted Bill to Allow Electronic Communications in Corporate Governance
First reported: September 24, 2004
Governor Schwarzenegger has signed into law (effective Jan. 1, 2005) SB 1306, which will permit the use of electronic communications in corporate governance activities by California corporations. The new law will permit corporations (profit, non-profit and special purpose) to use electronic communications (1) to send notices to and receive notices from directors, shareholders and members, (2) to solicit and receive written consents, and (3) to convene director, shareholder and member meetings. The Corporations Committee worked with the Nonprofit and Unincorporated Organizations Committee, the Partnerships and Limited Liability Companies Committee and the Cyberspace Law Committee in drafting the bill, which was carried by State Sen. Ackerman. To see the text of SB 1306 as signed by the Governor, click HERE.
(Source: © 2005 The State Bar of California)
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