CA AB2260

Repeals Section 2115 of the Corporations Code, which previously required foreign corporations meeting certain property, payroll, sales, and shareholder location tests to comply with specified California corporate governance provisions to the exclusion of their home jurisdiction's laws.

Replaces the repealed section with a new Section 2115 stating that California law shall not regulate the organization or internal affairs of foreign corporations qualified to do business in the state, except as provided in Section 2116.

Amends Section 2200 to remove references to subdivision (f) of Section 2115, eliminating the requirement that foreign corporations advise shareholders, officers, directors, and creditors of their compliance status and the associated penalties for failure to provide such information.

Eliminates the detailed framework for determining whether a foreign corporation was subject to California corporate law based on factors including property, payroll, sales ratios, shareholder location, and exceptions for publicly traded corporations.