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CA AB2557

Bill

Status

Passed

9/10/2018

Primary Sponsor

Brian Maienschein

Click for details

Origin

State Assembly

2017-2018 Session

AI Summary

  • Allows nonprofit public benefit corporations, nonprofit mutual benefit corporations, nonprofit religious corporations, and cooperative corporations to authorize directors to hold office ex officio by virtue of occupying a specified position within or outside the corporation through articles or bylaws provisions.

  • Requires the term of office for ex officio directors to coincide with their term in the specified position that entitles them to serve on the board, with their directorship immediately ceasing upon resignation or removal from that position.

  • Provides that a successor in the specified position automatically becomes an ex officio director, occupying the place of the former director.

  • Amends Corporations Code sections 5220, 7220, 9220, and 12360 to establish uniform rules for ex officio director appointments across different corporation types.

  • Makes nonsubstantive and clarifying changes to nonprofit and cooperative corporation laws regarding director tenure and selection.

Legislative Description

Corporations: directors.

Last Action

Chaptered by Secretary of State - Chapter 322, Statutes of 2018.

9/10/2018

Committee Referrals

Appropriations6/27/2018
Judiciary6/11/2018
Banking and Financial Institutions5/3/2018
Rules4/19/2018
Appropriations4/3/2018
Banking and Finance3/5/2018

Full Bill Text

No bill text available