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CA AB1780

Bill

Status

Passed

9/30/2022

Primary Sponsor

Phillip Chen

Click for details

Origin

State Assembly

2021-2022 Session

AI Summary

  • Extends authorization for corporations to conduct shareholder meetings solely by remote communication (electronic transmission, video screen communication, conference telephone, or other remote means) through December 31, 2025, if the meeting includes a live audiovisual feed for the entire duration.

  • Modifies verification requirements to require corporations to verify only that persons who have voted remotely are shareholders or proxyholders, rather than verifying all remote participants.

  • Provides that minor disruptions to audio, visual, or audiovisual feeds do not require a corporation to end the meeting or render the corporation non-compliant with remote meeting provisions.

  • Maintains existing authorization for remote meetings when all shareholders consent or when the board determines remote meetings are necessary due to an emergency.

  • Incorporates amendments proposed by SB 1202 to Section 600 of the Corporations Code if both bills are enacted, with Section 1.5 becoming operative only if this bill is enacted after SB 1202.

Legislative Description

Corporations: shareholders’ meetings: remote communication.

Last Action

Chaptered by Secretary of State - Chapter 951, Statutes of 2022.

9/30/2022

Committee Referrals

Judiciary6/15/2022
Banking and Financial Institutions5/4/2022
Rules4/19/2022
Banking and Finance2/10/2022

Full Bill Text

No bill text available