Corporate
Feb. 17, 2012
Amendment to state law governing shareholder distributions
AB 571 modernizes and simplifies shareholder distribution requirements for California corporations. By Nikole Varvitsiotis of Buchalter Nemer PLC
In September 2011, Gov. Jerry Brown signed Assembly Bill 571 into law, which modernizes and simplifies the distribution requirements for California corporations and quasi-California corporations.
AB 571 took effect on Jan. 1 and significantly amends Sections 500-509 of the state Corporations Code, which govern corporate distributions, including dividends of cash or property and share repurchases and redemptions. Notably, the amen...
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