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HomeCorporations CodeCh. 20§ 12698 Corporate Transaction Effective Dates

§ 12698 Corporate Transaction Effective Dates

Corporations Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 12698 Corporate Transaction Effective Dates

This law says that for any deal a company makes on or after Jan 1 1984, the new rules (Chapter 9 and 10) are used, unless the old rules were already approved before that date or the meeting to approve the deal was originally set for a date before Jan 1 1984, in which case the old rules still apply.

Key Takeaways

  • •New rules apply to company deals made on or after Jan 1 1984.
  • •Old rules still apply if approval was given before Jan 1 1984.
  • •Old rules also apply if the approval meeting was originally set for a date before Jan 1 1984, even if the meeting happened later.

Example

A company wants to sell a building on Feb 1 1985.

If the board gave its okay in a meeting that was scheduled for Dec 15 1983 (even if the meeting actually happened after Jan 1 1984), the old rules control the sale. If the approval was not tied to a pre‑1984 meeting, the new Chapter 9/10 rules apply.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 12698 Corporate Transaction Effective Dates

Chapter 9 (commencing with Section 12520) and Chapter 10 (commencing with Section 12530) of the new law shall apply to transactions consummated by a subject corporation on or after January 1, 1984, unless the approval required by the prior law has been given prior to January 1, 1984, or has been given on or after January 1, 1984, at a meeting of members initially called for a date prior to January 1, 1984, in which case the transaction shall be governed by the prior law. (Added by Stats. 1982, Ch. 1625, Sec. 3. Operative January 1, 1984.)

Last verified: January 10, 2026

Key Terms

subject corporationprior lawJanuary 1, 1984

Related Statutes

  • § 12691 Corporate Law Application Dates
  • § 12696 Corporate Meeting Voting Rules
  • § 12697 Corporate Law Effective Date
  • § 12699 Involuntary Dissolution Transition Rules
  • § 12695 Corporate Indemnification Rules

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Corporations Code. Section 12698.
View Official Source