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HomeFinancial CodeDiv. 15.5Ch. 2Art. 4§ 32330 Board Director Authority Limits

§ 32330 Board Director Authority Limits

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

§ 32330 Board Director Authority Limits

Key Takeaways

  • •The board of directors runs the company, but they have to follow some rules.
  • •Big decisions need most of the board to agree, either in a meeting or in writing.
  • •They had to update some important papers by January 30, 1990.
  • •They also had to ask for a new business license by March 1, 1990.

Example

Imagine a group of people running a lemonade stand together.

If they want to change how the stand works, most of them have to agree. They also had to update their stand’s rules and get a new permit from the city by certain dates in 1990.

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

Official Source
View on CA.gov

§ 32330 Board Director Authority Limits

The management of the corporation shall be conducted by the board of directors, subject to the following limitations: (a) All action taken by the board of directors shall require the approval of a majority of the board present at a meeting at which there is a quorum or by unanimous written consent of all directors. (b) The board of directors shall file revised articles of incorporation with the Secretary of State no later than January 30, 1990. (c) The board of directors shall apply for a revised license as a California Business and Industrial Development Corporation by March 1, 1990. (Amended by Stats. 1989, Ch. 1040, Sec. 10.)

Last verified: January 23, 2026

Key Terms

corporationtrialsecretarylicensedirectorcalifornia businessmanagementmajority

Related Statutes

  • § 14102 Credit Union Amendment Rules
  • § 28116 Mortgage Servicer Licensing Investigation
  • § 30204 Securities Depository License Application
  • § 32323 Director Appointment Requirements
  • § 50121 Residential Mortgage Lender Licensing

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 32330.
View Official Source