Calif. Bill Looks To Repeal Corporate Long-Arm Statute

Law360, New York (April 30, 2012, 7:53 PM EDT) -- The California Assembly Banking and Finance Committee advanced a bill Monday that would repeal the so-called corporate long-arm statute imposing shareholders' rights and directors' liability rules on certain out-of-state companies doing most of their business in California.

The bill — introduced by Assemblyman Curt Hagman, R-Chino Hills, and advanced in a 7-0 vote Monday — would repeal sections of state law that impose liability on directors of corporations chartered outside the state for certain breaches of their official duties. It would also remove requirements relating to...
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