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Elected Officials Thanked for Support of Fullerton Arboretum, Pedestrian Bridge
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Cal State Fullerton Receives $2 Million in Funding for Fullerton Arboretum and Titan Gateway Pedestrian Bridge
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I have commented in several posts on provisions of the California Corporations Code that address corporate action in times of emergency. As we were entering the Covid-19 pandemic shut down, I noted General Corporation Law weirdly shackles the ability of corporate boards to take action in times of emergency: Section 212(c)(2) states that during an emergency, a board may not take any action that (i) requires the vote of the shareholders (unless, of course, the vote was obtained before the emergency); or (ii) otherwise is not in the corporation s ordinary course of business. The latter restriction is inexplicable because an emergency might be just the very time when a board should take action outside of the corporation s ordinary course of business. I doubt that the legislature intended to impose unreasonable restraints on corporate boards during an emergency,