Nonprofit mutual benefit corporations: formation.
- Requires two or more people to sign nonprofit mutual benefit corporation formation documents when no directors are named.
- Strengthens oversight of nonprofit formations by mandating multiple incorporators instead of allowing just one.
- Maintains existing requirements for corporations that name initial directors in their formation documents.
Assembly Member Papan's proposal to modify California's nonprofit mutual benefit corporation formation process would require two or more individuals to sign articles of incorporation when initial directors are not named, replacing the current single-signature option. The measure maintains existing requirements for corporations naming initial directors in their articles, where each named director must sign and acknowledge the documents.
The amendment focuses solely on scenarios where initial directors are not specified at formation, establishing a minimum threshold of two incorporators who must execute the articles. This change affects the initial filing process for nonprofit mutual benefit corporations while preserving other formation requirements, including perpetual corporate existence upon filing unless otherwise specified by law or in the articles.
This bill was recently introduced. Email the authors to let them know what you think about it.
Introduced By
Latest Voting History
 Diane PapanD Assembly Member | Bill Author |  Not Contacted |
- Requires two or more people to sign nonprofit mutual benefit corporation formation documents when no directors are named.
- Strengthens oversight of nonprofit formations by mandating multiple incorporators instead of allowing just one.
- Maintains existing requirements for corporations that name initial directors in their formation documents.
This bill was recently introduced. Email the authors to let them know what you think about it.
Introduced By
Assembly Member Papan's proposal to modify California's nonprofit mutual benefit corporation formation process would require two or more individuals to sign articles of incorporation when initial directors are not named, replacing the current single-signature option. The measure maintains existing requirements for corporations naming initial directors in their articles, where each named director must sign and acknowledge the documents.
The amendment focuses solely on scenarios where initial directors are not specified at formation, establishing a minimum threshold of two incorporators who must execute the articles. This change affects the initial filing process for nonprofit mutual benefit corporations while preserving other formation requirements, including perpetual corporate existence upon filing unless otherwise specified by law or in the articles.
Latest Voting History
Diane PapanD Assembly Member | Bill Author | Not Contacted |