California Corporations Code 14012 – For six months following the establishment of a corporation, …
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For six months following the establishment of a corporation, commencing upon filing of the articles of incorporation with the Secretary of State, a corporation shall be on probation. While on probation, a corporation may be suspended if suspension is recommended by the program manager and affirmed by the executive director. This suspension is nonappealable and not subject to the procedures for suspension applicable to a corporation not on probation.
(Added by Stats. 2013, Ch. 537, Sec. 2. (AB 1247) Effective October 4, 2013.)
Terms Used In California Corporations Code 14012
- Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
- State: means the State of California, unless applied to the different parts of the United States. See California Education Code 77