The Victims of Corporate Fraud Compensation Fund is hereby established in the State Treasury. The fund shall be administered by the Secretary of State for the sole purpose of providing restitution to the victims of a corporate fraud. The Secretary of State shall adopt regulations in furtherance of the administration of this chapter. Notwithstanding § 13340 of the Government Code, the money in the fund is continuously appropriated to the Secretary of State for the purposes authorized by this chapter.

(Added by Stats. 2012, Ch. 564, Sec. 4. (SB 1058) Effective January 1, 2013.)

Terms Used In California Corporations Code 2280

  • Fraud: Intentional deception resulting in injury to another.
  • Fund: means the Victims of Corporate Fraud Compensation Fund created by Section 2280. See California Corporations Code 2281
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • State: means the State of California, unless applied to the different parts of the United States. See California Education Code 77
  Previous section
Next section  
 Chapter 22.5 Contents