California Financial Code 1870 – No corporation shall by any system of accounting or any device of …
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No corporation shall by any system of accounting or any device of bookkeeping, directly or indirectly enter any of its assets upon its books in the name of any other person, or under any title or designation that is not truly descriptive thereof.
(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
Terms Used In California Financial Code 1870
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Person: includes any person, firm, partnership, association, corporation, company, limited liability company, syndicate, estate, trust, business trust, or organization of any kind. See California Financial Code 18