Except as otherwise provided in Sections 31004 and 31952, the provisions of the General Corporation Law (Division 1 (commencing with Section 100), Title 1 of the Corporations Code) shall, on and after the effective date of this division, apply to each old corporation; provided, however, that, for purposes of the provisions of Chapter 23 (commencing with Section 2300) of the General Corporation Law, with respect to each old corporation:

(a) The term “effective date” shall mean the effective date of this division.

Terms Used In California Financial Code 31951

  • 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.

(b) The term “prior law” shall mean the old law.

(c) Each old corporation shall be deemed to be a corporation referred to in § 162 of the Corporations Code.

(Amended by Stats. 1978, Ch. 965.)

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