California 2017-2018 Regular Session Status: Enacted

SB 340 — Corporations: dissolution: bankruptcy.

Last action — Chaptered by Secretary of State. Chapter 267, Statutes of 2017.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed Assembly
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 14, 2017. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 4 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Under existing law, any domestic corporation, with respect to which a proceeding has been initiated under any applicable statute of the United States relating to reorganizations of corporations, has full power and authority to put into effect and carry out any plan of reorganization and the orders of the court or judge entered in that proceeding and is authorized to take any proceeding and do any act provided in the plan or directed by those orders, without further action by its board or shareholders. Existing law requires a certificate of dissolution to be filed and to become effective in accordance with its terms and specified provisions. Existing law also requires that certificate to be signed and verified under penalty of perjury, as may be directed by order of the court or judge, by a trustee or trustees appointed in a reorganization proceeding, or if none is appointed and acting, by officers of the corporation designated, or by a master or other court-appointed representative. This bill additionally would authorize a trustee, liquidating agent, responsible officer, or other representative appointed by the court for a corporation, with respect to which a bankruptcy reorganization proceeding has been initiated, to execute and file a certificate of dissolution containing specified information. By expanding the category of persons who may execute and file a certificate under penalty of perjury, the bill would increase the scope of an existing crime, thereby imposing a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.

Bill Text

Action History

  1. Chaptered by Secretary of State. Chapter 267, Statutes of 2017.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 4 p.m.

  4. Assembly amendments concurred in. (Ayes 40. Noes 0. Page 2478.) Ordered to engrossing and enrolling.

  5. Ordered to special consent calendar.

  6. In Senate. Concurrence in Assembly amendments pending.

  7. Read third time. Passed. (Ayes 73. Noes 0. Page 2853.) Ordered to the Senate.

  8. Read second time. Ordered to consent calendar.

  9. From committee: Do pass. Ordered to consent calendar. (Ayes 15. Noes 0.) (August 23).

  10. From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 7. Noes 0.) (July 10). Re-referred to Com. on APPR.

  11. June 26 hearing postponed by committee.

  12. June 19 hearing postponed by committee.

  13. June 5 hearing postponed by committee.

  14. From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.

  15. Referred to Com. on B. & F.

  16. In Assembly. Read first time. Held at Desk.

  17. Read third time. Passed. (Ayes 36. Noes 0. Page 769.) Ordered to the Assembly.

  18. Read second time. Ordered to consent calendar.

  19. From committee: Be ordered to second reading pursuant to Senate Rule 28.8 and ordered to consent calendar.

  20. Set for hearing April 17.

  21. From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 7. Noes 0. Page 539.) (March 28). Re-referred to Com. on APPR.

  22. Set for hearing March 28.

  23. Referred to Com. on JUD.

  24. From printer. May be acted upon on or after March 17.

  25. Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

  • Hertzberg · Primary

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Hertzberg

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Special Consent SB340

Passed 40 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 35000
Democratic 5000
Total 40000
% of votes cast 100%0%0%0%
How each member voted (40)
Member Party Vote
Anderson — Yea
Bates — Yea
Hertzberg — Yea
Mendoza — Yea
Morrell — Yea
Nielsen — Yea
Roth — Yea
Skinner — Yea
Vidak — Yea
Wieckowski — Yea
Wilk — Yea
Cannella — Yea
Dodd — Yea
Galgiani — Yea
Glazer — Yea
Portantino — Yea
De León — Yea
Mitchell — Yea
Hernandez — Yea
Atkins — Yea
Allen — Yea
Hill — Yea
Hueso — Yea
Beall — Yea
Bradford — Yea
Lara — Yea
Leyva — Yea
Monning — Yea
Moorlach — Yea
Newman — Yea
Pan — Yea
Fuller — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Mark Stone — Yea
Jackson, Corey A. Democratic Yea
McGuire, Mike Democratic Yea
Nguyen, Stephanie Democratic Yea
Stern, Henry I. Democratic Yea
Wiener, Scott D. Democratic Yea

Official roll call →

SB 340 Hertzberg Consent Calendar Second Day

Passed 73 Yea · 0 Nay · 6 Other
Party YeaNayPresentNot Voting
Unaffiliated 53005
Democratic 14001
Republican 6000
Total 73006
% of votes cast 92%0%0%8%
How each member voted (79)
Member Party Vote
Acosta — Yea
Baker — Yea
Bloom — Not Voting
Brough — Yea
Jones-Sawyer — Yea
Mathis — Yea
Nazarian — Yea
Obernolte — Yea
Rodriguez — Yea
Thurmond — Yea
Gonzalez Fletcher — Yea
Chau — Yea
Low — Yea
Fong — Yea
Salas — Yea
Chu — Yea
Mayes — Yea
Medina — Yea
Melendez — Yea
Mullin — Yea
Quirk — Yea
Santiago — Yea
Ting — Yea
Voepel — Yea
Weber — Yea
Wood — Yea
Gray — Yea
Bocanegra — Yea
Rubio — Yea
Burke — Not Voting
Harper — Yea
Holden — Yea
Kiley — Yea
Levine — Yea
Maienschein — Yea
McCarty — Yea
O'Donnell — Yea
Rendon — Yea
Ridley-Thomas — Not Voting
Steinorth — Yea
Waldron — Yea
Bigelow — Yea
Chiu — Yea
Chávez — Yea
Cooley — Yea
Cooper — Yea
Eggman — Yea
Cunningham — Yea
Dababneh — Yea
Daly — Yea
Frazier — Yea
Friedman — Yea
Gloria — Yea
Cristina Garcia — Not Voting
Eduardo Garcia — Not Voting
Jim Patterson — Yea
Mark Stone — Yea
Travis Allen — Yea
Aguiar-Curry, Cecilia M. Democratic Yea
Arambula, Joaquin Democratic Yea
Berman, Marc Democratic Yea
Bonta, Mia Democratic Yea
Caballero, Anna M. Democratic Yea
Calderon, Lisa Democratic Yea
Cervantes, Sabrina Democratic Yea
Gipson, Mike A. Democratic Yea
Grayson, Timothy S. Democratic Yea
Irwin, Jacqui Democratic Yea
Kalra, Ash Democratic Yea
Limón, Monique Democratic Yea
Muratsuchi, Al Democratic Yea
Quirk-Silva, Sharon Democratic Not Voting
Reyes, Eloise Gómez Democratic Yea
Chen, Phillip Republican Yea
Choi, Steven S. Republican Yea
Dahle, Megan Republican Yea
Flora, Heath Republican Yea
Gallagher, James Republican Yea
Lackey, Tom Republican Yea

Official roll call →

Do pass. To Consent Calendar.

Passed 15 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 11002
Democratic 3000
Republican 1000
Total 15002
% of votes cast 88%0%0%12%
How each member voted (17)
Member Party Vote
Obernolte — Yea
Eggman — Yea
Fong — Yea
Gonzalez Fletcher — Yea
Friedman — Yea
Gray — Yea
Bocanegra — Yea
Chau — Yea
Jones-Sawyer — Yea
Bigelow — Yea
Bloom — Not Voting
Brough — Yea
Eduardo Garcia — Not Voting
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Gallagher, James Republican Yea

Official roll call →

Do pass and be re-referred to the Committee on [Appropriations] with recommendation: To Consent Calendar

Passed 7 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Democratic 3000
Unaffiliated 3004
Republican 1000
Total 7004
% of votes cast 64%0%0%36%
How each member voted (11)
Member Party Vote
Ridley-Thomas — Not Voting
Steinorth — Yea
Burke — Not Voting
Melendez — Not Voting
Dababneh — Yea
Weber — Yea
Mark Stone — Not Voting
Cervantes, Sabrina Democratic Yea
Grayson, Timothy S. Democratic Yea
Limón, Monique Democratic Yea
Chen, Phillip Republican Yea

Official roll call →

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 340 do?
Under existing law, any domestic corporation, with respect to which a proceeding has been initiated under any applicable statute of the United States relating to reorganizations of corporations, has full power and authority to put into effect and carry out any plan of reorganization and the orders of the court or judge entered in that proceeding and is authorized to take any proceeding and do any act provided in the plan or directed by those orders, without further action by its board or shareholders. Existing law requires a certificate of dissolution to be filed and to become effective in accordance with its terms and specified provisions. Existing law also requires that certificate to be signed and verified under penalty of perjury, as may be directed by order of the court or judge, by a trustee or trustees appointed in a reorganization proceeding, or if none is appointed and acting, by officers of the corporation designated, or by a master or other court-appointed representative. This bill additionally would authorize a trustee, liquidating agent, responsible officer, or other representative appointed by the court for a corporation, with respect to which a bankruptcy reorganization proceeding has been initiated, to execute and file a certificate of dissolution containing specified information. By expanding the category of persons who may execute and file a certificate under penalty of perjury, the bill would increase the scope of an existing crime, thereby imposing a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.
Who sponsors SB 340?
SB 340 is sponsored by Hertzberg.
What is the current status of SB 340?
This bill has been enacted into law. Introduced February 14, 2017. Enacted.
Where can I track SB 340?
Track SB 340 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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