§ 2293.1. — 2293.1. (Amended by Stats. 2016, Ch. 390, Sec. 8.)

California § 2293.1.

• Jurisdiction: California
• Code CORP: Corporations Code - CORP
• Div.: 1.
• Title 1.: DIVISION 1. GENERAL CORPORATION LAW
• Ch. 22.5.: CHAPTER 22.5. Victims of Corporate Fraud Compensation Fund

Text

If the Secretary of State pays from the fund any amount in settlement of a claim or toward satisfaction of a final judgment against a corporation or its agent, the corporation or its agent shall be required to pay to the fund the amount paid plus interest at the prevailing legal rate applicable to a judgment rendered in any court of this state, within 30 calendar days of the date that the Secretary of State provided notice of the payment of the award or compromise. If the corporation or its agent fails to make the required payment to the fund within the required time, the corporation shall be suspended until the payment is made. A discharge in bankruptcy shall not relieve a corporation or its agent from the penalties and disabilities provided in this
chapter.

Legislative History

Amended by Stats. 2016, Ch. 390, Sec. 8. (AB 2759) Effective January 1, 2017.