I spent most of last week discussing California Corporations Code Section 315. As a reminder, that statute prohibits a corporation (Section 162) from making a loan of money or property to, or guaranteeing the obligation of,...more
California banned loans to directors and officers decades before Congress thought of doing so as part of the Sarbanes-Oxley Act of 2002. Current Corporations Code Section 315 prohibits corporations from making loans of money...more