California Corporations Code

§ 2116

CORP § 2116Div. 1 · Title 1 · Ch. 21

Statute text

The directors of a foreign corporation transacting intrastate business are liable to the corporation, its shareholders, creditors, receiver, liquidator or trustee in bankruptcy for the making of unauthorized dividends, purchase of shares or distribution of assets or false certificates, reports or public notices or other violation of official duty according to any applicable laws of the state or place of incorporation or organization, whether committed or done in this state or elsewhere. Such liability may be enforced in the courts of this state.

Legislative history

Added by Stats. 1975, Ch. 682.