Assembly Bill 376 (Knox – 1975)
Chapter 682, Statutes of 1975, AB 376
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The Corporations Code was codified in 1975 in a major revision of the former Corporations Code following legislative passage of Assembly Bill 376. (See Exhibit #4h) This bill was introduced on January 2, 1975 by Assembly member John T. Knox. (See Exhibit #4a) Assembly member Knox carried this measure for the Assembly Select Committee on Revision of the Corporations Code and the Committee on Corporations of the State Bar of California. (See Exhibit #6c, page 5; see also Exhibit #10, document PE-1)
While before the Legislature, the measure was heard in the Assembly and Senate Committees on Judiciary. (See Exhibits #5, #6 and #8) The Assembly Committee on Ways and Means and the Senate Committee on Finance examined the fiscal implications. (See Exhibit #5) This bill was amended six times, three times in the each House, as it was considered by the Legislature. (See Exhibits #4b through #4g and #5) Assembly Bill 376 was approved by the Legislature on September 8, 1975, signed by Governor Edmund G. Brown, Jr., on September 12, 1975, and recorded by the Secretary of State on September 14, 1975 as Chapter 682 of the Statutes of 1975. (See Exhibits #4h and #5)
An Enrolled Bill Report, dated September 12, 1975 that was prepared by the Department of Corporations explained Assembly Bill 376’s proposals and provisions, stating, in part:
In large measure, the bill’s provisions are merely a reorganization of the provisions of the existing law, with changes for the purpose of clarification and streamlining. These changes appear to be noncontroversial and beneficial and, particularly with respect to those provisions relating to corporate filings and the procedures of the Secretary of State, should represent significant cost savings to the State and the public.
(See Exhibit #10, document PE-2)