CHAPTER 22.5. Victims of Corporate Fraud Compensation Fund [2280. - 2296.]
Chapter 22.5 added by Stats. 2012, Ch. 564, Sec. 4.
§§ 2280–2296 · 20 sections
- § 2280 The Victims of Corporate Fraud Compensation Fund is hereby established in the State Treasury. The fund shall be administered by the Secretary of State for the…
- § 2281 As used in this chapter: (a) “Agent” means a person who was an officer or director of a corporation, as defined in subdivision (e), at the time the fraudulent…
- § 2282 (a) When an aggrieved person obtains a final judgment in a court of competent jurisdiction against a corporation based upon the corporation’s fraud,…
- § 2282.1 (a) The Secretary of State shall provide notice to the corporation and all agents named in the application that a claimant has submitted an application for…
- § 2282.2 (a) The response by the corporation shall be by an officer or director and shall contain proof of service showing that a copy of the response was sent to the…
- § 2283 (a) If the Secretary of State determines that the application, as submitted by the claimant, fails to comply with the requirements of Section 2282, the…
- § 2284 (a) The Secretary of State shall render a final written decision on the application within 90 calendar days after a completed application has been received…
- § 2285 The Secretary of State shall give written notice, as prescribed by the Secretary of State, of a decision rendered with respect to the application to the…
- § 2286 The Secretary of State shall give notice, as prescribed by the Secretary of State, to the corporation and all agents named in the application that the…
- § 2287 (a) A claimant against whom the Secretary of State has rendered a decision denying an application may, within six months after the mailing of the notice of the…
- § 2288 (a) Whenever the court proceeds upon a petition under Section 2287, it shall order payment out of the fund only upon a determination that the aggrieved party…
- § 2289 (a) Notwithstanding any other provision of this chapter and regardless of the number of persons aggrieved in an instance of corporate fraud, or…
- § 2290 If, at any time, the money deposited in the fund is insufficient to satisfy any duly authorized award or offer of settlement, the Secretary of State shall,…
- § 2291 Any sums received by the Secretary of State pursuant to any provisions of this chapter shall be deposited in the State Treasury and credited to the fund.
- § 2292 It shall be unlawful for any person or the agent of any person to file with the Secretary of State any notice, statement, or other document required under the…
- § 2293 When the Secretary of State has paid from the fund any sum to the claimant, the Secretary of State shall be subrogated to all of the rights of the claimant and…
- § 2293.1 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,…
- § 2294 The Secretary of State shall not make any award to a claimant from the fund if the claimant has received payment from any other restitution funds or for the…
- § 2295 The failure of an aggrieved person to comply with all of the provisions of this chapter shall constitute a waiver of any rights hereunder.
- § 2296 This chapter shall apply to applications submitted to the Secretary of State on or after January 1, 2013.