California Corporations Code CHAPTER 22.5 - Victims of Corporate Fraud Compensation Fund

• Section 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...
• Section 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...
• Section 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, misrepresentation, or deceit,...
• Section 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...
• Section 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...
• Section 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 Secretary...
• Section 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 unless...
• Section 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...
• Section 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...
• Section 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...
• Section 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...
• Section 2289.
  (a) Notwithstanding any other provision of this chapter and regardless of the number of persons aggrieved in an instance of corporate fraud, or misrepresentation or deceit...
• Section 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...
• Section 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...
• Section 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...
• Section 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...
• Section 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...
• Section 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...
• Section 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.(Added by...
• Section 2296.
  This chapter shall apply to applications submitted to the Secretary of State on or after January 1, 2013. (Added by Stats. 2012, Ch. 564, Sec....

Last modified: October 22, 2018