In today’s world the title “Chairman of the Board” is rather outdated. Thousands of companies are started or managed by women, men, and transgender individuals. Such outdated titles are addressed in a new law (i.e. SB 351) introduced by the Committee on Banking and Financial Institutions (Senators Block (Chair), Galgiani, Hall, Hueso, Lara, Morrell, and Vidak) and co-sponsored by the Nonprofit Organizations Committee and the Corporations Committee.
The new law amends various portions of the Corporations Code and aims to provide authorization to act during emergencies for consumer cooperative corporations and to broaden the range of titles for both for-profit and not-for-profit corporate officers.
This new law was signed by Governor Brown on July 15, 2015 and will go into effect on January 1, 2016.