AB-1984 Corporate powers: “…This bill would establish the powers of corporations, as defined, organized under the Corporations Code. The bill would revoke all powers, privileges, and capacities previously granted to corporations under state law and provide that a corporation operating under the jurisdiction of this state possesses only those powers, privileges, and capacities specifically granted in the Corporations Code. The bill would grant a corporation perpetual duration and succession in its name and every power held by an individual to do all things necessary or convenient to carry out its business and affairs, except as specified. The bill would specify that these provisions do not grant any power to a corporation to engage in ballot issue activity or election activity. The bill would declare void any act undertaken by a corporation beyond the scope of its granted powers.

This bill would make its provisions severable and would further specify the intent and preference of the Legislature that corporations hold no powers at all, rather than be vested with powers for election activity or ballot issue activity.“