Without authorization of the board, no corporation funds may be expended to support a nominee for director after there are more people nominated for director than can be elected.
Cal. Corp. Code § 12476
Additional Provisions Relating to Election of Directors
Known as the Cooperative Corporation Law
The act spans §§ 12200–12704 (266 sections).
Added by Stats. 1982, Ch. 1625, Sec. 3
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.