Legal Question in Business Law in California
Suspended California Corps
Can a suspended ca corp conduct banking? Meaning access its bank accounts?
Asked on 8/05/08, 6:05 pm
2 Answers from Attorneys
Bryan Whipple
Bryan R. R. Whipple, Attorney at Law
Re: Suspended California Corps
Technically, a suspended corporation loses its corporate powers. The powers of a corporation are listed in Corporations Code section 207 and probably elsewhere in the statutes. Conducting banking in the sense of making deposits and withdrawals is not an enumerated power. Deposits and withdrawals do not constitute contracts, and even the contracts of a suspended corporation are not void per se; they are merely voidable at the election of the other party, and that election must be exercised by a formal court action for rescission.
Answered on 8/06/08, 11:42 am
Edward Hoffman
Law Offices of Edward A. Hoffman
Re: Suspended California Corps
Yes.
Answered on 8/05/08, 6:13 pm
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