California · Corporations Code

CORP §306: If (a) a corporation has not issued shares and all the directors resign, die, or become incompetent, or (b) a corporation’s initial directors have not been named in the articles, and all the incorpora

What this law says, in plain English

A corporation faces a governance issue when all directors resign, die, become incompetent, or initial directors were never named in the articles of incorporation.

Read the full statutory text

If (a) a corporation has not issued shares and all the directors resign, die, or become incompetent, or (b) a corporation’s initial directors have not been named in the articles, and all the incorporators resign, die, or become incompetent prior to the election of the initial directors, the superior court of any county may appoint directors of the corporation upon application by any party in interest.

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