As used in this chapter, the term ânew lawâ means this division of the Corporations Code as amended by act of the California Legislature, 1975â76 Regular Session, effective January 1, 1977, and as in effect on that date; the term âprior lawâ means the applicable law as in effect prior to January 1, 1977; and the term âeffective dateâ means January 1, 1977.
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