---
type: "Bill"
title: "Board of directors: investment standards."
description: "The Nonprofit Public Benefit Corporation Law and the Nonprofit Religious Corporation Law each require a board of directors for a corporation formed under its provisions to manage corporate investments in compliance with prescribed investment standards. The laws specify that compliance with its prescribed standards do not preclude the application of a separate investment standard under the Uniform Prudent Management of Institutional Funds Act."
jurisdiction: "us/states/ca"
legislature: "California Legislature"
session: "20152016"
identifier: "AB 792"
citation: "California AB 792 (20152016)"
classification: ["bill"]
subjects: ["Board of directors: investment standards."]
status: "enacted"
primary_sponsors: ["Chiu"]
version_count: 4
action_count: 15
vote_count: 4
first_action: "2015-02-25"
last_action: "2015-07-06"
source: "openstates"
source_identifier: "ocd-bill/5995ca90-d57b-43dc-96bf-6e809cf568f4"
source_url: "http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160AB792"
source_hash: "1599f47364c2950207cf3d48055f2a2f22b3b29a8d6bec87b15a7154bb0d3f9c"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-ca"]
---

# California AB 792 (20152016) — Board of directors: investment standards.

The Nonprofit Public Benefit Corporation Law and the Nonprofit Religious Corporation Law each require a board of directors for a corporation formed under its provisions to manage corporate investments in compliance with prescribed investment standards. The laws specify that compliance with its prescribed standards do not preclude the application of a separate investment standard under the Uniform Prudent Management of Institutional Funds Act.

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **02/25/15 - Introduced** (filed) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201520160AB792&version=20150AB79299INT)
2. **07/06/15 - Chaptered** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201520160AB792&version=20150AB79297CHP)
3. **AB792** (committee substitute) — [source](http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160AB792)
4. **06/24/15 - Enrolled** (enrolled) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201520160AB792&version=20150AB79298ENR)

## Votes

- Do pass. — **12–0** (pass) · lower
- AB 792 CHIU Assembly Third Reading — **77–0** (pass) · lower
- Consent Calendar 2nd — **37–0** (pass) · upper
- Do pass and be ordered to the Consent Calendar — **7–0** (pass) · upper

## Sponsors

- Chiu — primary (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2015-02-25** Read first time. To print. `reading-1`
- **2015-02-26** From printer. May be heard in committee March 28.
- **2015-03-12** Referred to Com. on B. & F. `referral-committee`
- **2015-05-05** From committee: Do pass. (Ayes 12. Noes 0.) (May 4). `committee-passage-favorable, committee-passage`
- **2015-05-06** Read second time. Ordered to third reading. `reading-2, reading-1`
- **2015-05-18** Read third time. Passed. Ordered to the Senate. (Ayes 77. Noes 0. Page 1477.) `reading-3, passage, reading-1`
- **2015-05-18** In Senate. Read first time. To Com. on RLS. for assignment. `reading-1`
- **2015-05-28** Referred to Com. on B. & F.I. `referral-committee`
- **2015-06-17** From committee: Do pass. To Consent Calendar. (Ayes 7. Noes 0.) (June 17). `committee-passage-favorable, committee-passage`
- **2015-06-18** Read second time. Ordered to Consent Calendar. `reading-2, reading-1`
- **2015-06-22** Read third time. Passed. Ordered to the Assembly. (Ayes 37. Noes 0. Page 1548.). `reading-3, passage, reading-1`
- **2015-06-23** In Assembly. Ordered to Engrossing and Enrolling. `committee-passage`
- **2015-06-26** Enrolled and presented to the Governor at 11 a.m.
- **2015-07-06** Approved by the Governor. `executive-signature`
- **2015-07-06** Chaptered by Secretary of State - Chapter 56, Statutes of 2015.

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/5995ca90-d57b-43dc-96bf-6e809cf568f4`. Confidence: reported (aggregated from official California legislature records).