California Business and Professions Code

§ 19556

BPC § 19556 Effective Jan 1, 2019Div. 8 · Ch. 4 · Art. 7

Statute text

(a)The distribution shall be made by the distributing agent to beneficiaries qualified under this article. For purposes of this article, a beneficiary shall be all of the following:

(1)A nonprofit corporation or organization entitled by law to receive a distribution made by a distributing agent.

(2)Exempt or entitled to an exemption from taxes measured by income imposed by this state and the United States.

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Legislative history

Amended by Stats. 2018, Ch. 783, Sec. 1. (SB 977) Effective January 1, 2019.