California Corporations Code

§ 12446

CORP § 12446 Effective Jan 1, 2014Div. 3 · Title 1 · Part 2 · Ch. 3 · Art. 5

Statute text

(a)Subject to subdivision (b), Chapter 7 (commencing with Section 1500) of Title 10 of Part 3 of the Code of Civil Procedure shall not apply to any proprietary interest in a consumer cooperative corporation. Any proprietary interest that would otherwise escheat to the state pursuant to Chapter 7 (commencing with Section 1500) of Title 10 of Part 3 of the Code of Civil Procedure shall instead become the property of the corporation.

(b)Notwithstanding subdivision (a), no proprietary interest shall become the property of the corporation under this section unless the following requirements are satisfied:

(1)The articles or bylaws shall specifically provide for the transfer of ownership of the otherwise escheated proprietary interests to the corporation.

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Legislative history

Amended by Stats. 2013, Ch. 538, Sec. 8. (AB 1255) Effective January 1, 2014.