California Corporations Code

§ 12656.5

CORP § 12656.5 Effective Jan 1, 2016Div. 3 · Title 1 · Part 2 · Ch. 17

Statute text

(a)After complying with the provisions of Section 12653, and except as otherwise provided in Section 12655, upon dissolution of a worker cooperative the majority of the unallocated capital account shall be distributed to members on the basis of any of the following, as specified in the articles of incorporation or bylaws of the cooperative:

(1)Patronage.

(2)Capital contributions.

…

Legislative history

Added by Stats. 2015, Ch. 192, Sec. 25. (AB 816) Effective January 1, 2016.