California § 10703. 10703. (Repealed and added by Stats. 1978, Ch. 1305.)

California Statutes

§ 10703. — 10703. (Repealed and added by Stats. 1978, Ch. 1305.)

California § 10703.

JurisdictionCalifornia

Code CORPCorporations Code - CORP

Div.2.

Title 1.DIVISION 2. NONPROFIT CORPORATION LAW

Part 10.PART 10. PORT AND TERMINAL PROTECTION AND DEVELOPMENT CORPORATIONS

This text of California § 10703. (10703. (Repealed and added by Stats. 1978, Ch. 1305.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cal. Corporations Code - CORP Code § 10703. (2026).

Text

If, when, and during such times as public agencies or individuals duly authorized to represent them and act in their behalf constitute a majority of the incorporators or of the directors and are entitled to exercise a majority of the voting power of a nonprofit mutual benefit corporation pursuant to this part:

(a)The Corporate Securities Law (Division 1 (commencing with Section 25000) of Title 4) shall not apply to memberships nor to membership certificates issued by the corporation; and

(b)The corporation shall be exempt from payment of any taxes under the Bank and Corporation Tax Law (Part 11 of Division 2 of the Revenue and Taxation Code), except as provided in Article 2 of Chapter 4 thereof.

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If, when, and during such times as public agencies or individuals duly authorized to represent them and act in their behalf constitute a majority of the incorporators or of the directors and are entitled to exercise a majority of the voting power of a nonprofit mutual benefit corporation pursuant to this part:
(a)
The Corporate Securities Law (Division 1 (commencing with Section 25000) of Title 4) shall not apply to memberships nor to membership certificates issued by the corporation; and
(b)
The corporation shall be exempt from payment of any taxes under the Bank and Corporation Tax Law (Part 11 of Division 2 of the Revenue and Taxation Code), except as provided in Article 2 of Chapter 4 thereof.

Legislative History

Repealed and added by Stats. 1978, Ch. 1305.

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California § 10703., Counsel Stack Legal Research, https://law.counselstack.com/statute/ca/CORP/10703..