§ 12201.5. — 12201.5. (Added by Stats. 2015, Ch. 192, Sec. 4.)

California § 12201.5.

• Jurisdiction: California
• Code CORP: Corporations Code - CORP
• Div.: 3.
• Title 1.: DIVISION 3. CORPORATIONS FOR SPECIFIC PURPOSES
• Part 2.: PART 2. COOPERATIVE CORPORATIONS
• Ch. 1.: CHAPTER 1. General Provisions, Organization and Bylaws
• Art. 1.: ARTICLE 1. Title, Purposes and Application of Part

Text

(a)
Notwithstanding Section 12201, the net earnings and losses of a worker cooperative shall be apportioned and distributed at the time and in the manner specified in the articles of incorporation or bylaws.
(b)
Net earnings declared as patronage distributions with respect to a period of time, and paid to a creditor or member, shall be apportioned among the members in accordance with the ratio that each member’s patronage during the period bears to total patronage by all members during the period.
(c)
The apportionment, distribution, and payment of net earnings required by subdivision (a) may be paid in cash, credits, written notices of
allocation, or capital stock issued by the worker cooperative.

Legislative History

Added by Stats. 2015, Ch. 192, Sec. 4. (AB 816) Effective January 1, 2016.