Home/California/Statutes/Code CORP: Corporations Code - CORP/Div.: 3./Title 1.: DIVISION 3. CORPORATIONS FOR SPECIFIC PURPOSES/Part 2.: PART 2. COOPERATIVE CORPORATIONS/Ch. 4.: CHAPTER 4. Distributions/Art. 1.: ARTICLE 1. Limitations/§ 12454.5.
California Statutes

§ 12454.5. — 12454.5. (Added by Stats. 2015, Ch. 192, Sec. 18.)

California § 12454.5.
JurisdictionCalifornia
Code CORPCorporations Code - CORP
Div.3.
Title 1.DIVISION 3. CORPORATIONS FOR SPECIFIC PURPOSES
Part 2.PART 2. COOPERATIVE CORPORATIONS
Ch. 4.CHAPTER 4. Distributions
Art. 1.ARTICLE 1. Limitations

This text of California § 12454.5. (12454.5. (Added by Stats. 2015, Ch. 192, Sec. 18.)) 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 § 12454.5. (2026).

Text

(a)A worker cooperative may create an indivisible reserves account that shall not be distributed to members.
(b)Funds in the indivisible reserves account shall only derive from non-patronage-sourced income, in a manner provided in the articles or bylaws, or by the board, and shall be used as capital for the cooperative.

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Legislative History

Added by Stats. 2015, Ch. 192, Sec. 18. (AB 816) Effective January 1, 2016.

Nearby Sections

2
§ 12454.
12454. (Added by Stats. 1982, Ch. 1625, Sec. 3.)
§ 12454.5.
12454.5. (Added by Stats. 2015, Ch. 192, Sec. 18.)
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California § 12454.5., Counsel Stack Legal Research, https://law.counselstack.com/statute/ca/CORP/12454.5..