California Statutes
§ 12454.5. — 12454.5. (Added by Stats. 2015, Ch. 192, Sec. 18.)
California·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
(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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California § 12454.5. (12454.5. (Added by Stats. 2015, Ch. 192, Sec. 18.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Stats. 2015, Ch. 192, Sec. 18. (AB 816) Effective January 1, 2016.