§ 8713. — 8713. (Added by Stats. 1978, Ch. 567.)

California § 8713.

• Jurisdiction: California
• Code CORP: Corporations Code - CORP
• Div.: 2.
• Title 1.: DIVISION 2. NONPROFIT CORPORATION LAW
• Part 3.: PART 3. NONPROFIT MUTUAL BENEFIT CORPORATIONS
• Ch. 17.: CHAPTER 17. General Provisions Relating to Dissolution

Text

(a)
After determining that all the known debts and liabilities of a corporation in the process of winding up have been paid or adequately provided for, the board shall distribute all the remaining corporate assets in the manner provided in Sections 8715 to 8717, inclusive.
(b)
If the winding up is by court proceeding or subject to court supervision, the distribution shall not be made until after the expiration of any period for the presentation of claims that has been prescribed by order of the court.
(c)
Anything to the contrary notwithstanding, assets, if any, which are not subject to attachment, execution or sale for the corporation’s debts and liabilities may be distributed pursuant to Sections 8715 to 8717, inclusive, even though all debts and liabilities have not been paid or adequately provided for.

Legislative History

Added by Stats. 1978, Ch. 567.