California Statutes
§ 54120. — 54120. (Amended by Stats. 1997, Ch. 46, Sec. 1.)
California § 54120.
JurisdictionCalifornia
Code FACFood and Agricultural Code - FAC
Div. 20.DIVISION 20. PROCESSORS, STORERS, DEALERS, AND DISTRIBUTORS OF AGRICULTURAL PRODUCTS
Ch. 1.CHAPTER 1. Nonprofit Cooperative Associations
Art. 5.ARTICLE 5. Bylaws
This text of California § 54120. (54120. (Amended by Stats. 1997, Ch. 46, Sec. 1.)) 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. Food and Agricultural Code - FAC Code § 54120. (2026).
Text
The bylaws may prescribe the amount of any dividends that may be declared on the stock or membership capital. To the extent that dividends are payable out of the excess of association income over association expenses attributable to business transacted with or for members, dividends shall not exceed 8 percent per annum. Dividends are in the nature of interest, and do not affect the nonprofit character of any association that is organized pursuant to this chapter.
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Legislative History
Amended by Stats. 1997, Ch. 46, Sec. 1. Effective January 1, 1998.
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Bluebook (online)
California § 54120., Counsel Stack Legal Research, https://law.counselstack.com/statute/ca/FAC/54120..