§ 54264. — 54264. (Enacted by Stats. 1967, Ch. 15.)

California § 54264.

• Jurisdiction: California
• Code FAC: Food and Agricultural Code - FAC
• Div. 20.: DIVISION 20. PROCESSORS, STORERS, DEALERS, AND DISTRIBUTORS OF AGRICULTURAL PRODUCTS
• Ch. 1.: CHAPTER 1. Nonprofit Cooperative Associations
• Art. 10.: ARTICLE 10. Marketing Contracts

Text

The bylaws or the marketing contract may fix, as liquidated damages, specific sums to be paid by the member or stockholder to the association upon the breach by him of any provision of the marketing contract regarding the sale or delivery or withholding of any product and may provide that the member will pay all costs, premiums for bonds, expenses, and fees, if any action is brought upon the contract by the association. Such provisions are valid and enforceable in the courts of this state. The clauses which provide for liquidated damages are enforceable as such and shall not be regarded as penalties.

Legislative History

Enacted by Stats. 1967, Ch. 15.