California Corporations Code ARTICLE 1 - Limitations
- Section 12450.
This chapter does not apply to any proceeding for winding up and dissolution of corporations under Chapters 15 (commencing with Section 12620), 16 (commencing with...
- Section 12451.
Distributions (Section 12235) in any fiscal year shall not exceed 15 percent, multiplied by contributions (whether by membership fees, capital credits, or otherwise) to capital.(Amended...
- Section 12452.
A corporation may, subject to meeting the requirements of Section 12453 and any additional restrictions authorized by Section 12454, purchase or redeem memberships.(Amended by Stats....
- Section 12453.
Neither a corporation nor any of its subsidiaries shall purchase or redeem memberships, or make a patronage distribution to members out of earnings of the...
- Section 12454.
Nothing in this chapter prohibits additional restrictions upon the purchase or redemption of a membership, upon distributions, or upon patronage distributions, by provision in a...
- Section 12454.5.
(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...
Last modified: October 22, 2018