GroundRules
CORP § 10703
Where this section sits in the code
- Corporations Code - CORP
- TITLE 1. CORPORATIONS [100. - 14707.]
- DIVISION 2. NONPROFIT CORPORATION LAW [5000. - 10841.]
- PART 10. PORT AND TERMINAL PROTECTION AND DEVELOPMENT CORPORATIONS [10700. - 10703.]
If, when, and during such times as public agencies or individuals duly authorized to represent them and act in their behalf constitute a majority of the incorporators or of the directors and are entitled to exercise a majority of the voting power of a nonprofit mutual benefit corporation pursuant to this part:
(a) The Corporate Securities Law (Division 1 (commencing with Section 25000) of Title 4) shall not apply to memberships nor to membership certificates issued by the corporation; and
(b) The corporation shall be exempt from payment of any taxes under the Bank and Corporation Tax Law (Part 11 of Division 2 of the Revenue and Taxation Code), except as provided in Article 2 of Chapter 4 thereof.
Collected 2026-09-14T05:56:33Z. Source file · JSON