GroundRules
← Search the law
California · Through 2026-09-13

CORP § 12454.5

Read at publisher ↗
Where this section sits in the code
  1. Corporations Code - CORP
  2. TITLE 1. CORPORATIONS [100. - 14707.]
  3. DIVISION 3. CORPORATIONS FOR SPECIFIC PURPOSES [12000. - 14707.]
  4. PART 2. COOPERATIVE CORPORATIONS [12200. - 12704.]
  5. CHAPTER 4. Distributions [12450. - 12455.]
  6. ARTICLE 1. Limitations [12450. - 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 non-patronage-sourced income, in a manner provided in the articles or bylaws, or by the board, and shall be used as capital for the cooperative.

Collected 2026-09-14T05:56:33Z. Source file · JSON

Browse this collection