{"data":{"id":"us-ca/corp-10703","jurisdiction":"us-ca","citation":"CORP § 10703","heading":"","body":"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:\n(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\n(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.","path":["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.]"],"source_url":"https://downloads.leginfo.legislature.ca.gov/pubinfo_2025.zip","current_through":"2026-09-13","vintage":"","retrieved_at":"2026-09-14T05:56:33Z","sha256":"ad34f55fdaa1b376693fd4c6f9ec3da8689f380f6f1e845513ce59dd6951f6c3","source_id":"us-ca","stale":false,"prev":"us-ca/corp-10702","next":"us-ca/corp-10810"},"notice":"GroundRules: Original legal text. Not legal advice."}