Statute · California Corporations Code
Cal. Corp. Code § 12454.5 — Limitations
Cal. Corp. Code § 12454.5
- Type
- Statute
- Source
- California Corporations Code
- Jurisdiction
- California
- Date
- 2016-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
(a) A worker cooperative may create an indivisible reserves account that shall not be distributed to members.
Citator
Cal. Corp. Code § 12454.5 — Limitations is in force in the current edition of the Code, and nothing recorded condemns it.
(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.