Statute · California Corporations Code
Cal. Corp. Code § 12656.5 — General Provisions Relating to Dissolution
Cal. Corp. Code § 12656.5
- Type
- Statute
- Source
- California Corporations Code
- Jurisdiction
- California
- Date
- 2016-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
(a) After complying with the provisions of Section 12653, and except as otherwise provided in Section 12655, upon dissolution of a worker cooperative the majority of the unallocated capital account shall be distributed to members on the basis of any of the following, as specified in the articles…
Citator
Cal. Corp. Code § 12656.5 — General Provisions Relating to Dissolution is in force in the current edition of the Code, and nothing recorded condemns it.
(a) After complying with the provisions of Section 12653, and except as otherwise provided in Section 12655, upon dissolution of a worker cooperative the majority of the unallocated capital account shall be distributed to members on the basis of any of the following, as specified in the articles of incorporation or bylaws of the cooperative:
(1) Patronage.
(2) Capital contributions.
(3) A combination of patronage and capital contributions.
(b) A worker cooperative is authorized to include patronage provided by past and current members in its distribution of the unallocated capital account.
(c) Subdivision (a) shall not apply to any amounts in the indivisible reserve account. Any amount in the indivisible reserve account shall, upon dissolution, be allocated to a cooperative development organization designated in the articles of incorporation or the bylaws.