California Corporations Code
§ 12454.5
CORP § 12454.5 Effective Jan 1, 2016Div. 3 · Title 1 · Part 2 · Ch. 4 · Art. 1
Statute text
View on leginfo.ca.gov(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.
Legislative history
Added by Stats. 2015, Ch. 192, Sec. 18. (AB 816) Effective January 1, 2016.