California Corporations Code

§ 8717

CORP § 8717Div. 2 · Title 1 · Part 3 · Ch. 17

Statute text

After complying with the provisions of Section 8713 and except as otherwise provided in Sections 8715 and 8716, assets held by a corporation shall be disposed of on dissolution as follows:

(a)If the articles or bylaws provide the manner of disposition, the assets shall be disposed of in that manner.

(b)If the articles or bylaws do not provide the manner of disposition, the assets shall be distributed among the members in accordance with their respective rights therein.

Legislative history

Added by Stats. 1978, Ch. 567.