Ca_Law

statute | California

Corporations Code - CORP - CORP § 12454.5

  • UIDca_leginfo_codes:corp-12454-5
  • CitationCorporations Code - CORP - CORP § 12454.5
  • Court / bodyCalifornia Legislative Counsel
  • Decision dateN/A
  • CollectionPUBINFO_2025
  • SourceOriginal

Summary

(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 sh

Text

(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.

Retrieval chunks

  • #1 | Corporations Code - CORP - CORP § 12454.5

    (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 coope…