Cal. Corp. Code § 12454.5

Current through the 2023 Legislative Session.
Section 12454.5 - Indivisible reserves account
(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.

Ca. Corp. Code § 12454.5

Added by Stats 2015 ch 192 (AB 816),s 18, eff. 1/1/2016.