Corp. Code, § 12454.5 · Article 1. Limitations
Corp. Code, § 12454.5
Verbatim from the official edition
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(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.
Notes and commentary — not statutory text
History
Added by Stats. 2015, Ch. 192, Sec. 18. (AB 816) Effective January 1, 2016.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=CORP§ionNum=12454.5.
- Text hash
- sha256 ea90fa6de15298165870f53f3f71993180a4e5e2a2a8a901df649e358f342702
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.