Corp. Code, § 14301 · Chapter 1. Water Companies
Corp. Code, § 14301
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
A corporation, including a nonprofit corporation organized for or engaged in the business of developing, distributing, supplying, or delivering water for irrigation or domestic use, or both, may provide in its articles, or may amend its articles to provide, that its only purpose shall be to develop, distribute, supply, or deliver water for irrigation or domestic use, or both, to its members or shareholders, at actual cost plus necessary expenses.
The amendment of the articles may be accomplished by:
(a) The passage by a three-fourths vote of the members of the board of directors of the corporation of a resolution adopting as the purpose of the corporation the purpose set forth in this section.
(b) The signing, verification, and filing of a certificate setting forth the resolution and the manner of its adoption.
The corporation shall not distribute any gains, profits, or dividends to its members or shareholders except upon the dissolution of the corporation.
Notes and commentary — not statutory text
History
Added by Stats. 1997, Ch. 598, Sec. 3. Effective January 1, 1998.
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=14301.
- Text hash
- sha256 8a32cfd70c0860bb7d91cd83bd72a540cc862873d0352e1535cab542c261eb8c
- 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.