Every such corporation may take by gift, purchase, devise, or bequest, any property, real or personal, and hold it or dispose thereof at its pleasure; but no such corporation shall hold real property the annual income of which exceeds fifty thousand dollars ($50,000).
Cal. Corp. Code § 10403
SOCIETIES FOR PREVENTION OF CRUELTY TO ANIMALS
Known as the Nonprofit Corporation Law
The act spans §§ 5000–10841 (129 sections).
Enacted by Stats. 1947, Ch. 1038.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.