Rights and Obligations of Members and Creditors
Known as the Cooperative Corporation Law
The act spans §§ 12200–12704 (266 sections).
Applied in 1 court decision — leading case People ex rel. City of Dana Point v. Holistic Health (2013)
Most recently applied in People ex rel. City of Dana Point v. Holistic Health (February 2013)
Added by Stats. 1982, Ch. 1625, Sec. 3
The articles or bylaws shall prescribe:
(a) The manner of determining each member’s share of the capital of the corporation contributed by the members and, if repayable, the time and manner for its repayment; and
(b) The manner of determining the value, if any, of the member’s interest in the corporation apart from contributed capital and the time and manner of the corporation’s purchase, if required, of such interest from a terminated member.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.