Distributions (Section 12235) in any fiscal year shall not exceed 15 percent, multiplied by contributions (whether by membership fees, capital credits, or otherwise) to capital.
Cal. Corp. Code § 12451
Limitations
Known as the Cooperative Corporation Law
The act spans §§ 12200–12704 (266 sections).
Amended by Stats. 1983, Ch. 792, Sec. 23.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.