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Cal. Corp. Code § 12454.5

Limitations

Known as the Cooperative Corporation Law

The act spans §§ 12200–12704 (266 sections).

Added by Stats. 2015, Ch. 192, Sec. 18

(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.

Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.