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Cal. Corp. Code § 12656

General Provisions Relating to Dissolution

Known as the Cooperative Corporation Law

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

Added by Stats. 1982, Ch. 1625, Sec. 3

After complying with the provisions of Section 12653 and except as otherwise provided in Section 12655, assets held by a corporation shall be disposed of on dissolution as follows:

(a) If the articles or bylaws provide the manner of disposition, the assets shall be disposed of in that manner.

(b) If the articles or bylaws do not provide the manner of disposition, the assets shall be distributed among the members in accordance with their respective rights therein.

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