After determining that all the known debts and liabilities of a corporation in the process of winding up have been paid or adequately provided for, the board shall distribute all the remaining corporate assets among the shareholders according to their respective rights and preferences or, if there are no shareholders, to the persons entitled thereto. If the winding up is by court proceeding or subject to court supervision, the distribution shall not be made until after the expiration of any period for the presentation of claims which has been prescribed by order of the court.
Cal. Corp. Code § 2004
General Provisions Relating to Dissolution
Known as the General Corporation Law
The act spans §§ 100–2319 (398 sections).
Applied in 4 court decisions — leading case Fantasy, Inc. v. Fogerty (1987)
Most recently applied in Assurance Co. of America v. Campbell Concrete of Nevada, Inc. (December 2011)
Amended by Stats. 1976, Ch. 641.
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.