No corporation shall make any distribution. This section shall not apply to the purchase of a membership in a limited-equity housing cooperative, as defined in Section 33007.5 of the Health and Safety Code, which is organized as a public benefit corporation.
Cal. Corp. Code § 5410
Limitations
Known as the Nonprofit Public Benefit Corporation Law
The act spans §§ 5110–6910 (202 sections).
Amended by Stats. 1992, Ch. 250, Sec. 2
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.