Subject to any other provision of law of this state applying to the particular class of corporation or line of activity, a corporation may be formed under this part for any lawful purpose; provided that a corporation all of the assets of which are irrevocably dedicated to charitable, religious, or public purposes and which as a matter of law or according to its articles or bylaws must, upon dissolution, distribute its assets to a person or persons carrying on a charitable, religious, or public purpose or purposes may not be formed under this part.
Cal. Corp. Code § 7111
Title and Purposes
Known as the Nonprofit Mutual Benefit Corporation Law
The act spans §§ 7110–8910 (196 sections).
Applied in 1 court decision — leading case 232 Cal. App. 3d 1560 - Gantman v. United Pacific Insurance Co. (1991)
Most recently applied in 232 Cal. App. 3d 1560 - Gantman v. United Pacific Insurance Co. (August 1991)
Amended by Stats. 1981, Ch. 587, Sec. 25.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.