California Law (Last Updated: March 4, 2014) |
Corporations Code - CORP |
Title 1. CORPORATIONS |
Division 3. CORPORATIONS FOR SPECIFIC PURPOSES |
Part 2. CONSUMER COOPERATIVE CORPORATIONS |
Chapter 4. Distributions |
ARTICLE 1. Limitations |
Section 12451.
Latest version.
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Distributions (Section 12235) in any fiscal year shall not exceed 15 percent, multiplied by contributions (whether by membership fees, capital credits, or otherwise) to capital.
(Amended by Stats. 1983, Ch. 792, Sec. 23.)