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California Code, Corporations Code - CORP § 10703

Current as of January 01, 2025 | Updated by Findlaw Staff

If, when, and during such times as public agencies or individuals duly authorized to represent them and act in their behalf constitute a majority of the incorporators or of the directors and are entitled to exercise a majority of the voting power of a nonprofit mutual benefit corporation pursuant to this part:

(a) The Corporate Securities Law (Division 1 (commencing with Section 25000) of Title 4) shall not apply to memberships nor to membership certificates issued by the corporation;  and

(b) The corporation shall be exempt from payment of any taxes under the Bank and Corporation Tax Law (Part 11 of Division 2 of the Revenue and Taxation Code), except as provided in Article 2 of Chapter 4 thereof.

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Cite this article: FindLaw.com - California Code, Corporations Code - CORP § 10703 - last updated January 01, 2025 | https://codes.findlaw.com/ca/corporations-code/corp-sect-10703/

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