California Corporations Code 8717 – After complying with the provisions of Section 8713 and except as …
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After complying with the provisions of Section 8713 and except as otherwise provided in Sections 8715 and 8716, assets held by a corporation shall be disposed of on dissolution as follows:
(a) If the articles or bylaws provide the manner of disposition, the assets shall be disposed of in that manner.
Terms Used In California Corporations Code 8717
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(b) If the articles or bylaws do not provide the manner of disposition, the assets shall be distributed among the members in accordance with their respective rights therein.
(Added by Stats. 1978, Ch. 567.)