(a) A corporation organized under this part may elect to be governed as a worker cooperative by making the following statement in its articles of incorporation or its amended articles of incorporation:

“This corporation is a worker cooperative corporation organized under the Cooperative Corporation Law.”

Terms Used In California Corporations Code 12310.5

  • Corporation: as used in this part means a corporation which is organized under, or subject to this part, including a central organization. See California Corporations Code 12232
  • 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) A corporation that makes the election to be governed as a worker cooperative, unless expressly exempted, shall be governed by all the provisions of this part.

(Added by Stats. 2015, Ch. 192, Sec. 12. (AB 816) Effective January 1, 2016.)

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