(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.”

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Terms Used In California Corporations Code 12310.5

  • 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.
  • 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

(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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