California Corporations Code 12451 – Distributions (Section 12235) in any fiscal year shall not exceed 15 …
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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.)
Terms Used In California Corporations Code 12451
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.