California Corporations Code 14301 – A corporation, including a nonprofit corporation organized for or …
A corporation, including a nonprofit corporation organized for or engaged in the business of developing, distributing, supplying, or delivering water for irrigation or domestic use, or both, may provide in its articles, or may amend its articles to provide, that its only purpose shall be to develop, distribute, supply, or deliver water for irrigation or domestic use, or both, to its members or shareholders, at actual cost plus necessary expenses.
The amendment of the articles may be accomplished by:
Terms Used In California Corporations Code 14301
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
(a) The passage by a three-fourths vote of the members of the board of directors of the corporation of a resolution adopting as the purpose of the corporation the purpose set forth in this section.
(b) The signing, verification, and filing of a certificate setting forth the resolution and the manner of its adoption.
The corporation shall not distribute any gains, profits, or dividends to its members or shareholders except upon the dissolution of the corporation.
(Added by Stats. 1997, Ch. 598, Sec. 3. Effective January 1, 1998.)