{"code":"CORP","codeName":"Corporations Code","section":"12454.5","citation":"Corp. Code, § 12454.5","status":"in-force","lawOn":"2026-09-28","headings":[{"name":"TITLE 1. CORPORATIONS [100. - 14707.]","url":"https://blackletter.si/corporations-code/title-1"},{"name":"DIVISION 3. CORPORATIONS FOR SPECIFIC PURPOSES [12000. - 14707.]","url":"https://blackletter.si/corporations-code/title-1/division-3"},{"name":"PART 2. COOPERATIVE CORPORATIONS [12200. - 12704.]","url":"https://blackletter.si/corporations-code/title-1/division-3/part-2"},{"name":"CHAPTER 4. Distributions [12450. - 12455.]","url":"https://blackletter.si/corporations-code/title-1/division-3/part-2/chapter-4"},{"name":"ARTICLE 1. Limitations [12450. - 12454.5.]","url":"https://blackletter.si/corporations-code/title-1/division-3/part-2/chapter-4/article-1"}],"history":"Added by Stats. 2015, Ch. 192, Sec. 18.   (AB 816)   Effective January 1, 2016.","effective":"2016-01-01","html":"<p>(a) A worker cooperative may create an indivisible reserves account that shall not be distributed to members.</p><p>(b) Funds in the indivisible reserves account shall only derive from non-patronage-sourced income, in a manner provided in the articles or bylaws, or by the board, and shall be used as capital for the cooperative.</p>","text":"(a) A worker cooperative may create an indivisible reserves account that shall not be distributed to members. (b) Funds in the indivisible reserves account shall only derive from non-patronage-sourced income, in a manner provided in the articles or bylaws, or by the board, and shall be used as capital for the cooperative.","otherVersions":[],"url":"https://blackletter.si/corporations-code/limitations-12454-5","source":"California Legislative Information bulk export (pubinfo)"}