Cal. Corporations Code § 10703
Cal. Corporations Code § 10703
California · California Corporations Code · Status: effective
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- Citation
- Cal. Corporations Code § 10703, California, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/792212
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Full text
If, when, and during such times as public agencies or individuals duly authorized to represent them and act in their behalf constitute a majority of the incorporators or of the directors and are entitled to exercise a majority of the voting power of a nonprofit mutual benefit corporation pursuant to this part:
(a) The Corporate Securities Law (Division 1 (commencing with Section 25000) of Title 4) shall not apply to memberships nor to membership certificates issued by the corporation; and
(b) The corporation shall be exempt from payment of any taxes under the Bank and Corporation Tax Law (Part 11 of Division 2 of the Revenue and Taxation Code), except as provided in Article 2 of Chapter 4 thereof.