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AB-2688 Nonprofit mutual benefit corporations.(2009-2010)

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CALIFORNIA LEGISLATURE— 2009–2010 REGULAR SESSION

Assembly Bill
No. 2688

Introduced  by  Assembly Member Silva

February 19, 2010

An act to amend Section 7110 of the Corporations Code, relating to nonprofit corporations.


LEGISLATIVE COUNSEL'S DIGEST


AB 2688, as introduced, Silva. Nonprofit mutual benefit corporations.
Existing law, the Nonprofit Mutual Benefit Corporation Law, authorizes formation of a corporation under the Nonprofit Mutual Benefit Corporation Law for any lawful purpose, except if all the corporation’s assets are irrevocably dedicated to charitable, religious, or public purposes, as specified.
This bill would make a nonsubstantive change to these provisions.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 7110 of the Corporations Code is amended to read:

7110.
 This part shall be known as, and may be cited as, the Nonprofit Mutual Benefit Corporation Law.