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Sections 500 and 501 of the Existing Statute are generally designed to protect the creditors of a corporation, and Sections 502 and 503 are designed to protect preferred shareholders with respect to a distribution to the common shareholders or any other junior class of shares of a corporation.
Section 503: Section 503 concerns distributions to junior shares that affect cumulative dividends to senior shares that are in arrears.
(a) Meetings of shareholders may be held at any place within or without this state as may be stated in or fixed in ance with the bylaws. If no other place is stated or so fixed, shareholder meetings shall be held at the principal executive office of the corporation.
Liabilities otherwise provided for are excluded from the Section 501 test.California Corporations Code Section 500 currently allows a corporation to make a distribution of cash or property to its shareholders only if:the amount of the corporation's retained earnings prior to the distribution equals or exceeds the ...
An 85% deduction is allowed for qualified dividends. A portion of the dividends may not qualify if the insurer subsidiary paying the dividend is overcapitalized for the purpose of the dividends received deduction.
Code 5056(a). A member is any person with governance rights. If there is no pressing reason for members, a corporation should avoid the additional hassle and choose not to have members. Note that if there are no members other than the directors, the corporation will be treated as having no members.
12630. (a) Any corporation may elect voluntarily to wind up and dissolve (1) by approval of a majority of all members (Section 12223) or (2) by approval of the board and approval of the members (Section 12224).
Certain mutual funds pay ?exempt-interest dividends.? If the mutual fund has at least 50 percent of its assets invested in tax-exempt U.S. obligations and/or in California or its municipal obligations, that amount of dividend is exempt from California tax.