California Corporations Code 10015 – After the debts and obligations of the corporation are paid or …
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After the debts and obligations of the corporation are paid or adequately provided for, any assets remaining shall be transferred to the religious organization governed by the corporation sole, or to trustees in its behalf, or disposed of as may be decreed by the superior court of the county in which the dissolved corporation had its principal office upon petition therefor by the Attorney General or any person connected with the organization.
(Enacted by Stats. 1947, Ch. 1038.)
Terms Used In California Corporations Code 10015
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- County: includes "city and county. See California Corporations Code 14
- Person: includes a corporation as well as a natural person. See California Corporations Code 18