§ 12656
77 words·~1 min read·
/ca/corporations-code/12656A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
After complying with the provisions of Section 12653 and except as otherwise provided in Section 12655, assets held by a corporation shall be disposed of on dissolution as follows:
(a)If the articles or bylaws provide the manner of disposition, the assets shall be disposed of in that manner.
(b)If the articles or bylaws do not provide the manner of disposition, the assets shall be distributed among the members in accordance with their respective rights therein.