§ 3090
44 words·~1 min read·
/ca/public-utilities-code/3090A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The bylaws may prescribe the amount of any dividends which may be declared on the stock or membership capital, which shall not exceed 8 percent per annum, shall be in the nature of interest, and shall not affect the nonprofit character of any association.