Corporations Code section 12656

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.

Source: Section 12656, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=CORP§ionNum=12656.­ (accessed May 10, 2025).

Last Updated

May 10, 2025

§ 12656’s source at ca​.gov