2011 California Code
Corporations Code
TITLE 1. CORPORATIONS [100 - 14551]
PART 8. BRIDGE, FERRY, WHARF, CHUTE, AND PIER CORPORATIONS
Section 14351

Every corporation that has heretofore or may hereafter be incorporated may be dissolved under either of the following conditions:

(a) If within one year from filing its articles of incorporation, it has not obtained authority from the board of supervisors, or other governing body, and if, within one year thereafter, it has not commenced the construction of the bridge, wharf, chute, or pier, and if, within two years after obtaining authority, there has not been actually expended thereon a sum equal to at least 10 percent of the issued capital stock of the corporation obtaining authority.

(b) If within seven years from the time that authority to construct the bridge, wharf, chute, or pier was granted by the board of supervisors, or within that further time as the board may lawfully grant, the bridge, wharf, chute, or pier is not completed. However, the board of supervisors may from time to time by order extend the time of completion beyond seven years, if the actual and physical work of constructing the bridge, wharf, chute, or pier has been diligently prosecuted from the time of commencement thereof up to the time that application for the extension or extensions beyond seven years is presented to the board of supervisors.

(c) If, when the bridge, wharf, chute, or pier of the corporation is destroyed, it is not reconstructed and ready for use within three years thereafter.

(d) If the ferry of a corporation is not in running order within one year after authority is obtained to establish it, or if at any time thereafter it ceases for a like term consecutively to perform the duties imposed by law.

(Added by Stats. 1997, Ch. 598, Sec. 4. Effective January 1, 1998.)