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2019 California Code
Civil Code - CIV
DIVISION 2 - PROPERTY
PART 2 - REAL OR IMMOVABLE PROPERTY
TITLE 2 - ESTATES IN REAL PROPERTY
CHAPTER 5 - Housing Cooperatives and Housing Cooperative Trusts
Section 817.4.
Universal Citation: CA Civ Code § 817.4 (2019)
817.4.
(a) In any action instituted on or after January 1, 2010, against a board of directors and its members based upon a breach of corporate or fiduciary duties or a failure to comply with the requirements of this chapter, a prevailing plaintiff may recover reasonable attorney’s fees and costs.
(b) If an organization formed under this chapter uses public funds, it shall not use any corporate funds to avoid compliance with this chapter or to pursue dissolution if the intent or outcome is for some or all of the members to receive any payment in excess of the transfer value to which he or she is entitled pursuant to subdivision (b) of Section 817.
(Added by Stats. 2009, Ch. 520, Sec. 2. (AB 1246) Effective January 1, 2010.)
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