AB 129, as amended, Dickinson. Lawful money: alternative currency.
Existing law prohibits a corporation, flexible purpose corporation, association, or individual from issuing or putting in circulation, as money, anything but the lawful money of the United States.
This bill wouldbegin insert instead prohibit a person from issuing or putting in circulation, as money, anything but the lawful money of the United States. end insertbegin insertThis bill wouldend insert specify thatbegin delete those provisions doend deletebegin insert provision doesend insert not prohibit abegin delete corporation, flexible purpose corporation, association, or individualend deletebegin insert
personend insert from issuing or using an alternative currency that is redeemable for lawful moneybegin insert
of the United Statesend insert or that has value based on the value of lawful moneybegin insert
of the United Statesend insert. This bill would alsobegin delete specify that a corporation, flexible purpose corporation, association, or individual shall not beend deletebegin insert prohibit a person from beingend insert required to accept alternative currency.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 107 of the Corporations Code is amended
2to read:
Abegin delete corporation, flexible purpose corporation, association, begin insert personend insert shall not issue or put in circulation, as money,
4or individualend delete
5anything but the lawful money of the United States. Nothing in
6this section shall prohibit the issuance and use of alternative
7currency that is redeemable for lawful moneybegin insert of the United Statesend insert
8 or that has value based on the value of lawful moneybegin insert of the United
9Statesend insert but abegin delete corporation, flexible purpose corporation, association, begin insert
personend insert shall not be required to accept alternative
10or individualend delete
11currency.
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