Amended in Assembly January 23, 2014

Amended in Assembly January 7, 2014

Amended in Assembly March 19, 2013

California Legislature—2013–14 Regular Session

Assembly BillNo. 129


Introduced by Assembly Member Dickinson

January 15, 2013


An act to amend Section 107 of the Corporations Code, relating to business associations.

LEGISLATIVE COUNSEL’S DIGEST

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:

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SECTION 1.  

Section 107 of the Corporations Code is amended
2to read:

3

107.  

Abegin delete corporation, flexible purpose corporation, association,
4or individualend delete
begin insert personend insert shall not issue or put in circulation, as money,
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,
10or individualend delete
begin insert personend insert shall not be required to accept alternative
11currency.



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