BILL NUMBER: AB 129	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  JANUARY 23, 2014
	AMENDED IN ASSEMBLY  JANUARY 7, 2014
	AMENDED IN ASSEMBLY  MARCH 19, 2013

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 would  instead prohibit a person from issuing or
putting in circulation, as money, anything but the lawful money of
the United States.   This bill would  specify that
 those provisions do   provision does  not
prohibit a  corporation, flexible purpose corporation,
association, or individual   person  from issuing
or using an alternative currency that is redeemable for lawful money
 of the United States  or that has value based on the value
of lawful money  of the United States  . This bill would
also  specify that a corporation, flexible purpose
corporation, association, or individual shall not be  
prohibit a person from being  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 1.  Section 107 of the Corporations Code is amended to
read:
   107.  A  corporation, flexible purpose corporation,
association, or individual   person  shall not
issue or put in circulation, as money, anything but the lawful money
of the United States. Nothing in this section shall prohibit the
issuance and use of alternative currency that is redeemable for
lawful money  of the United States  or that has value based
on the value of lawful money  of the United States  but a
 corporation, flexible purpose corporation, association, or
individual   person  shall not be required to
accept alternative currency.