Amended in Senate May 22, 2014

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 tobegin delete amendend deletebegin insert repealend insert Section 107 of the Corporations Code, relating to business associations.

LEGISLATIVE COUNSEL’S DIGEST

AB 129, as amended, Dickinson. Lawfulbegin delete money: alternative currency.end deletebegin insert money.end insert

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 delete 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 provision does not prohibit a 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 prohibit a person from being required to accept alternative currencyend deletebegin insert repeal that provisionend insert.

Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.

The people of the State of California do enact as follows:

P2    1begin insert

begin insertSECTION 1.end insert  

end insert

begin insertSection 107 of the end insertbegin insertCorporations Codeend insertbegin insert is repealed.end insert

begin delete
2

107.  

No corporation, flexible purpose corporation, association
3or individual shall issue or put in circulation, as money, anything
4but the lawful money of the United States.

end delete
begin delete
5

SECTION 1.  

Section 107 of the Corporations Code is amended
6to read:

7

107.  

A person shall not issue or put in circulation, as money,
8anything but the lawful money of the United States. Nothing in
9this section shall prohibit the issuance and use of alternative
10currency that is redeemable for lawful money of the United States
11or that has value based on the value of lawful money of the United
12States but a person shall not be required to accept alternative
13currency.

end delete


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