The Cooperative Economy Act.

Existing law authorizes and regulates the formation and operation of various corporations, including a nonprofit mutual benefit corporation. Existing law , the Nonprofit Mutual Benefit Corporation Law, provides that subject to any other provision of law of this state applying to the particular class of corporation or line of activity, a corporation may be formed as a nonprofit mutual benefit corporation for any lawful purpose, except when a corporation's assets are irrevocably dedicated to charitable, religious, or public purposes and which as a matter of law or according to its articles or bylaws are required, upon dissolution, to distribute its assets to a person carrying on a charitable,…