Bill Text: CA AB129 | 2013-2014 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Lawful money.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2014-06-28 - Chaptered by Secretary of State - Chapter 74, Statutes of 2014. [AB129 Detail]

Download: California-2013-AB129-Amended.html

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BILL NUMBER: AB 129	AMENDED
	BILL TEXT

	AMENDED IN SENATE  MAY 22, 2014
	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   repeal  Section 107
of the Corporations Code, relating to business associations.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 129, as amended, Dickinson. Lawful  money: alternative
currency.   money. 
   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 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 currency   repeal that provision  .
   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Corporations Code   is repealed.  
   107.  No corporation, flexible purpose corporation, association or
individual shall issue or put in circulation, as money, anything but
the lawful money of the United States.  
  SECTION 1.    Section 107 of the Corporations Code
is amended to read:
   107.  A 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
person shall not be required to accept alternative currency.