Corporations Code § 12403

ARTICLE 1. Issuance of Memberships

Current as of September 28, 2026Corp. Code, § 12403Official source ↗

Repealed and added by Stats. 1982, Ch. 1625, Sec. 3. Operative January 1, 1984.

(a) Except as provided in subdivision (b), or in its articles or bylaws, a corporation may admit any person to membership.

(b) A corporation may not admit its subsidiary to membership.