Corporations Code § 5320

ARTICLE 2. Transfer of Memberships

Current as of September 28, 2026Corp. Code, § 5320Official source ↗

Amended by Stats. 1992, Ch. 250, Sec. 1. Effective January 1, 1993.

(a) Subject to Section 5613, and unless otherwise provided in the corporation’s articles or bylaws:

(1) No member may transfer a membership or any right arising therefrom.

(2) All rights of membership cease upon the member’s death or dissolution.

(b) Notwithstanding subdivision (a), no member may transfer for value a membership or any right arising therefrom.

(c) Notwithstanding subdivisions (a) and (b), this section does not prohibit or restrict the transfer, purchase, or sale of a membership in a limited equity housing cooperative, provided that the transfer, purchase, or sale is consistent with Section 33007.5 of the Health and Safety Code.