ARTICLE 3. Types of Memberships [12420. - 12422.]

Article 3 added by Stats. 1982, Ch. 1625, Sec. 3.

§§ 12420–12422 · 3 sections

• § 12420 (a) Except as provided in subdivision (b), a corporation may issue memberships having different rights, privileges, preferences, restrictions, or conditions,…
• § 12421 Except as provided in the articles or bylaws, all memberships shall have the same rights, privileges, preferences, restrictions and conditions.
• § 12422 (a) Unless the corporation’s articles or bylaws so provide, memberships are not redeemable. A corporation may provide in its articles or bylaws for one or more…