A person who, pursuant to a specific provision of Golden State Energy’s articles or bylaws, has the right to vote for the election of a director, on a disposition of all or substantially all of the assets of a corporation, on a merger, or on a dissolution, shall not be a member of Golden State Energy for purposes of the Nonprofit Public Benefit Corporation Law (Part 2 (commencing with Section 5110) of Division 2 of Title 1 of the Corporations Code), unless the articles or bylaws designate the person as a member.

(Added by Stats. 2020, Ch. 27, Sec. 12. (SB 350) Effective January 1, 2021.)

Terms Used In California Public Utilities Code 3433

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • State: means the State of California, unless applied to the different parts of the United States. See California Public Utilities Code 17
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