California Corporations Code 8011.5 – Each membership of the same class of any constituent corporation …
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Each membership of the same class of any constituent corporation (other than the cancellation of memberships held by a surviving corporation or its parent or a wholly owned subsidiary of either in a constituent corporation) shall be treated equally with respect to any distribution of cash, property, rights or securities unless: (a) all members of the class consent or (b) the Commissioner of Financial Protection and Innovation has approved the terms and conditions of the transaction and the fairness of the terms pursuant to Section 25142.
(Amended by Stats. 2022, Ch. 452, Sec. 56. (SB 1498) Effective January 1, 2023.)
Terms Used In California Corporations Code 8011.5
- 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.