California Corporations Code 12245.2 – “Preferred memberships” means memberships that have a preference over …
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“Preferred memberships” means memberships that have a preference over any other memberships with respect to distribution of assets on liquidation or with respect to payment of distributions.
(Added by Stats. 2013, Ch. 538, Sec. 1. (AB 1255) Effective January 1, 2014.)
Terms Used In California Corporations Code 12245.2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.