California Corporations Code 12403 – (a) Except as provided in subdivision (b), or in its articles or …
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(a) Except as provided in subdivision (b), or in its articles or bylaws, a corporation may admit any person to membership.
(b) A corporation may not admit its subsidiary to membership.
Terms Used In California Corporations Code 12403
- Corporation: as used in this part means a corporation which is organized under, or subject to this part, including a central organization. See California Corporations Code 12232
- 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.
- Person: includes a corporation as well as a natural person. See California Corporations Code 18
(Repealed and added by Stats. 1982, Ch. 1625, Sec. 3. Operative January 1, 1984.)