California Corporations Code 13229 – If the association is organized without shares of stock, the articles …
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If the association is organized without shares of stock, the articles shall state whether the voting power and the property rights and interest of each member are equal or unequal; and if unequal the general rule or rules applicable to all members by which the voting power and the property rights and interests, respectively, of each member may be and are determined and fixed; and shall also provide for the admission of new members who shall be entitled to vote and to share in the property of the association with the old members, in accordance with such general rule or rules.
(Added by Stats. 1953, Ch. 207.)
Terms Used In California Corporations Code 13229
- Association: means any corporation organized under this part. See California Corporations Code 13202
- Member: includes members of associations without capital stock and holders of common stock in associations organized with shares of stock. See California Corporations Code 13202
- State: means the State of California, unless applied to the different parts of the United States. See California Education Code 77