California Corporations Code 13244 – The by-laws may provide:(a) The number and qualification of …
The by-laws may provide:
(a) The number and qualification of members of the association and the conditions precedent to membership or ownership of common stock.
Terms Used In California Corporations Code 13244
- Appraisal: A determination of property value.
- Association: means any corporation organized under this part. See California Corporations Code 13202
- 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.
- 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
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
(b) The method, time and manner of permitting members to withdraw or the holders of common stock to transfer their stock.
(c) The manner of assignment and transfer of the interest of members and of the shares of common stock.
(d) The conditions upon which and time when membership of any member shall cease.
(e) For the automatic suspension of the rights of a member when he ceases to be eligible to membership in the association; and the mode, manner and effect of the expulsion of a member.
(f) The manner of determining the value of a member’s interest and provision for its purchase by the association upon the death or withdrawal of a member or upon the expulsion of a member or forfeiture of his membership, or at the option of the association, the purchase at a price fixed by conclusive appraisal by the board of directors; and the conditions and terms for the repurchase by the corporation from its stockholders of their stock upon their disqualification as stockholders.
(Added by Stats. 1953, Ch. 207.)