California Corporations Code 5312 – No person may hold more than one membership, and no fractional …
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No person may hold more than one membership, and no fractional memberships may be held, provided, however, that:
(a) Two or more persons may have an indivisible interest in a single membership when authorized by, and in such manner or under the circumstances prescribed by, the articles or bylaws subject to Section 5612; and
Terms Used In California Corporations Code 5312
- Person: includes a corporation as well as a natural person. See California Corporations Code 18
(b) If the articles or bylaws provide for classes of membership and if the articles or bylaws permit a person to be a member of more than one class, a person may hold a membership in one or more classes.
(Amended by Stats. 1979, Ch. 724.)