California Corporations Code 5320 – (a) Subject to Section 5613, and unless otherwise provided in …
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(a) Subject to Section 5613, and unless otherwise provided in the corporation‘s articles or bylaws:
(1) No member may transfer a membership or any right arising therefrom.
Terms Used In California Corporations Code 5320
- 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.
(2) All rights of membership cease upon the member’s death or dissolution.
(b) Notwithstanding subdivision (a), no member may transfer for value a membership or any right arising therefrom.
(c) Notwithstanding subdivisions (a) and (b), this section does not prohibit or restrict the transfer, purchase, or sale of a membership in a limited equity housing cooperative, provided that the transfer, purchase, or sale is consistent with § 33007.5 of the Health and Safety Code.
(Amended by Stats. 1992, Ch. 250, Sec. 1. Effective January 1, 1993.)