California Corporations Code 5351 – A corporation may levy dues, assessments or fees upon its members …
Current as of: 2024 | Check for updates
|
Other versions
A corporation may levy dues, assessments or fees upon its members pursuant to its articles or bylaws, but a member upon learning of them may avoid liability for them by promptly resigning from membership, except where the member is, by contract or otherwise, liable for them. Article or bylaw provisions authorizing such dues, assessments or fees do not, of themselves, create such liability.
(Added by Stats. 1978, Ch. 567.)
Terms Used In California Corporations Code 5351
- Contract: A legal written agreement that becomes binding when signed.
- 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.