California Corporations Code 7813 – An amendment must also be approved by the members (Section 5034) of a …
An amendment must also be approved by the members (Section 5034) of a class, whether or not such class is entitled to vote thereon by the provisions of the articles or bylaws, if the amendment would:
(a) Materially and adversely affect the rights, privileges, preferences, restrictions or conditions of that class as to voting, dissolution, redemption or transfer in a manner different than such action affects another class;
Terms Used In California Corporations Code 7813
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
(b) Materially and adversely affect such class as to voting, dissolution, redemption or transfer by changing the rights, privileges, preferences, restrictions or conditions of another class;
(c) Increase or decrease the number of memberships authorized for such class;
(d) Increase the number of memberships authorized for another class;
(e) Effect an exchange, reclassification or cancellation of all or part of the memberships of such class; or
(f) Authorize a new class of memberships.
(Amended by Stats. 1981, Ch. 587, Sec. 38.)