California Corporations Code

§ 12445

CORP § 12445Div. 3 · Title 1 · Part 2 · Ch. 3 · Art. 5

Statute text

The articles or bylaws shall prescribe:

(a)The manner of determining each member’s share of the capital of the corporation contributed by the members and, if repayable, the time and manner for its repayment; and

(b)The manner of determining the value, if any, of the member’s interest in the corporation apart from contributed capital and the time and manner of the corporation’s purchase, if required, of such interest from a terminated member.

Legislative history

Added by Stats. 1982, Ch. 1625, Sec. 3. Operative January 1, 1984.