California Corporations Code

§ 3000

CORP § 3000 Effective Jan 1, 2015Div. 1.5 · Title 1 · Ch. 6

Statute text

(a)A proposed amendment to the articles of a social purpose corporation shall be approved by the outstanding shares of a class, regardless of whether that class is entitled to vote thereon by the provisions of the articles, if the amendment would:

(1)Increase or decrease the aggregate number of authorized shares of that class, other than an increase as provided in either subdivision (b) of Section 405 or subdivision (b) of Section 902.

(2)Effect an exchange, reclassification, or cancellation of all or part of the shares of that class, including a reverse stock split but excluding a stock split.

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Legislative history

Amended by Stats. 2014, Ch. 694, Sec. 47. (SB 1301) Effective January 1, 2015.