California Corporations Code

§ 3301

CORP § 3301 Effective Jan 1, 2015Div. 1.5 · Title 1 · Ch. 9

Statute text

(a)A social purpose corporation may be converted into a domestic other business entity pursuant to this chapter if, pursuant to the proposed conversion, each of the following conditions is met:

(1)Each share of the same class or series of the converting social purpose corporation shall, unless all the shareholders of the class or series consent, be treated equally with respect to any cash, rights, securities, or other property to be received by, or any obligations or restrictions to be imposed on, the holder of that share.

(2)The conversion is approved by an affirmative vote of at least two-thirds of the outstanding shares of each class, or a greater vote if required in the articles, regardless of whether that class is entitled to vote thereon by the provisions of the articles.

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Legislative history

Amended by Stats. 2014, Ch. 694, Sec. 56. (SB 1301) Effective January 1, 2015.