California Corporations Code

§ 5312

CORP § 5312Div. 2 · Title 1 · Part 2 · Ch. 3 · Art. 1

Statute text

No person may hold more than one membership, and no fractional memberships may be held, provided, however, that:

(a)Two or more persons may have an indivisible interest in a single membership when authorized by, and in such manner or under the circumstances prescribed by, the articles or bylaws subject to Section 5612; and

(b)If the articles or bylaws provide for classes of membership and if the articles or bylaws permit a person to be a member of more than one class, a person may hold a membership in one or more classes.

Legislative history

Amended by Stats. 1979, Ch. 724.