California Corporations Code

§ 5342

CORP § 5342Div. 2 · Title 1 · Part 2 · Ch. 3 · Art. 4

Statute text

(a)An amendment of the articles or bylaws which would terminate all memberships or any class of memberships shall meet the requirements of this part and this section.

(b)Before such an amendment is adopted the corporation shall give written notice to members not less than 45 nor more than 90 days prior to any vote by the members on the amendment. The written notice shall describe the effect of the amendment on the corporation and the members. However, written notice need not be given at least 45 days prior to any vote by the members on the amendment if all members entitled to vote receive a written notice prior to the vote setting forth the information described in the preceding sentence and sign a written waiver of 45 days notice.

(c)Any such amendment shall be approved by the members (Section 5034).

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Legislative history

Amended by Stats. 1986, Ch. 766, Sec. 29.