California Corporations Code

§ 7312

CORP § 7312 Effective Jan 1, 2007Div. 2 · Title 1 · Part 3 · Ch. 3 · Art. 1

Statute text

No person may hold more than one membership, and no fractional memberships may be held, except as follows:

(a)Two or more persons may have an indivisible interest in a single membership when authorized by, and in a manner or under the circumstances prescribed by, the articles or bylaws subject to Section 7612.

(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.

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Legislative history

Amended by Stats. 2006, Ch. 538, Sec. 79. Effective January 1, 2007.