§ 26225.4. — 26225.4. (Added by Stats. 2017, Ch. 27, Sec. 107.)

California § 26225.4.

• Jurisdiction: California
• Code BPC: Business and Professions Code - BPC
• Div. 10.: DIVISION 10. Cannabis
• Ch. 22.: CHAPTER 22. Cannabis Cooperative Associations
• Art. 5.: ARTICLE 5. Bylaws

Text

(a)
The bylaws may prescribe the qualifications, compensation, duties, and term of office of directors and officers and the time of their election.
(b)
The number of directors set forth in the articles of incorporation shall be either a fixed number or a variable number. If a fixed number, it shall not be less than three, and if a variable number, the stated minimum shall not be less than three and the stated maximum shall not be greater than two times the stated minimum minus one.
(c)
The number of directors may also be set forth in the bylaws either as a fixed number or as a variable number subject to the same limitations as in subdivision (b). After shares have been issued
or members have been admitted, any adoption or amendment of the bylaw provision shall be approved by the outstanding shares as provided in Section 152 of the Corporations Code.
(d)
In the event of an inconsistency between an article provision referred to in subdivision (b) and a bylaw provision referred to in subdivision (c), the provision more recently adopted or amended shall prevail.
(e)
If a variable number of directors is set forth in the articles of incorporation or the bylaws, the exact number of directors shall be fixed, within the limits specified, by approval of the board of directors or the shareholders as provided in Section 153 of the Corporations Code in the manner designated in the bylaws.

Legislative History

Added by Stats. 2017, Ch. 27, Sec. 107. (SB 94) Effective June 27, 2017.