§ 12402. — 12402. (Repealed and added by Stats. 1982, Ch. 1625, Sec. 3.)

California § 12402.

• Jurisdiction: California
• Code CORP: Corporations Code - CORP
• Div.: 3.
• Title 1.: DIVISION 3. CORPORATIONS FOR SPECIFIC PURPOSES
• Part 2.: PART 2. COOPERATIVE CORPORATIONS
• Ch. 3.: CHAPTER 3. Members
• Art. 1.: ARTICLE 1. Issuance of Memberships

Text

(a)
A corporation may issue a new membership certificate in the place of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed, and the corporation may require the owner of the lost, stolen or destroyed certificate or the owner’s legal representative to give the corporation a bond (or other adequate security) sufficient to indemnify it against any claim that may be made against it (including any expense or liability) on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate.
(b)
If a corporation refuses to issue a new membership certificate or other certificate in place of one theretofore issued by it, or by any corporation of which it is the lawful successor, alleged to have been lost, stolen or destroyed, the owner of the lost, stolen or destroyed certificate or the owner’s legal representative may bring an action in the superior court of the proper county for an order requiring the corporation to issue a new certificate in place of the one lost, stolen or destroyed.

Legislative History

Repealed and added by Stats. 1982, Ch. 1625, Sec. 3. Operative January 1, 1984.