§ 5320. — 5320. (Amended by Stats. 1992, Ch. 250, Sec. 1.)

California § 5320.

• Jurisdiction: California
• Code CORP: Corporations Code - CORP
• Div.: 2.
• Title 1.: DIVISION 2. NONPROFIT CORPORATION LAW
• Part 2.: PART 2. NONPROFIT PUBLIC BENEFIT CORPORATIONS
• Ch. 3.: CHAPTER 3. Members
• Art. 2.: ARTICLE 2. Transfer of Memberships

Text

(a)
Subject to Section 5613, and unless otherwise provided in the corporation’s articles or bylaws:
(1)
No member may transfer a membership or any right arising therefrom.
(2)
All rights of membership cease upon the member’s death or dissolution.
(b)
Notwithstanding subdivision (a), no member may transfer for value a membership or any right arising therefrom.
(c)
Notwithstanding subdivisions (a) and (b), this section does not prohibit or restrict the transfer, purchase, or sale of a membership in a limited equity housing cooperative, provided that the transfer, purchase, or sale is consistent with Section 33007.5 of the Health and Safety Code.

Legislative History

Amended by Stats. 1992, Ch. 250, Sec. 1. Effective January 1, 1993.