California Statutes
§ 8011.5. — 8011.5. (Amended by Stats. 2022, Ch. 452, Sec. 56.)
California·Code CORP Corporations Code - CORP·Div. 2.·Title 1. DIVISION 2. NONPROFIT CORPORATION LAW·Part 3. PART 3. NONPROFIT MUTUAL BENEFIT CORPORATIONS·Ch. 10. CHAPTER 10. Mergers·Art. 1. ARTICLE 1. Merger
Each membership of the same class of any constituent corporation (other than the cancellation of memberships held by a surviving corporation or its parent or a wholly owned subsidiary of either in a constituent corporation) shall be treated equally with respect to any distribution of cash, property, rights or securities unless:
(a)all members of the class consent or (b) the Commissioner of Financial Protection and Innovation has approved the terms and conditions of the transaction and the fairness of the terms pursuant to Section 25142.
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California § 8011.5. (8011.5. (Amended by Stats. 2022, Ch. 452, Sec. 56.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by Stats. 2022, Ch. 452, Sec. 56. (SB 1498) Effective January 1, 2023.