Section 12445.

Latest version.

The articles or bylaws shall prescribe:

(a) The manner of determining each member's share of the capital of the corporation contributed by the members and, if repayable, the time and manner for its repayment; and

(b) The manner of determining the value, if any, of the member's interest in the corporation apart from contributed capital and the time and manner of the corporation's purchase, if required, of such interest from a terminated member.

(Added by Stats. 1982, Ch. 1625, Sec. 3. Operative January 1, 1984.)

                    
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