California Law (Last Updated: March 4, 2014) |
Corporations Code - CORP |
Title 1. CORPORATIONS |
Division 2. NONPROFIT CORPORATION LAW |
Part 2. NONPROFIT PUBLIC BENEFIT CORPORATIONS |
Chapter 3. Members |
ARTICLE 1. Issuance of Memberships |
Section 5312.
Latest version.
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No person may hold more than one membership, and no fractional memberships may be held, provided, however, that:
(a) Two or more persons may have an indivisible interest in a single membership when authorized by, and in such manner or under the circumstances prescribed by, the articles or bylaws subject to Section 5612; and
(b) If the articles or bylaws provide for classes of membership and if the articles or bylaws permit a person to be a member of more than one class, a person may hold a membership in one or more classes.
(Amended by Stats. 1979, Ch. 724.)