§ 12410
144 words·~1 min read·
/ca/corporations-code/12410A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Unless the articles or bylaws otherwise provide:
(1)No member may transfer a membership or any right arising therefrom; and
(2)Subject to the provisions of subdivision (b), Section 12422, and Section 12445, all rights as a member of the corporation cease upon the member’s death or dissolution or the dissolution of a member which is a business entity.
(b)The articles or bylaws may provide for, or may authorize the board to provide for, the transfer of memberships, or of memberships within any class or classes, with or without restriction or limitation, including transfer upon the death, dissolution, merger, or reorganization of a member.
(c)Where transfer rights have been provided, no restriction of them shall be binding with respect to memberships issued prior to the adoption of the restriction, unless the holders of such memberships voted in favor of the restriction.