§ 5320
101 words·~1 min read·
/ca/corporations-code/5320A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.