§ 7150
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/ca/corporations-code/7150A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Except as provided in subdivision
(c)and Sections 7151, 7220, 7224, 7512, 7613, and 7615, bylaws may be adopted, amended or repealed by the board unless the action would:
(1)Materially and adversely affect the rights of members as to voting, dissolution, redemption, or transfer;
(2)Increase or decrease the number of members authorized in total or for any class;
(3)Effect an exchange, reclassification or cancellation of all or part of the memberships; or
(4)Authorize a new class of membership.
(b)Bylaws may be adopted, amended or repealed by approval of the members (Section 5034); provided, however, that such adoption, amendment or repeal also requires approval by the members of a class if such action would:
(1)Materially and adversely affect the rights, privileges, preferences, restrictions or conditions of that class as to voting, dissolution, redemption, or transfer in a manner different than such action affects another class;
(2)Materially and adversely affect such class as to voting, dissolution, redemption, or transfer by changing the rights, privileges, preferences, restrictions or conditions of another class;
(3)Increase or decrease the number of memberships authorized for such class;
(4)Increase the number of memberships authorized for another class;
(5)Effect an exchange, reclassification or cancellation of all or part of the memberships of such class; or
(6)Authorize a new class of memberships.
(c)The articles or bylaws may restrict or eliminate the power of the board to adopt, amend or repeal any or all bylaws, subject to subdivision
(e)of Section 7151.
(d)Bylaws may also provide that the repeal or amendment of those bylaws, or the repeal or amendment of specified portions of those bylaws, may occur only with the approval in writing of a specified person or persons other than the board or members. However, this approval requirement, unless the bylaws specify otherwise, shall not apply if any of the following circumstances exist:
(1)The specified person or persons have died or ceased to exist.
(2)If the right of the specified person or persons to approve is in the capacity of an officer, trustee, or other status and the office, trust, or status has ceased to exist.
(3)If the corporation has a specific proposal for amendment or repeal, and the corporation has provided written notice of that proposal, including a copy of the proposal, to the specified person or persons at the most recent address for each of them, based on the corporation’s records, and the corporation has not received written approval or nonapproval within the period specified in the notice, which shall not be less than 10 nor more than 30 days commencing at least 20 days after the notice has been provided.