§ 8811
69 words·~1 min read·
/ca/corporations-code/8811A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any promoter, director, or officer of a corporation who knowingly and willfully issues or consents to the issuance of memberships or membership certificates with intent to defraud present or future members or creditors is guilty of a misdemeanor punishable by a fine of not more than one thousand dollars ($1,000) or by imprisonment in county jail for not more than one year or by both such fine and imprisonment.