Code Section Group

Corporations Code - CORP

TITLE 1. CORPORATIONS [100 - 14631]

  ( Title 1 enacted by Stats. 1947, Ch. 1038. )

DIVISION 2. NONPROFIT CORPORATION LAW [5000 - 10841]

  ( Heading of Division 2 amended by Stats. 1978, Ch. 567. )

PART 2. NONPROFIT PUBLIC BENEFIT CORPORATIONS [5110 - 6910]

  ( Part 2 added by Stats. 1978, Ch. 567. )

CHAPTER 3. Members [5310 - 5354]

  ( Chapter 3 added by Stats. 1978, Ch. 567. )

ARTICLE 2. Transfer of Memberships [5320- 5320.]
  ( Article 2 added by Stats. 1978, Ch. 567. )

5320.
  

(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.

(Amended by Stats. 1992, Ch. 250, Sec. 1. Effective January 1, 1993.)

CORPCorporations Code - CORP2.