“Preferred memberships” means memberships that have a preference over any other memberships with respect to distribution of assets on liquidation or with respect to payment of distributions.
Cal. Corp. Code § 12245.2
General Provisions and Definitions
Known as the Cooperative Corporation Law
The act spans §§ 12200–12704 (266 sections).
Added by Stats. 2013, Ch. 538, Sec. 1
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.