(a) Except as provided in subdivision (b), or in its articles or bylaws, a corporation may admit any person to membership.
(b) A corporation may not admit its subsidiary to membership.
Cal. Corp. Code § 12403
Issuance of Memberships
Known as the Cooperative Corporation Law
The act spans §§ 12200–12704 (266 sections).
Repealed and added by Stats. 1982, Ch. 1625, Sec. 3
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.