A corporation may issue memberships having different rights, privileges, preferences, restrictions, or conditions, as provided in its articles or bylaws.
Cal. Corp. Code § 12420
Types of Memberships
Showing this section's text as in effect on January 1, 2011 (in force January 1, 2011 – January 1, 2013). View current text →
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.