“Common shares” means shares which have no preference over any other shares with respect to distribution of assets on liquidation or with respect to payment of dividends.
Cal. Corp. Code § 159
General Provisions and Definitions
Known as the General Corporation Law
The act spans §§ 100–2319 (398 sections).
Added by Stats. 1975, Ch. 682.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.