“Common shares,” as used in Part 3 (commencing with Section 7110), 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 § 5043
GENERAL PROVISIONS AND DEFINITIONS GOVERNING PARTS 1 THROUGH 5
Known as the Nonprofit Corporation Law
The act spans §§ 5000–10841 (129 sections).
Amended by Stats. 1983, Ch. 101, Sec. 17.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.