“Liquidating price” or “liquidation preference,” as used in Part 3 (commencing with Section 7110), means amounts payable on memberships of any class, upon voluntary or involuntary dissolution, winding up or distribution of the entire assets of the corporation, in priority to amounts payable to members of another class or classes.
Cal. Corp. Code § 5055
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. 20.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.