Cal. Corp. Code § 3305

Current through the 2023 Legislative Session.
Section 3305 - Rights of shareholders of converting social purpose corporation

The shareholders with dissenting rights, as defined in subdivision (b) of Section 1300, of a converting social purpose corporation shall have all of the rights under Chapter 13 (commencing with Section 1300) of Division 1 of the shareholders of a corporation involved in a reorganization requiring the approval of its outstanding shares, and the converting social purpose corporation shall have all of the obligations under Chapter 13 (commencing with Section 1300) of Division 1 of a corporation involved in the reorganization. Solely for purposes of applying the provisions of Chapter 13 (commencing with Section 1300) of Division 1, and not for purposes of this chapter, a conversion pursuant to Section 3301 or 3307 shall be deemed to constitute a reorganization.

Ca. Corp. Code § 3305

Amended by Stats 2014 ch 694 (SB 1301),s 60, eff. 1/1/2015.
Added by Stats 2011 ch 740 (SB 201),s 12, eff. 1/1/2012.