Cal. Corp. Code § 5312

Current through the 2023 Legislative Session.

Section 5312 - One membership; no fractional memberships

No person may hold more than one membership, and no fractional memberships may be held, provided, however, that:

(a) Two or more persons may have an indivisible interest in a single membership when authorized by, and in such manner or under the circumstances prescribed by, the articles or bylaws subject to Section 5612; and

(b) If the articles or bylaws provide for classes of membership and if the articles or bylaws permit a person to be a member of more than one class, a person may hold a membership in one or more classes.

Ca. Corp. Code § 5312

Amended by Stats. 1979, Ch. 724.