Cal. Corp. Code § 5521

Current through the 2023 Legislative Session.

Section 5521 - Corporation with 500 or more members

A corporation with 500 or more members may provide that, except for directors who are elected as authorized by Section 5152 or 5153, and except as provided in Section 5522, any person who is qualified to be elected to the board of directors of the corporation may be nominated:

(a) By any method authorized by the bylaws, or if no method is set forth in the bylaws by any method authorized by the board.

(b) By petition delivered to an officer of the corporation, signed within 11 months preceding the next time directors will be elected, by members representing the following number of votes:

Number of Votes Eligible
to be Cast for Director
Disregarding any Provision
for Cumulative Voting	Number of Votes
Under 5,000 ........................	2 percent of voting power
5,000 or more ........................	one-twentieth of 1 percent of voting power but not less than 100, nor more than 500.

(c) If there is a meeting to elect directors, by any member present at the meeting in person or by proxy if proxies are permitted.

Ca. Corp. Code § 5521

Amended by Stats. 1996, Ch. 589, Sec. 13. Effective January 1, 1997.