Statutes, codes, and regulations
CALIFORNIA CODES
CALIFORNIA CORPORATIONS CODETitle 1 - CORPORATIONSDivision 3 - CORPORATIONS FOR SPECIFIC PURPOSESPart 2 - COOPERATIVE CORPORATIONSChapter 10 - MERGERS
Article 1 - MERGER
Section 12532 - Equal treatment of membership of same class

Cal. Corp. Code § 12532

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Current through the 2024 Legislative Session.
Section 12532 - Equal treatment of membership of same class

Each membership of the same class of any constituent corporation (other than the cancellation of memberships held by a surviving corporation or its parent or a wholly owned subsidiary of either in a constituent corporation) shall be treated equally with respect to any distribution of cash, property, rights, or securities unless:

(a) all members of the class consent or
(b) the Commissioner of Financial Protection and Innovation has approved the terms and conditions of the transaction and the fairness of such terms pursuant to Section 25142.

Ca. Corp. Code § 12532

Amended by Stats 2022 ch 452 (SB 1498),s 60, eff. 1/1/2023.
Amended by Stats 2019 ch 143 (SB 251),s 32, eff. 1/1/2020.