2011 California Code
Corporations Code
TITLE 1. CORPORATIONS [100 - 14551]
CHAPTER 8. Amendment of Articles
Section 12503
An amendment must also be approved by the members (Section 12224) of a class, whether or not such class is entitled to vote thereon by the provisions of the articles, if the amendment would:
(a) Materially and adversely affect the rights, privileges, preferences, restrictions or conditions of that class as to voting, dissolution, redemption or transfer, or the obligations of that class, in a manner different than such action affects another class;
(b) Materially and adversely affect such class as to voting, dissolution, redemption or transfer by changing the rights, privileges, preferences, restrictions or conditions of another class;
(c) Increase the number of memberships authorized for such class;
(d) Increase the number of memberships authorized for another class;
(e) Effect an exchange, reclassification or cancellation of all or part of the memberships of such class; or
(f) Authorize a new class of memberships.
(Added by Stats. 1982, Ch. 1625, Sec. 3. Operative January 1, 1984.)
Disclaimer: These codes may not be the most recent version. California may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
