2007 California Corporations Code Article 3. Types Of Memberships

CA Codes (corp:12420-12422)

12420.  A corporation may issue memberships having different rights,
privileges, preferences, restrictions, or conditions, as provided in
its articles or bylaws.



12421.  Except as provided in the articles or bylaws, all
memberships shall have the same rights, privileges, preferences,
restrictions and conditions.


12422.  (a) Unless the corporation's articles or bylaws so provide,
memberships are not redeemable.  A corporation may provide in its
articles for one or more classes of memberships which are redeemable,
in whole or in part, for such consideration within such time or upon
the happening of one or more specified events and upon such terms
and conditions as are stated in the articles.  However, no membership
shall actually be redeemed if prohibited by Chapter 4 (commencing
with Section 12450).
   (b) Nothing in this section shall prevent a corporation from
creating a sinking fund or similar provision for, or entering into an
agreement for, the redemption or purchase of its memberships to the
extent permitted by Chapter 4 (commencing with Section 12450).