California Corporations Code

§ 1157

CORP § 1157 Effective Jan 1, 2023Div. 1 · Title 1 · Ch. 11.5

Statute text

(a)A domestic other business entity, foreign other business entity, or foreign corporation may be converted into a corporation pursuant to this chapter only if the converting entity is authorized by the laws under which it is organized to effect the conversion.

(b)A domestic other business entity, foreign other business entity, or foreign corporation that desires to convert into a corporation shall approve a plan of conversion or other instrument as is required to be approved to effect the conversion pursuant to the laws under which that entity is organized.

(c)The conversion of a domestic other business entity, foreign other business entity, or foreign corporation shall be approved by the number or percentage of the partners, members, shareholders, or other holders of interest of the converting entity that is required by the laws under which that entity is organized, or a greater or lesser percentage as may be set forth in the converting entity’s partnership agreement, articles of organization, operating agreement, articles of incorporation, or other governing document in accordance with applicable laws.

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Legislative history

Amended by Stats. 2022, Ch. 237, Sec. 7. (SB 49) Effective January 1, 2023.