California Corporations Code

§ 1159

CORP § 1159 Effective Jan 1, 2003Div. 1 · Title 1 · Ch. 11.5

Statute text

The shareholders of a converting corporation shall have all of the rights under Chapter 13 (commencing with Section 1300) of the shareholders of a corporation involved in a reorganization requiring the approval of its outstanding shares (Section 152), and the converting corporation shall have all of the obligations under Chapter 13 (commencing with Section 1300) of a corporation involved in the reorganization. Solely for purposes of applying the provisions of Chapter 13 (and not for purposes of Chapter 12), a conversion pursuant to Section 1151 or 1157 shall be deemed to constitute a reorganization.

Legislative history

Added by Stats. 2002, Ch. 480, Sec. 6. Effective January 1, 2003.