California Corporations Code

§ 12503

CORP § 12503 Effective Jan 1, 2014Div. 3 · Title 1 · Part 2 · Ch. 8

Statute text

(a)An amendment shall also be approved by the members (Section 12224) of a class, whether or not the class is entitled to vote thereon by the provisions of the articles, if the amendment would do any of the following:

(1)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.

(2)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.

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Legislative history

Amended by Stats. 2013, Ch. 538, Sec. 10. (AB 1255) Effective January 1, 2014.