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California Corporations Code

§ 12520

CORP § 12520Div. 3 · Title 1 · Part 2 · Ch. 9

Statute text

View on leginfo.ca.gov
Any mortgage, deed of trust, pledge or other hypothecation of all or any part of the corporation’s property, real or personal, for the purpose of securing the payment or performance of any contract or obligation may be approved by the board. Unless the articles or bylaws otherwise provide, no approval of the members (Section 12224) shall be necessary for such action.

Legislative history

Added by Stats. 1982, Ch. 1625, Sec. 3. Operative January 1, 1984.

Source: California Corporations Code § 12520 from the California Legislative Information (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.