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• California Codes
  • California Corporations Code
    • CORPORATIONS CODE SECTION 7320

7320.  Subject to Section 7613:
   (a) Unless the articles or bylaws otherwise provide:
   (1) No member may transfer a membership or any right arising
therefrom; and
   (2) Subject to the provisions of subdivision (b), all rights as a
member of the corporation cease upon the member's death or
dissolution.
   (b) The articles or bylaws may provide for, or may authorize the
board to provide for, the transfer of memberships, or of memberships
within any class or classes, with or without restriction or
limitation, including transfer upon the death, dissolution, merger,
or reorganization of a member.
   (c) Where transfer rights have been provided, no restriction of
them shall be binding with respect to memberships issued prior to the
adoption of the restriction, unless the holders of such memberships
voted in favor of the restriction.