SECTIONS 5320 - California Statutes

CORPORATIONS CODE

SECTION 5320

5320. (a) Subject to Section 5613, and unless otherwise provided in
the corporation's articles or bylaws:
(1) No member may transfer a membership or any right arising
therefrom.
(2) All rights of membership cease upon the member's death or
dissolution.
(b) Notwithstanding subdivision (a), no member may transfer for
value a membership or any right arising therefrom.
(c) Notwithstanding subdivisions (a) and (b), this section does
not prohibit or restrict the transfer, purchase, or sale of a
membership in a limited equity housing cooperative, provided that the
transfer, purchase, or sale is consistent with Section 33007.5 of
the Health and Safety Code.