SECTIONS 7330-7333 - California Statutes

CORPORATIONS CODE

SECTION 7330-7333

7330. A corporation may issue memberships having different rights,
privileges, preferences, restrictions, or conditions, as authorized
by its articles or bylaws.

7331. Except as provided in or authorized by the articles or
bylaws, all memberships shall have the same rights, privileges,
preferences, restrictions and conditions.

7332. (a) A corporation may provide in its articles for one or more
classes of memberships which are redeemable, in whole or in part, at
the option of the corporation, or the member for such consideration
within such time or upon the happening of one or more specified
events and upon such terms and conditions as are stated in the
articles. However, no membership shall actually be redeemed if
prohibited by Chapter 4 (commencing with Section 7410).
(b) Nothing in this section shall prevent a corporation from
creating a sinking fund or similar provision for, or entering into an
agreement for, the redemption or purchase of its memberships to the
extent permitted by Chapter 4 (commencing with Section 7410).

7333. (a) A corporation may refer to persons associated with it as
"members" even though such persons are not members within the meaning
of Section 5056; but references to members in this part mean members
as defined in Section 5056.
(b) A corporation may benefit, serve, or assist persons who are
not members within the meaning of Section 5056 for such
consideration, if any, as the board may determine or as is authorized
or provided for in the articles or bylaws.