SECTIONS 31950-31952 - California Statutes

FINANCIAL CODE

SECTION 31950-31952

31950. In this chapter:
(a) "Member" has the meaning set forth in the old law.
(b) "Old corporation" means a corporation organized under the old
law.
(c) "Old law" means Part 6 (commencing with Section 14200),
Division 3, Title 1 of the Corporations Code, as added by Chapter 985
of the Statutes of 1975.

31951. Except as otherwise provided in Sections 31004 and 31952,
the provisions of the General Corporation Law (Division 1 (commencing
with Section 100), Title 1 of the Corporations Code) shall, on and
after the effective date of this division, apply to each old
corporation; provided, however, that, for purposes of the provisions
of Chapter 23 (commencing with Section 2300) of the General
Corporation Law, with respect to each old corporation:
(a) The term "effective date" shall mean the effective date of
this division.
(b) The term "prior law" shall mean the old law.
(c) Each old corporation shall be deemed to be a corporation
referred to in Section 162 of the Corporations Code.

31952. In case any old corporation has, on the effective date of
this division, any members:
(a) The old law shall continue to apply with respect to matters
relating to the rights and obligations of such members with respect
to such old corporation and to matters relating to the rights and
obligations of such old corporation with respect to such members, so
long as any of such members continues to be a member of such old
corporation; provided, however, that, notwithstanding any provision
of the old law to the contrary, any member of an old corporation may
withdraw from membership in such old corporation by giving to such
old corporation written notice of its intent to withdraw from
membership in such old corporation not less than 10 days before the
date on which it intends to withdraw from membership in such old
corporation, which date shall be specified in such notice, and the
withdrawal of such member from membership in such old corporation
shall be effective on such date.
(b) No person shall, on or after the effective date of this
division, become a member of such old corporation.