California § 12420 - Except as provided in subdivision (b), a corporation may issue memberships having
Full text of California Public Contract Code - PCC § 12420 — Except as provided in subdivision (b), a corporation may issue memberships having, with citation guidance and answers to common questions.
§ 12420. Except as provided in subdivision (b), a corporation may issue memberships having
(a) Except as provided in subdivision (b), a corporation may issue memberships having different rights, privileges, preferences, restrictions, or conditions, as provided in its articles or bylaws. If the articles or bylaws authorize at least one class of voting memberships, a corporation may also authorize and issue additional classes of memberships, preferred or otherwise, that are divisible into a series or are nonvoting or both. (b) All worker-members shall have the rights, privileges, preferences, restrictions, or conditions as provided in the articles or bylaws. This membership shall not be divided into partial memberships. (c) A worker cooperative shall only make patronage distributions to the worker-member class.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 12420
What does Public Contract Code - PCC § 12420 cover?
Section 12420 ("Except as provided in subdivision (b), a corporation may issue memberships having") is part of the Public Contract Code - PCC, the codified statutory law of California. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite California § 12420?
A common citation format is "Public Contract Code - PCC § 12420" (California). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of California law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the California official source linked on this page or consult a licensed California attorney.
How does California § 12420 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in California can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in California.