Corp. Code, § 12445 · Article 5. Rights and Obligations of Members and Creditors
Corp. Code, § 12445
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
The articles or bylaws shall prescribe:
(a) The manner of determining each member’s share of the capital of the corporation contributed by the members and, if repayable, the time and manner for its repayment; and
(b) The manner of determining the value, if any, of the member’s interest in the corporation apart from contributed capital and the time and manner of the corporation’s purchase, if required, of such interest from a terminated member.
Notes and commentary — not statutory text
History
Added by Stats. 1982, Ch. 1625, Sec. 3. Operative January 1, 1984.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=CORP§ionNum=12445.
- Text hash
- sha256 ce00e49ad6296108f7878680ffeab456824a5323219b9c78d3d0870da35a4e7f
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Cited by 1 provision
Provisions in this library whose text cites Corp. Code, § 12445. Each shows the citation as that text prints it.
Corporations Code
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.