Chapter 14 - Transition Provisions - California Financial Code

Sections (3)

§ 31950

Added by Stats. 1977, Ch. 1164.

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

Amended by Stats. 1978, Ch. 965.

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

Added by Stats. 1977, Ch. 1164.

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.