Corporations Code section 12445

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.

Source: Section 12445, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=CORP§ionNum=12445.­ (updated Jan. 1, 1984; accessed Jul. 21, 2025).

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Verified:
Jul. 21, 2025

§ 12445's source at ca​.gov