Corporations Code section 5320

(a)

Subject to Section 5613, and unless otherwise provided in the corporation’s articles or bylaws:

(1)

No member may transfer a membership or any right arising therefrom.

(2)

All rights of membership cease upon the member’s death or dissolution.

(b)

Notwithstanding subdivision (a), no member may transfer for value a membership or any right arising therefrom.

(c)

Notwithstanding subdivisions (a) and (b), this section does not prohibit or restrict the transfer, purchase, or sale of a membership in a limited equity housing cooperative, provided that the transfer, purchase, or sale is consistent with Section 33007.5 of the Health and Safety Code.

Source: Section 5320, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=CORP§ionNum=5320.­ (updated Jan. 1, 1993; accessed Dec. 8, 2025).

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Verified:
Dec. 8, 2025

§ 5320's source at ca​.gov