Corporations Code section 7354

Nothing in this part shall be construed as in derogation of any rights or remedies which any creditor or member may have against any promoter, member, director, officer or the corporation because of participation in any fraud or illegality practiced upon such creditor or member by any such person or by the corporation in connection with the issue or sale of memberships or securities or in derogation of any rights which the corporation may have by rescission, cancellation or otherwise because of any fraud or illegality practiced on it by any such person in connection with the issue or sale of memberships or securities.

Source: Section 7354, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=CORP§ionNum=7354.­ (updated Jan. 1, 1978; accessed Oct. 13, 2025).

Green check means up to date. Up to date

Verified:
Oct. 13, 2025

§ 7354's source at ca​.gov