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Business and Professions Code - BPC - BPC § 26226.7
Business and Professions Code - BPC - BPC § 26226.7
If a vacancy on the board of directors occurs, except by expiration of term, the remaining members of the board, by a majority vote, shall fill the vacancy, unless the bylaws provide for an election of directors by districts. If the bylaws provide for an election of directors by
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Business and Professions Code - BPC - BPC § 26226.8
Business and Professions Code - BPC - BPC § 26226.8
(a) The directors shall elect a president, one or more vice presidents, a secretary, a treasurer, and such other officers as may be prescribed by the bylaws. Any two or more offices, except those of president and secretary, may be held by the same person. (b) The treasurer may be
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Business and Professions Code - BPC - BPC § 26226.9
Business and Professions Code - BPC - BPC § 26226.9
(a) A member may bring charges against an officer or director by filing them in writing with the secretary of the association, together with a petition that is signed by 5 percent of the members, which requests the removal of the officer or director in question. The removal shall
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Business and Professions Code - BPC - BPC § 26227
Business and Professions Code - BPC - BPC § 26227
An association may engage in any activity in connection with the growing, harvesting, curing, drying, trimming, packing, grading, storing, or handling of any cannabis product that is produced or delivered to it by its members; or any activity in connection with the purchase, hiri
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Business and Professions Code - BPC - BPC § 26227.1
Business and Professions Code - BPC - BPC § 26227.1
An association may borrow without limitation as to the amount of corporate indebtedness or liability and may make advances to members.
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Business and Professions Code - BPC - BPC § 26227.2
Business and Professions Code - BPC - BPC § 26227.2
An association may act as the agent or representative of any member or members in any of the activities specified in Section 26226.2 or 26226.3.
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Business and Professions Code - BPC - BPC § 26227.3
Business and Professions Code - BPC - BPC § 26227.3
An association may purchase or otherwise acquire, hold, own, and exercise all rights of ownership in, sell, transfer, pledge, or guarantee the payment of dividends or interest on, or the retirement or redemption of, shares of the capital stock or bonds of an association that is e
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Business and Professions Code - BPC - BPC § 26227.4
Business and Professions Code - BPC - BPC § 26227.4
An association may establish reserves and invest the funds of the reserves in bonds or in other property as may be provided in the bylaws.
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Business and Professions Code - BPC - BPC § 26227.5
Business and Professions Code - BPC - BPC § 26227.5
An association may buy, hold, and exercise all privileges of ownership over such real or personal property as may be necessary or convenient for the conduct and operation of, or incidental to, the business of the association.
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Business and Professions Code - BPC - BPC § 26227.6
Business and Professions Code - BPC - BPC § 26227.6
An association may levy assessments in the manner and in the amount as may be provided in its bylaws.
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Business and Professions Code - BPC - BPC § 26227.7
Business and Professions Code - BPC - BPC § 26227.7
An association may do any of the following anywhere: (a) That which is what is necessary, suitable, or proper for the accomplishment of a purpose, or the attainment of an object, that is enumerated in this article. (b) That which is conducive to, or expedient for, the interest or
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Business and Professions Code - BPC - BPC § 26227.75
Business and Professions Code - BPC - BPC § 26227.75
An association may use or employ any of its facilities for any purpose, provided the proceeds that arise from such use and employment shall go to reduce the cost of operation for its members. The cannabis products that are handled for, or the services, machinery, equipment, or su
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Business and Professions Code - BPC - BPC § 26227.8
Business and Professions Code - BPC - BPC § 26227.8
(a) An association may organize, form, operate, own, control, have an interest in, own stock of, or be a member of any other association, with or without capital stock, that is engaged in growing, harvesting, curing, drying, trimming, packing, grading, storing, or handling of any
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Business and Professions Code - BPC - BPC § 26227.9
Business and Professions Code - BPC - BPC § 26227.9
(a) Any association may, upon resolution adopted by its board of directors, enter into all necessary and proper contracts and agreements and make all necessary and proper stipulations and arrangements with another cannabis cooperative or association that is formed in this state f
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Business and Professions Code - BPC - BPC § 26228
Business and Professions Code - BPC - BPC § 26228
An association is not subject in any manner to the terms of the Corporate Securities Law (Division 1 (commencing with Section 25000) of Title 4 of the Corporations Code), and any association may issue its membership certificates or stock or other securities as provided in this ch
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Business and Professions Code - BPC - BPC § 26228.1
Business and Professions Code - BPC - BPC § 26228.1
If an association issues nonpar value stock, the issuance of the stock shall be governed by the terms of all general laws that cover the issuance of nonpar value stock in domestic corporations.
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Business and Professions Code - BPC - BPC § 26228.2
Business and Professions Code - BPC - BPC § 26228.2
If an association with preferred shares of stock purchases the stock or any property, or any interest in any property of any person, it may discharge the obligations that are so incurred, wholly or in part, by exchanging for the acquired interest, shares of its preferred stock to
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Business and Professions Code - BPC - BPC § 26228.3
Business and Professions Code - BPC - BPC § 26228.3
The board of directors of every association shall cause to be sent to the members of the association not later than 120 days after the close of the fiscal or calendar year an annual report of the operations of the association, unless the report is expressly dispensed with in the
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Business and Professions Code - BPC - BPC § 26229
Business and Professions Code - BPC - BPC § 26229
Under the terms and conditions that are prescribed in the bylaws adopted by it, an association may admit as members or issue common stock only to persons engaged in the cultivation of a cannabis product that is to be handled by or through the association.
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Business and Professions Code - BPC - BPC § 26229.1
Business and Professions Code - BPC - BPC § 26229.1
If a member of a nonstock association is other than a natural person, the member may be represented by any individual, associate, officer, or manager or member of it, who is duly authorized in writing.
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Business and Professions Code - BPC - BPC § 26229.2
Business and Professions Code - BPC - BPC § 26229.2
Any association may become a member or stockholder of any other association.
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Business and Professions Code - BPC - BPC § 26229.3
Business and Professions Code - BPC - BPC § 26229.3
If a member of an association that is established without shares of stock has paid his membership fee in full, he or she shall receive a certificate of membership.
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Business and Professions Code - BPC - BPC § 26229.4
Business and Professions Code - BPC - BPC § 26229.4
An association shall not issue a certificate for stock to a member until it has been fully paid for. The promissory notes of the members may be accepted by the association as full or partial payment. The association shall hold the stock as security for the payment of the note, bu
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Business and Professions Code - BPC - BPC § 26229.5
Business and Professions Code - BPC - BPC § 26229.5
An association, in its bylaws, may limit the amount of common stock that any member may own.
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Business and Professions Code - BPC - BPC § 26229.6
Business and Professions Code - BPC - BPC § 26229.6
The bylaws shall prohibit the transfer of the common stock or membership certificates of the associations to a person that is not qualified to be a shareholder or member as specified in this chapter. These restrictions shall be printed upon every certificate of stock or membershi