An amendment must also be approved by the members (Section 5034) of a class, whether or not such class is entitled to vote thereon by the provisions of the articles or bylaws, if the amendment would:

(a)        Materially and adversely affect the rights, privileges, preferences, restrictions or conditions of that class as to voting, dissolution, redemption or transfer in a manner different than such action affects another class;

(b)        Materially and adversely affect such class as to voting, dissolution, redemption or transfer by changing the rights, privileges, preferences, restrictions or conditions of another class;

(c)        Increase or decrease the number of memberships authorized for such class;

(d)        Increase the number of memberships authorized for another class;

(e)        Effect an exchange, reclassification or cancellation of all or part of the memberships of such class; or

(f)         Authorize a new class of memberships.

Index      Table of Contents