Each membership of the same class of any constituent corporation (other than the cancellation of memberships held by a surviving corporation or its parent or a wholly owned subsidiary of either in a constituent corporation) shall be treated equally with respect to any distribution of cash, property, rights, or securities unless: (a) all members of the class consent or (b) the Commissioner of Business Oversight has approved the terms and conditions of the transaction and the fairness of such terms pursuant to Section 25142.
(Amended by Stats. 2019, Ch. 143, Sec. 32. (SB 251) Effective January 1, 2020.)