California Corporations Code
(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.