§ 54003 Association Member Definition

• •This law defines who counts as a 'member' in certain groups.
• •If the group has no shares (like a club), all members are included.
• •If the group has shares (like a company), people who own common stock are members.

You join a local gardening club that doesn’t sell shares.

You are a 'member' of the club because you joined it, even though there are no shares to buy.