Let A = A(X) be a
logmodular algebra and m a representing measure on X associated with a nontrivial
Gleason part. For 1 ≦ p ≦∞, let Hp(dm) denote the closure of A in Lp(dm) ( w∗
closure for p = ∞). A closed subspace M of Hp(dm) or Lp(dm) is called invariant if
f ∈ M and g ∈ A imply that fg ∈ M. The main result of this paper is a
characterization of the invariant subspaces which satisfy a weaker hypothesis than
that required in the usual form of the generalized Beurling theorem, as given by
Hoffman or Srinivasan.