California Statutes
§ 12453. — 12453. (Repealed and added by Stats. 1982, Ch. 1625, Sec. 3.)
California·Code CORP Corporations Code - CORP·Div. 3.·Title 1. DIVISION 3. CORPORATIONS FOR SPECIFIC PURPOSES·Part 2. PART 2. COOPERATIVE CORPORATIONS·Ch. 4. CHAPTER 4. Distributions·Art. 1. ARTICLE 1. Limitations
Neither a corporation nor any of its subsidiaries shall purchase or redeem memberships, or make a patronage distribution to members out of earnings of the corporation on nonmember patronage, or make a distribution, if the corporation or the subsidiary purchasing or redeeming memberships or making the distribution is, or as a result thereof would be, likely to be unable to meet its liabilities (except those whose payment is otherwise adequately provided for) as they mature.
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California § 12453. (12453. (Repealed and added by Stats. 1982, Ch. 1625, Sec. 3.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Repealed and added by Stats. 1982, Ch. 1625, Sec. 3. Operative January 1, 1984.