California § 503. 503. (Repealed and added by Stats. 2011, Ch. 203, Sec. 5.)

California Statutes

§ 503. — 503. (Repealed and added by Stats. 2011, Ch. 203, Sec. 5.)

California § 503.

JurisdictionCalifornia

Code CORPCorporations Code - CORP

Div.1.

Title 1.DIVISION 1. GENERAL CORPORATION LAW

Ch. 5.CHAPTER 5. Dividends and Reacquisitions of Shares

This text of California § 503. (503. (Repealed and added by Stats. 2011, Ch. 203, Sec. 5.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cal. Corporations Code - CORP Code § 503. (2026).

Text

(a)The provisions of Sections 500 and 501 shall not apply to a purchase or redemption of shares of a deceased shareholder from the proceeds of insurance on the life of that shareholder in excess of the total amount of all premiums paid by the corporation for that insurance, in order to carry out the provisions of an agreement between the corporation and that shareholder to purchase or redeem those shares upon the death of the shareholder.

(b)The provisions of Sections 500 and 501 shall not apply to the purchase or redemption of shares of a disabled shareholder from the proceeds of disability insurance applicable to the disabled shareholder in excess of the total amount of all premiums paid by the corporation for the insurance, in order to carry out the provisions of an agreement be

Free access — add to your briefcase to read the full text and ask questions with AI

(a)
The provisions of Sections 500 and 501 shall not apply to a purchase or redemption of shares of a deceased shareholder from the proceeds of insurance on the life of that shareholder in excess of the total amount of all premiums paid by the corporation for that insurance, in order to carry out the provisions of an agreement between the corporation and that shareholder to purchase or redeem those shares upon
the death of the shareholder.
(b)
The provisions of Sections 500 and 501 shall not apply to the purchase or redemption of shares of a disabled shareholder from the proceeds of disability insurance applicable to the disabled shareholder in excess of the total amount of all premiums paid by the corporation for the insurance, in order to carry out the provisions of an agreement between the corporation and the shareholder to purchase or redeem shares upon the disability of the shareholder as defined within that policy. For the purposes of this subdivision, “disability insurance” means an agreement of indemnification against the insured’s loss of the ability to work due to accident or illness.