California Statutes
§ 7412. — 7412. (Added by Stats. 1978, Ch. 567.)
California·Code CORP Corporations Code - CORP·Div. 2.·Title 1. DIVISION 2. NONPROFIT CORPORATION LAW·Part 3. PART 3. NONPROFIT MUTUAL BENEFIT CORPORATIONS·Ch. 4. CHAPTER 4. Distributions·Art. 1. ARTICLE 1. Limitations
Neither a corporation nor any of its subsidiaries shall make a distribution if the corporation or the subsidiary 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 § 7412. (7412. (Added by Stats. 1978, Ch. 567.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Stats. 1978, Ch. 567.