California § 7413. 7413. (Amended by Stats. 2022, Ch. 617, Sec. 60.)

California Statutes

§ 7413. — 7413. (Amended by Stats. 2022, Ch. 617, Sec. 60.)

California § 7413.

JurisdictionCalifornia

Code CORPCorporations 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

This text of California § 7413. (7413. (Amended by Stats. 2022, Ch. 617, Sec. 60.)) 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 § 7413. (2026).

Text

Neither a corporation nor any of its subsidiaries shall purchase or redeem a membership of the parent or subsidiary if the articles of the corporation contain a provision authorized by subparagraph (B) of paragraph (4) of subdivision (a) of Section 7132 and such corporation or the subsidiary making the purchase or redemption is, or as a result thereof would be, likely to be unable to meet the obligations resulting from such article provision.

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Neither a corporation nor any of its subsidiaries shall purchase or redeem a membership of the parent or subsidiary if the articles of the corporation contain a provision authorized by subparagraph (B) of paragraph (4) of subdivision (a) of Section 7132 and such corporation or the subsidiary making the purchase or redemption is, or as a result thereof would be, likely to be unable to meet the obligations resulting from such article provision.

Legislative History

Amended by Stats. 2022, Ch. 617, Sec. 60. (SB 1202) Effective January 1, 2023.

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Bluebook (online)

California § 7413., Counsel Stack Legal Research, https://law.counselstack.com/statute/ca/CORP/7413..