California Statutes
§ 7413. — 7413. (Amended by Stats. 2022, Ch. 617, Sec. 60.)
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 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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California § 7413. (7413. (Amended by Stats. 2022, Ch. 617, Sec. 60.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by Stats. 2022, Ch. 617, Sec. 60. (SB 1202) Effective January 1, 2023.