California Statutes
§ 54238. — 54238. (Enacted by Stats. 1967, Ch. 15.)
California § 54238.
JurisdictionCalifornia
Code FACFood and Agricultural Code - FAC
Div. 20.DIVISION 20. PROCESSORS, STORERS, DEALERS, AND DISTRIBUTORS OF AGRICULTURAL PRODUCTS
Ch. 1.CHAPTER 1. Nonprofit Cooperative Associations
Art. 9.ARTICLE 9. Members
This text of California § 54238. (54238. (Enacted by Stats. 1967, Ch. 15.)) 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. Food and Agricultural Code - FAC Code § 54238. (2026).
Text
The association may, at any time, as specified in the bylaws, except when the debts of the association exceed 50 percent of its assets, buy in or purchase its common stock at the book value of the common stock, as conclusively determined by the board of directors, and pay for it in cash within one year thereafter.
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Legislative History
Enacted by Stats. 1967, Ch. 15.
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Bluebook (online)
California § 54238., Counsel Stack Legal Research, https://law.counselstack.com/statute/ca/FAC/54238..