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California Corporations Code

§ 13315

CORP § 13315Div. 3 · Title 1 · Part 3 · Ch. 5

Statute text

View on leginfo.ca.gov
An association may, at any time, as specified in the by-laws, except when the debts of the association exceed 50 percent of its assets, buy in or purchase its common stock at the book value thereof, as conclusively determined by the board of directors and pay for it in cash within one year thereafter.

Legislative history

Added by Stats. 1953, Ch. 207.

Source: California Corporations Code § 13315 from the California Legislative Information (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.