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California Corporations Code

§ 7413

CORP § 7413 Effective Jan 1, 2023Div. 2 · Title 1 · Part 3 · Ch. 4 · Art. 1

Statute text

View on leginfo.ca.gov
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.

Source: California Corporations Code § 7413 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.