California Corporations Code

§ 7413

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

Statute 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.

Legislative history

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