Statute · California Corporations Code
Cal. Corp. Code § 12453 — Limitations
Cal. Corp. Code § 12453
- Type
- Statute
- Source
- California Corporations Code
- Jurisdiction
- California
- Current through
- Nov 2, 2026 (California Legislative Counsel)
Neither a corporation nor any of its subsidiaries shall purchase or redeem memberships, or make a patronage distribution to members out of earnings of the corporation on nonmember patronage, or make a distribution, if the corporation or the subsidiary purchasing or redeeming memberships or…
Citator
Cal. Corp. Code § 12453 — Limitations is in force in the current edition of the Code, and nothing recorded condemns it.
Neither a corporation nor any of its subsidiaries shall purchase or redeem memberships, or make a patronage distribution to members out of earnings of the corporation on nonmember patronage, or make a distribution, if the corporation or the subsidiary purchasing or redeeming memberships or making the distribution is, or as a result thereof would be, likely to be unable to meet its liabilities (except those whose payment is otherwise adequately provided for) as they mature.