Statute · California Food and Agricultural Code
Cal. Food & Agric. Code § 54203 — Financial Provisions
Cal. Food & Agric. Code § 54203
- Type
- Statute
- Source
- California Food and Agricultural Code
- Jurisdiction
- California
- Current through
- Nov 2, 2026 (California Legislative Counsel)
If an association with preferred shares of stock purchases the stock or any property, or any interest in any property of any person, it may discharge the obligations which are so incurred, wholly or in part, by exchanging for the acquired interest, shares of its preferred stock to an amount…
Citator
Cal. Food & Agric. Code § 54203 — Financial Provisions is in force in the current edition of the Code, and nothing recorded condemns it.
If an association with preferred shares of stock purchases the stock or any property, or any interest in any property of any person, it may discharge the obligations which are so incurred, wholly or in part, by exchanging for the acquired interest, shares of its preferred stock to an amount which at par value would equal the fair market value of the stock or interest so purchased, as determined by the board of directors. In that case the transfer to the association of the stock or interest which is purchased is equivalent to payment in cash for the shares of stock which are issued.