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Cal. Corporations Code § 12453

Cal. Corporations Code § 12453

California · California Corporations Code · Status: effective

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Cal. Corporations Code § 12453, California, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/792376
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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.