California Business and Professions Code

§ 26225.95

BPC § 26225.95 Effective Jun 27, 2017Div. 10 · Ch. 22 · Art. 5

Statute text

(a)The bylaws may prescribe any of the following:

(1)The manner of determining the value of a member’s interest and provision for its purchase by the association upon the death or withdrawal of a member or upon the expulsion of a member or forfeiture of his or her membership, or at the option of the association, the purchase at a price fixed by conclusive appraisal by the board of directors.

(2)The conditions and terms for the repurchase by the association from its stockholders of their stock upon their disqualification as stockholders.

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Legislative history

Added by Stats. 2017, Ch. 27, Sec. 107. (SB 94) Effective June 27, 2017.