California Corporations Code

§ 2308

CORP § 2308Div. 1 · Title 1 · Ch. 23

Statute text

Chapter 5 of the new law applies to any distribution to its shareholders made after the effective date by a corporation existing on the effective date, except that any such distribution effected pursuant to a contract for the purchase or redemption of shares entered into by the corporation prior to the effective date may be made if permissible under Chapter 5 or under the prior law in effect at the time the contract was entered into.

Legislative history

Added by Stats. 1975, Ch. 682.