California Corporations Code

§ 509

CORP § 509 Effective Jan 1, 2023Div. 1 · Title 1 · Ch. 5

Statute text

(a)A corporation may redeem any or all shares which are redeemable at its option by (1) giving notice of redemption as provided in subdivisions (b) and (c) or as otherwise provided in its articles of incorporation, and (2) payment or deposit of the redemption price of the shares as provided in its articles or deposit of the redemption price pursuant to subdivision (d).

(b)Subject to any provisions in the articles with respect to the notice required for redemption of shares, the corporation may give notice of the redemption of any or all shares subject to redemption by causing a notice of redemption to be published in a newspaper of general circulation in the county in which the principal office of the corporation is located at least once a week for two successive weeks, in each instance on any day of the week, commencing not earlier than 60 nor later than 20 days before the date fixed for redemption. The notice of redemption shall set forth all of the following:

(1)The class or series of shares or part of any class or series of shares to be redeemed.

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Legislative history

Amended by Stats. 2022, Ch. 617, Sec. 13. (SB 1202) Effective January 1, 2023.