California Corporations Code

§ 7412

Name: California Superior Court Tentative Rulings
Creator: DecisionDepot
License: https://creativecommons.org/licenses/by-nc/4.0/

CORP § 7412Div. 2 · Title 1 · Part 3 · Ch. 4 · Art. 1

Statute text

View on leginfo.ca.gov

Neither a corporation nor any of its subsidiaries shall make a distribution if the corporation or the subsidiary 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.

Legislative history

Added by Stats. 1978, Ch. 567.