California Food and Agricultural Code

§ 54238

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

FAC § 54238Div. 20 · Ch. 1 · Art. 9

Statute text

View on leginfo.ca.gov

The association may, at any time, as specified in the bylaws, except when the debts of the association exceed 50 percent of its assets, buy in or purchase its common stock at the book value of the common stock, as conclusively determined by the board of directors, and pay for it in cash within one year thereafter.

Legislative history

Enacted by Stats. 1967, Ch. 15.