California Financial Code

§ 1868

FIN § 1868 Effective Jan 1, 2012Div. 1.1 · Ch. 21 · Art. 1

Statute text

No corporation shall be the holder of any shares of its own capital stock unless such stock shall have been taken to prevent loss upon a debt previously contracted in good faith, and stock so acquired shall, within six months from the time of its acquisition, be sold or disposed of at public or private sale.

Legislative history

Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.