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TITLE 1. CORPORATIONS 100-14631›DIVISION 2. NONPROFIT CORPORATION LAW 5000-10841›PART 3. NONPROFIT MUTUAL BENEFIT CORPORATIONS 7110-8910›CHAPTER 4. Distributions 7410-7420›ARTICLE 1. Limitations 7410-7414

§ 7413

California Corporations Code · 2020-11 edition · updated 2026-10-04 · California

Neither a corporation nor any of its subsidiaries shall purchase or redeem a membership of the parent or subsidiary if the articles of the corporation contain a provision authorized by paragraph (4), clause (ii), of subdivision (a) of Section 7132 and such corporation or the subsidiary making the purchase or redemption is, or as a result thereof would be, likely to be unable to meet the obligations resulting from such article provision.

(Amended by Stats. 1979, Ch. 724.)

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California Corporations Code

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