§ 13315

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

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

(Added by Stats. 1953, Ch. 207.)

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California Corporations Code

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