§ 54238

California Food and Agricultural Code · 2026 edition · updated 2026-10-04 · California

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.

(Enacted by Stats. 1967, Ch. 15.)

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California Food and Agricultural Code

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