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DIVISION 1.1. BANKING 1000-1910›CHAPTER 21. International and Foreign Banking and Financing 1850-1910›ARTICLE 1. International and Foreign Banking and Financing Corporations 1850-1897

§ 1858

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

Nothing contained in this article shall prevent corporations from purchasing and holding stock in any corporation where such purchase shall be necessary to prevent a loss upon a debt previously contracted in good faith; and stock so purchased or acquired in corporations shall within six months from such purchase be sold or disposed of at public or private sale unless the time to so dispose of same is extended by the commissioner.

(Amended by Stats. 2013, Ch. 334, Sec. 45. (SB 537) Effective January 1, 2014.)

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California Financial Code

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