§ 13315
54 words·~1 min read·
/ca/corporations-code/13315A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.