§ 2308
76 words·~1 min read·
/ca/corporations-code/2308A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Chapter 5 of the new law applies to any distribution to its shareholders made after the effective date by a corporation existing on the effective date, except that any such distribution effected pursuant to a contract for the purchase or redemption of shares entered into by the corporation prior to the effective date may be made if permissible under Chapter 5 or under the prior law in effect at the time the contract was entered into.