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Code · California · Corporations Code

§ 7412

49 words·~1 min read·/ca/corporations-code/7412

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Neither a corporation nor any of its subsidiaries shall make a distribution if the corporation or the subsidiary making the distribution is, or as a result thereof would be, likely to be unable to meet its liabilities (except those whose payment is otherwise adequately provided for) as they mature.
★   the supreme law of the land   ★
Don't Tread on Me
E Pluribus Unum — out of many, one

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