§ 7413
73 words·~1 min read·
/ca/corporations-code/7413A 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 purchase or redeem a membership of the parent or subsidiary if the articles of the corporation contain a provision authorized by subparagraph
(B)of paragraph
(4)of subdivision
(a)of Section 7132 and such corporation or the subsidiary making the purchase or redemption is, or as a result thereof would be, likely to be unable to meet the obligations resulting from such article provision.