§ 18018.3
75 words·~1 min read·
/ca/financial-code/18018-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
“Perpetual preferred stock,” as used in this division, means a preferred stock that does not have a stated maturity date or that can not be redeemed at the option of the holder. It includes those issues of preferred stock that automatically convert into common stock at a stated date. It excludes those issues, the rate on which increases, or can increase, in such a manner that would effectively require the issuer to redeem the issue.