California Food and Agricultural Code 54238 – The association may, at any time, as specified in the bylaws, except …
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The association may, at any time, as specified in the bylaws, except when the debts of the association exceed 50 percent of its assets, buy in or purchase its common stock at the book value of the common stock, as conclusively determined by the board of directors, and pay for it in cash within one year thereafter.
(Enacted by Stats. 1967, Ch. 15.)
Terms Used In California Food and Agricultural Code 54238
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.