Corporations Code § 7411
‹ § 7410§ 7412 ›Open in browserleginfo ↗7411.
(a) Except as provided in subdivision (b), no corporation shall make any distribution except upon dissolution.
(b) A corporation may, subject to meeting the requirements of Sections 7412 and 7413 and any additional restrictions authorized by Section 7414, purchase or redeem memberships.
(Amended by Stats. 1979, Ch. 724.)