California CodesBusiness and Professions Code - BPCDivision 10 — CannabisChapter 22 — Cannabis Cooperative AssociationsArticle 9 — MembersSection 26229.7
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.
Notes
Allows an association, as its bylaws specify, to purchase its common stock at board-determined book value and pay cash within one year after purchase. The association may not exercise this authority when its debts exceed 50 percent of its assets.
Use as reference
Lexinter.net | California Code, Business and Professions Code - BPC § 26229.7 | https://laws.lexinter.net/codes/california/business-and-professions-code/division-10/chapter-22/article-9/section-26229-7