There is a newer version of the California Code
2011 California Code
Corporations Code
TITLE 1. CORPORATIONS [100 - 14551]
CHAPTER 5. Stock
Section 13315
CA Corp Code § 13315 (through 2012 Leg Sess) What's This?
An association may, at any time, as specified in the by-laws, except when the debts of the association exceed 50 percent of its assets, buy in or purchase its common stock at the book value thereof, as conclusively determined by the board of directors and pay for it in cash within one year thereafter.
(Added by Stats. 1953, Ch. 207.)
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