There is a newer version of the California Code
2011 California Code
Food and Agricultural Code
DIVISION 20. PROCESSORS, STORERS, DEALERS, AND DISTRIBUTORS OF AGRICULTURAL PRODUCTS [54001 - 57700]
ARTICLE 9. Members
Section 54238
CA Food & Agri Code § 54238 (through 2012 Leg Sess) What's This?
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.)
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