Cal. FIN § 1868
This is the official text of Cal. FIN § 1868, part of California’s Financial Code — regulates banks, credit unions, lenders, and other financial institutions.
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Official statutory text
No corporation shall be the holder of any shares of its own capital stock unless such stock shall have been taken to prevent loss upon a debt previously contracted in good faith, and stock so acquired shall, within six months from the time of its acquisition, be sold or disposed of at public or private sale.
Status: in_force · Read it on the official government site
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