Cal. PUC § 3178
This is the official text of Cal. PUC § 3178, part of California’s Public Utilities Code — regulates utilities such as electricity, gas, water, and transportation carriers.
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Official statutory text
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.
Status: in_force · Read it on the official government site
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