{"code":"CORP","codeName":"Corporations Code","section":"7413","citation":"Corp. Code, § 7413","status":"in-force","lawOn":"2026-09-28","headings":[{"name":"TITLE 1. CORPORATIONS [100. - 14707.]","url":"https://blackletter.si/corporations-code/title-1"},{"name":"DIVISION 2. NONPROFIT CORPORATION LAW [5000. - 10841.]","url":"https://blackletter.si/corporations-code/title-1/division-2"},{"name":"PART 3. NONPROFIT MUTUAL BENEFIT CORPORATIONS [7110. - 8910.]","url":"https://blackletter.si/corporations-code/title-1/division-2/part-3"},{"name":"CHAPTER 4. Distributions [7410. - 7420.]","url":"https://blackletter.si/corporations-code/title-1/division-2/part-3/chapter-4"},{"name":"ARTICLE 1. Limitations [7410. - 7414.]","url":"https://blackletter.si/corporations-code/title-1/division-2/part-3/chapter-4/article-1"}],"history":"Amended by Stats. 2022, Ch. 617, Sec. 60.   (SB 1202)   Effective January 1, 2023.","effective":"2023-01-01","html":"<p>Neither a corporation nor any of its subsidiaries shall purchase or redeem a membership of the parent or subsidiary if the articles of the corporation contain a provision authorized by subparagraph (B) of paragraph (4) of subdivision (a) of Section <a href=\"/corp/7132\">7132</a> and such corporation or the subsidiary making the purchase or redemption is, or as a result thereof would be, likely to be unable to meet the obligations resulting from such article provision.</p>","text":"Neither a corporation nor any of its subsidiaries shall purchase or redeem a membership of the parent or subsidiary if the articles of the corporation contain a provision authorized by subparagraph (B) of paragraph (4) of subdivision (a) of Section 7132 and such corporation or the subsidiary making the purchase or redemption is, or as a result thereof would be, likely to be unable to meet the obligations resulting from such article provision.","otherVersions":[],"url":"https://blackletter.si/corporations-code/limitations-7413","source":"California Legislative Information bulk export (pubinfo)"}