{"code":"FAC","codeName":"Food and Agricultural Code","section":"54238","citation":"Food & Agr. Code, § 54238","status":"in-force","lawOn":"2026-09-28","headings":[{"name":"DIVISION 20. PROCESSORS, STORERS, DEALERS, AND DISTRIBUTORS OF AGRICULTURAL PRODUCTS [54001. - 57700.]","url":"https://blackletter.si/food-and-agricultural-code/division-20"},{"name":"CHAPTER 1. Nonprofit Cooperative Associations [54001. - 54294.]","url":"https://blackletter.si/food-and-agricultural-code/division-20/chapter-1"},{"name":"ARTICLE 9. Members [54231. - 54239.]","url":"https://blackletter.si/food-and-agricultural-code/division-20/chapter-1/article-9"}],"history":"Enacted by Stats. 1967, Ch. 15.","effective":null,"html":"<p>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.</p>","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.","otherVersions":[],"url":"https://blackletter.si/food-and-agricultural-code/members-54238","source":"California Legislative Information bulk export (pubinfo)"}