California Code, CORP 501.

California Code, CORP 501.

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Corporations Code - CORP

TITLE 1. CORPORATIONS [100 - 14707] Â Â ( Title 1 enacted by Stats. 1947, Ch. 1038. ) Â Â DIVISION 1. GENERAL CORPORATION LAW [100 - 2319] Â Â ( Division 1 repealed and added by Stats. 1975, Ch. 682. ) Â Â

CHAPTER 5. Dividends and Reacquisitions of Shares [500 - 511] Â Â ( Chapter 5 added by Stats. 1975, Ch. 682. )

  501.  Neither a corporation nor any of its subsidiaries shall make any distribution to the corporation’s shareholders (Section 166) if the corporation or the subsidiary making the distribution is, or as a result thereof would be, likely to be unable to meet its liabilities (except those whose payment is otherwise adequately provided for) as they mature. (Repealed and added by Stats. 1975, Ch. 682.)