{"data":{"id":"us-ca/corp-12453","jurisdiction":"us-ca","citation":"CORP § 12453","heading":"","body":"Neither a corporation nor any of its subsidiaries shall purchase or redeem memberships, or make a patronage distribution to members out of earnings of the corporation on nonmember patronage, or make a distribution, if the corporation or the subsidiary purchasing or redeeming memberships or 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.","path":["Corporations Code - CORP","TITLE 1. CORPORATIONS [100. - 14707.]","DIVISION 3. CORPORATIONS FOR SPECIFIC PURPOSES [12000. - 14707.]","PART 2. COOPERATIVE CORPORATIONS [12200. - 12704.]","CHAPTER 4. Distributions [12450. - 12455.]","ARTICLE 1. Limitations [12450. - 12454.5.]"],"source_url":"https://downloads.leginfo.legislature.ca.gov/pubinfo_2025.zip","current_through":"2026-09-13","vintage":"","retrieved_at":"2026-09-14T05:56:33Z","sha256":"4fcbbd122510fa94c05b12218cb1c7a0d63104a10eaaa4b52a5d2002059a0d3e","source_id":"us-ca","stale":false,"prev":"us-ca/corp-12452","next":"us-ca/corp-12454"},"notice":"GroundRules: Original legal text. Not legal advice."}