California · Corporations Code

CORP §505: Nothing in this chapter prohibits additional restrictions upon the declaration of dividends or the purchase or redemption of a corporation’s own shares by provision in the articles or bylaws or in any

What this law says, in plain English

This statute allows corporations to impose additional restrictions on dividend declarations and share repurchases through their articles or bylaws.

Read the full statutory text

Nothing in this chapter prohibits additional restrictions upon the declaration of dividends or the purchase or redemption of a corporation’s own shares by provision in the articles or bylaws or in any indenture or other agreement entered into by the corporation.

Verify at the official source: California legislative text

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