No corporation shall make any distribution. This section shall not apply to the purchase of a membership in a limited-equity housing cooperative, as defined in § 33007.5 of the Health and Safety Code, which is organized as a public benefit corporation.

(Amended by Stats. 1992, Ch. 250, Sec. 2. Effective January 1, 1993.)

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Terms Used In California Corporations Code 5410

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
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