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California Code, Corporations Code - CORP § 504

Current as of January 01, 2023 | Updated by FindLaw Staff

(a) The provisions of Section 500 do not apply to a dividend declared by either of the following:

(1) A regulated investment company, as defined in the federal Internal Revenue Code, as amended, to the extent that the dividend is necessary to maintain the status of the corporation as a regulated investment company under the provisions of that code.

(2) A real estate investment trust, as defined in Part II of Subchapter M of Chapter 1 of Subtitle A of the federal Internal Revenue Code, as amended, to the extent that the dividend is necessary to maintain the status of the corporation as a real estate investment trust under the provisions of that code.

(b) The provisions of this chapter do not apply to any purchase or redemption of shares redeemable at the option of the holder by a registered open-end investment company under the United States Investment Company Act of 1940, so long as the right of redemption remains unsuspended under the provisions of that statute and the articles and bylaws of the corporation.

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Cite this article: FindLaw.com - California Code, Corporations Code - CORP § 504 - last updated January 01, 2023 | https://codes.findlaw.com/ca/corporations-code/corp-sect-504/

Read this complete California Code, Corporations Code - CORP § 504 on Westlaw

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