Section 3178 Of Article 9. Members From California Public Utilities Code >> Division 1. >> Part 4. >> Chapter 1. >> Article 9.

. The association may, at any time, as specified in the bylaws, except when the debts of the association exceed 50 percent of its assets, buy in or purchase its common stock at the book value of the common stock, as conclusively determined by the board of directors, and pay for it in cash within one year thereafter.