Law360, New York ( April 25, 2012, 2:46 PM EDT) -- The amendments to the California Corporations Code that became effective earlier this year introduced a "value" determination to the statutory test that governs distributions to shareholders. This will apply to distributions of cash or property made by way of a dividend or through the repurchase or redemption of shares by California corporations, as well as by foreign corporations having significant ownership and operational ties to California (frequently called "pseudo-foreign corporations")....
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