Skater,
Oops... I totally forgot about the folding stock variation of the M1 Carbine. AFAIK it would fall within the definition of an assault rifle per the criteria of (SB 23) California Penal Code section 12276.1 (a) (1). Such guns were required to be registered with the State of CA by December 31, 2000. Ownership or possession thereafter of such guns without registrations is a felony under CA law. If you happen to have such a gun, see a criminal lawyer skilled in gun cases. An interesting question would be why you couldn't just remove the offending (and probably valuable) stock, divest yourself of both ownership and possession, and replace it with a conventional stock. I don't know the answer. If the gun/folding stock were in storage out of the state of CA, that might also be legal. In any case a gun case savvy criminal lawyer could advise you.
You might find it informative to check the CA Attorney General's website at
http://caag.state.ca.us/firearms/regs/genchar2.htm Another informative website is
http://www.gunnewsdaily.com/Good luck,
Legal Disclaimer: Obviously this post is not meant to provide legal advice, legal representation or relationship, and none exists or is provided. I am not admitted to practice law in any state other than California and am neither doing nor intending to do so. I limit my practice to civil law, and do not practice criminal law. Anyone wanting legal advice or representation should seek his own lawyer admitted to practice law in the prospective client's jurisdiction.
John