California Financial Code

§ 1132

FIN § 1132 Effective Jan 1, 2012Div. 1.1 · Ch. 5 · Art. 3

Statute text

Neither a bank nor any majority-owned subsidiary of a bank shall make any distribution to the shareholders of such bank in an amount which exceeds the lesser of:

(a)The retained earnings of the bank; or

(b)The net income of the bank for its last three fiscal years, less the amount of any distributions made by the bank or by any majority-owned subsidiary of the bank to the shareholders of the bank during such period.

Legislative history

Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.