California Financial Code

§ 1133

FIN § 1133 Effective Jan 1, 2012Div. 1.1 · Ch. 5 · Art. 3

Statute text

Notwithstanding the provisions of Section 1132, a bank or a majority-owned subsidiary of a bank may, with the prior approval of the commissioner, make a distribution to the shareholders of such bank in an amount not exceeding the greatest of:

(a)The retained earnings of the bank;

(b)The net income of the bank for its last fiscal year; or

…

Legislative history

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