California Financial Code

§ 1134

FIN § 1134 Effective Jan 1, 2012Div. 1.1 · Ch. 5 · Art. 3

Statute text

Notwithstanding the provisions of Section 1132, a bank may:

(a)With the prior approval of the commissioner, make a distribution to its shareholders by means of redeeming its redeemable shares; and

(b)With the prior approval of its outstanding shares and of the commissioner, otherwise make a distribution to its shareholders in connection with a reduction of its contributed capital.

Legislative history

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