California Financial Code

§ 1174

FIN § 1174 Effective Jan 1, 2012Div. 1.1 · Ch. 5 · Art. 5

Statute text

(a)The commissioner shall be deemed to be a party in interest within the meaning of Section 306 of the Corporations Code with respect to a bank and may, in the name of the people of this state, bring or intervene in an action under Section 306 of the Corporations Code for the appointment of directors of a bank.

(b)The commissioner may, in the name of the people of this state, bring or intervene in an action under Section 308 of the Corporations Code for the appointment of a provisional director or directors of a bank to the same extent as a shareholder who held 50 percent of the voting power of such bank might bring such an action.

Legislative history

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