California Financial Code

§ 14002.5

FIN § 14002.5 Effective Sep 20, 2002Div. 5 · Ch. 1 · Art. 1

Statute text

(a)Except as provided in subdivision (b), all provisions of law applicable to nonprofit mutual benefit corporations generally (including, but not limited to, the Nonprofit Mutual Benefit Corporation Law (Part 3 (commencing with Section 7110) of Division 2 of Title 1 of the Corporations Code)) shall apply to credit unions. However, whenever any provision of this division applicable to credit unions is inconsistent with any provision of law applicable to nonprofit mutual benefit corporations generally, the provision of this division shall apply and the inconsistent provision of law applicable to nonprofit mutual benefit corporations generally shall not apply to a credit union.

(b)Notwithstanding the provisions of subdivision (a), the following provisions of the Corporations Code are not applicable to credit unions:

(1)Section 7131.

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Legislative history

Added by Stats. 2002, Ch. 734, Sec. 5. Effective September 20, 2002.