California Financial Code

§ 15255

FIN § 15255Div. 5 · Ch. 9 · Art. 2

Statute text

After determining that all known debts and liabilities of the credit union have been paid or adequately provided for, the committee or the liquidating agent in charge of liquidation shall distribute all the remaining assets of the credit union among the members or shareholders. Each share is entitled to its proportionate amount of the assets according to the amount paid on that share.

Legislative history

Added by Stats. 1979, Ch. 112.