California Financial Code

§ 17321.1

FIN § 17321.1 Effective Sep 28, 1988Div. 6 · Ch. 2.5 · Art. 3

Statute text

Fidelity Corporation shall levy a special assessment against its members whenever:

(a)Deemed necessary by the board of directors in the event of any extraordinary expenses which would seriously deplete the resources of the operations fund; or

(b)A proof of loss has been submitted by a member which, if paid during that fiscal year, would reduce the membership fund by 10 percent or more.

Legislative history

Added by Stats. 1988, Ch. 1458, Sec. 15. Effective September 28, 1988.