California Financial Code

§ 18509

FIN § 18509Div. 7 · Ch. 7 · Art. 2

Statute text

(a)Guaranty Corporation may elect to wind up and dissolve upon approval of the commissioner, the board, and the members in accordance with Section 8610 of the Corporations Code, after (1) each industrial loan company has become a member of the Federal Deposit Insurance Corporation or redeemed all of its outstanding thrift obligations or (2) Guaranty Corporation has satisfied its guarantee of thrift obligations as provided in this chapter.

(b)Upon liquidation, after complying with the provisions of Section 8713 of the Corporations Code and notwithstanding Section 8717 of the Corporations Code, the assets of Guaranty Corporation shall be distributed to its members, past and present, including special members, ratably based on the balance of the members’ accounts, as established by resolution of the Board of Directors of Guaranty Corporation in accordance with the following:

(1)The account of each member, past and present, including special members, shall be credited with all assessments paid by the member to Guaranty Corporation.

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Legislative history

Repealed and added by Stats. 1989, Ch. 583, Sec. 7.