California Financial Code

§ 5101

FIN § 5101Div. 2 · Ch. 1 · Art. 2

Statute text

“Approved by the members,” in the case of a mutual association, means approved by a majority of all votes cast at a duly held regular or special meeting or by the written consent (including consents by proxy) of a majority of the total votes of members outstanding at the close of business on the next business day prior to the date that the requisite written consents have been filed with the association.

Legislative history

Added by Stats. 1983, Ch. 1091, Sec. 2.