California Financial Code

§ 5108

FIN § 5108Div. 2 · Ch. 1 · Art. 2

Statute text

“Impaired condition” means a condition in which the assets of an association in the aggregate do not have a value, as determined in accordance with generally accepted accounting principles, equal to or greater than the aggregate amount of liabilities of the association to its creditors, including the holders of its savings accounts and all other persons who are creditors.

Legislative history

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