California Financial Code

§ 5501.5

FIN § 5501.5Div. 2 · Ch. 2 · Art. 2

Statute text

The articles of incorporation of each domestic association incorporated after January 1, 1984, shall include a statement that it is formed for each of the following purposes:

(a)To engage primarily in the specific business of a savings association and any other lawful activities not prohibited to a savings association by applicable laws and regulations.

(b)To encourage industry, frugality, home building, and the accumulation of savings. That statement shall add either “among its members” or “among its savings account holders” and may also add “and among others.”

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Legislative history

Amended by Stats. 1988, Ch. 718, Sec. 2.