California Financial Code

§ 5808

FIN § 5808Div. 2 · Ch. 2 · Art. 8

Statute text

No association that is a subsidiary in this state of any savings and loan holding company that does not have in effect a certificate of registration for that association as required by this article or whose holding company has failed to comply with (1) an order of a court made in respect to the provisions of this division or (2) an order of the commissioner under Section 8200, shall knowingly, without consent of the commissioner, do any of the following:

(a)Transfer or register stock or other securities on its books for or issue certificates to its holding company.

(b)Pay dividends on stock of which its holding company is the record or beneficial owner.

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Legislative history

Amended by Stats. 1987, Ch. 730, Sec. 11.