California Financial Code

§ 5863

FIN § 5863Div. 2 · Ch. 2 · Art. 10

Statute text

An application to the commissioner for approval of a reorganization under this article shall contain such relevant information as the commissioner may require. The commissioner may disapprove any proposed mutual holding company formation and refuse to issue a certificate of authority for the reorganized stock association only if within 60 days after the date of filing of a completed application he or she finds the following:

(a)The disapproval is necessary to prevent unsafe and unsound practices.

(b)The financial or managerial resources of the mutual association warrant disapproval.

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Legislative history

Added by Stats. 1988, Ch. 718, Sec. 10.