California Financial Code

§ 6052

FIN § 6052Div. 2 · Ch. 3 · Art. 2

Statute text

(a)No action may be instituted or maintained in the right of any association by any savings account holder who is not a stockholder or member of the association.

(b)An action may be instituted or maintained in the right of an association by a stockholder or member of that association only if all the following conditions exist:

(1)The plaintiff alleges in the complaint that the plaintiff was a registered stockholder or member at the time of the transaction or any part of it, or that the stock or membership devolved upon the plaintiff by operation of law from a holder who was a holder at the time of the transaction or any part of it.

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Legislative history

Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.