California Financial Code

§ 648

FIN § 648 Effective Jan 1, 2012Div. 1 · Ch. 7 · Art. 3

Statute text

Any licensee that the commissioner has taken possession of pursuant to Section 592, and for which a conservator has been appointed pursuant to this article, may be reorganized under a plan that requires the consent of any of the following:

(a)Customers and other creditors of the licensee representing at least 75 percent in amount of its total member shares or deposits and other liabilities as shown by the books of the licensee, excluding member shares or deposits and other liabilities which are to be satisfied in full under the provisions of the plan.

(b)Stockholders owning at least two-thirds of the outstanding stock as shown by the books of the licensee.

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Legislative history

Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.