California Financial Code

§ 6602

FIN § 6602Div. 2 · Ch. 5 · Art. 1

Statute text

Savings accounts may be opened for cash or, subject to any limitations or restrictions in regulations issued by the commissioner, for property in which the association is authorized to invest. In the absence of fraud in the transaction, the value of the property taken in payment, as determined by the board of directors, shall be conclusive.

Legislative history

Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.