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Financial Code - FIN - FIN § 15260
Financial Code - FIN - FIN § 15260
Where the commissioner finds that on the date of filing with the Secretary of State of the certificate of election to wind up and dissolve, the credit union does not have sufficient assets to return to its shareholders their investment in full, the credit union shall not be liabl
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Financial Code - FIN - FIN § 153
Financial Code - FIN - FIN § 153
“Certificate of determination” has the meaning set forth in Section 156 of the Corporations Code, subject, however, to the provisions of Section 1104.
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Financial Code - FIN - FIN § 1530
Financial Code - FIN - FIN § 1530
Chapter 15 (commencing with Section 1530) is a restatement of Division 7 (commencing with Section 18000) as that division pertains to the licensing and regulation of industrial banks and to the insurance of deposits of industrial banks. Chapter 15 is a continuation, simplificatio
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Financial Code - FIN - FIN § 15300
Financial Code - FIN - FIN § 15300
A credit union may convert itself into a federal credit union by following the procedure contained in this article.
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Financial Code - FIN - FIN § 15301
Financial Code - FIN - FIN § 15301
Upon recommendation of the board of directors the members of any credit union may by an affirmative majority vote of such members resolve to convert such credit union into a federal credit union. For the purposes of this article, an “affirmative majority vote of such members” mea
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Financial Code - FIN - FIN § 15302
Financial Code - FIN - FIN § 15302
Within 10 days after the meeting or written vote at which the members determine to convert into a federal credit union, the credit union shall file with the commissioner a certificate verified by the board of directors of such credit union. The certificate shall contain a copy of
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Financial Code - FIN - FIN § 15303
Financial Code - FIN - FIN § 15303
A certified copy of the certificate required by Section 15302 filed in the office of the Secretary of State is presumptive evidence of the holding of the meeting or written vote and the action taken thereat.
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Financial Code - FIN - FIN § 15304
Financial Code - FIN - FIN § 15304
After the meeting or the written vote of the members, the credit union shall take such action as is necessary to make it a federal credit union, and within 10 days after receipt of the federal charter, the credit union shall file with the commissioner and with the Secretary of St
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Financial Code - FIN - FIN § 15305
Financial Code - FIN - FIN § 15305
At the time the conversion into a federal credit union becomes effective, the credit union ceases to be supervised by this state and all of the property of the credit union, including all of its right, title, and interest in and to all property of every kind and character immedia
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Financial Code - FIN - FIN § 15306
Financial Code - FIN - FIN § 15306
The converted federal credit union shall have, hold, and enjoy the property mentioned in Section 15305 in its own right as fully and to the same extent as the property was possessed, held, and enjoyed by it as a state credit union and the federal credit union shall continue respo
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Financial Code - FIN - FIN § 1531
Financial Code - FIN - FIN § 1531
(a) Any reference in a provision of any statute or regulation of this state to banks or commercial banks includes industrial banks. (b) Subdivision (a) does not apply in any of the following cases: (1) In case the provision or a related provision expressly provides otherwise. (2)
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Financial Code - FIN - FIN § 1532
Financial Code - FIN - FIN § 1532
The Industrial Loan Account of the Financial Institutions Fund is renamed to be the Industrial Bank Account.
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Financial Code - FIN - FIN § 1533
Financial Code - FIN - FIN § 1533
(a) The commissioner shall annually levy on and collect from industrial banks authorized to transact industrial banking business in this state, pro rata on the basis of total assets, an assessment in a total amount that is sufficient in the commissioner’s judgment to (1) meet the
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Financial Code - FIN - FIN § 15350
Financial Code - FIN - FIN § 15350
Upon recommendation of its board of directors, any federal credit union may convert into a credit union under the laws of this state by complying with the requirements of the Federal Credit Union Act (12 U.S.C. Sec. 1771) and on obtaining a certificate pursuant to Chapter 2 (comm
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Financial Code - FIN - FIN § 15351
Financial Code - FIN - FIN § 15351
The officers and directors of the federal credit union shall be the officers and directors of the credit union after conversion takes effect, to hold office until their successors are elected and qualified.
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Financial Code - FIN - FIN § 15352
Financial Code - FIN - FIN § 15352
The commissioner may conduct a joint audit of the federal credit union with federal auditors. Upon completion of such audit, he shall issue a certificate to the National Credit Union Administration showing the results of such audit. The commissioner may also certify that the tran
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Financial Code - FIN - FIN § 15353
Financial Code - FIN - FIN § 15353
Copies of the minutes of the proceedings of the meeting of the members or the written ballot and the record of written vote of the members in which they voted to convert into a state credit union, verified by the board of directors of the credit union, shall be filed within 10 da
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Financial Code - FIN - FIN § 15354
Financial Code - FIN - FIN § 15354
The verified copies of the minutes of the meeting or the record of written vote, when filed as required by Section 15353, are presumptive evidence of the holding of, and the action taken at, the meeting or the written vote.
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Financial Code - FIN - FIN § 15355
Financial Code - FIN - FIN § 15355
After an affirmative vote as provided in Section 15350, the federal credit union shall take or cause to be taken such action in the manner prescribed and authorized by this division as shall make it a credit union of this state. The directors shall file the documents and take suc
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Financial Code - FIN - FIN § 15356
Financial Code - FIN - FIN § 15356
The directors of a credit union converted from a federal credit union may insert in the articles of incorporation the following statement: “This credit union is incorporated by conversion from a federal credit union.”
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Financial Code - FIN - FIN § 15357
Financial Code - FIN - FIN § 15357
Within 10 days after the filing of the articles of incorporation with the Secretary of State, there shall be filed, with the National Credit Union Administration, two copies of the articles of incorporation, certified by the Secretary of State.
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Financial Code - FIN - FIN § 15358
Financial Code - FIN - FIN § 15358
Upon the filing of the articles of incorporation with the Secretary of State and the issuance of a certificate by the commissioner authorizing the federal credit union to act as a credit union under the laws of this state, the credit union ceases to be a federal credit union and
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Financial Code - FIN - FIN § 15359
Financial Code - FIN - FIN § 15359
The converted credit union shall have, hold, and enjoy the property mentioned in Section 15358 in its own right as fully and to the same extent as the property was possessed, held, and enjoyed by it as a federal credit union and the converted credit union continues responsible fo
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Financial Code - FIN - FIN § 1540
Financial Code - FIN - FIN § 1540
Each industrial bank shall be an insured bank at all times while it is engaged in the industrial banking business.
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Financial Code - FIN - FIN § 15400
Financial Code - FIN - FIN § 15400
“Central credit union” means a credit union whose membership includes, but is not limited to, other credit unions, members of credit unions, credit union employees, employees of organizations serving credit unions, and the families of such members and any common bond set out in s