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Financial Code - FIN - FIN § 18480

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18480

“Member account” means the total of all amounts credited to a member for paid-in capital contributions, and other credits, net of any charges to that participating member.

Financial Code - FIN - FIN § 18481

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18481

“Guaranteed investment certificate” means a thrift obligation guaranteed by Guaranty Corporation pursuant to Section 18523.

Financial Code - FIN - FIN § 18490

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18490

When the property and business of a member, other than a special member, has been liquidated or is in the process of liquidation by the commissioner and the proceeds of liquidation distributed ratably are insufficient to pay up to fifty thousand dollars ($50,000) of each thrift o

Financial Code - FIN - FIN § 18491

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18491

(a) When the property and business of a member, other than a special member, is being liquidated, the commissioner may direct Guaranty Corporation to pay each thrift obligation of the member specified in Section 18523 up to fifty thousand dollars ($50,000). Guaranty Corporation s

Financial Code - FIN - FIN § 18493

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18493

Whenever it appears to the commissioner that Guaranty Corporation has: (a) Violated its articles of incorporation or any law of this state; (b) Not paid amounts as directed by the commissioner pursuant to Section 18490; (c) Invested its funds in violation of Section 18497; (d) No

Financial Code - FIN - FIN § 18494

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18494

Whenever the commissioner has taken possession of the property and business of Guaranty Corporation, Guaranty Corporation within 10 days after such taking, if it deems itself aggrieved thereby, may apply to the superior court in the county in which the head office of Guaranty Cor

Financial Code - FIN - FIN § 18495

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18495

An appeal may be taken from the judgment of the court by the commissioner or by Guaranty Corporation in the manner provided by law for appeals from the judgment of a superior court to the court of appeal. An appeal from the judgment of the court does not operate as a stay of the

Financial Code - FIN - FIN § 18496

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18496

(a) Guaranty Corporation shall have independent authority to approve membership, or suspend or revoke the right to participate in Guaranty Corporation by any member for cause and to submit reports and make recommendations to the commissioner regarding the financial condition of a

Financial Code - FIN - FIN § 18496.1

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18496.1

(a) A director, officer, employee, or agent of Thrift Guaranty Corporation shall be subject to liability for acts of fraud, willful misconduct, or reckless or criminal acts arising out of, or in connection with, the performance of his or her duties on behalf of Thrift Guaranty Co

Financial Code - FIN - FIN § 18497

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18497

Guaranty Corporation may invest its funds only in readily marketable securities as provided by rules of the commissioner. Upon request of the commissioner, Guaranty Corporation shall furnish an authorization for disclosure to the commissioner of financial records of such funds pu

Financial Code - FIN - FIN § 18498

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18498

Income from investments shall be recorded in an income account and be used to defray expenses of administration. Income from investments that exceeds an amount determined by the board of directors to be adequate to provide for current expenses may be credited to members’ accounts

Financial Code - FIN - FIN § 18499

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18499

Expenses of administration that exceed income from investments at year end shall be charged to members’ accounts. Each member’s account shall be charged ratably based on the account balance for the amount of the excess.

Financial Code - FIN - FIN § 185

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 185

“Licensee” has the following meanings: (a) Any bank authorized by the commissioner pursuant to Section 1042 to transact banking or trust business. (b) Any industrial bank authorized by the commissioner pursuant to Section 1042 to transact industrial banking business. (c) Any trus

Financial Code - FIN - FIN § 1850

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 1850

As used in this article, unless the context otherwise requires, “corporation” means a corporation organized under the laws of this state for the purpose of transacting business pursuant to this article.

Financial Code - FIN - FIN § 18500

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18500

Guaranty Corporation shall have authority to: (a) Borrow funds when necessary to effectuate the provisions of this chapter. (b) Make loans to, deposits in, purchase assets or securities of, assume liabilities of, or make contributions to any Guaranty Corporation member to minimiz

Financial Code - FIN - FIN § 18501

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18501

The commissioner shall give prompt notice to Guaranty Corporation when the commissioner takes possession of the property and business of a member and shall give further prompt notice when the commissioner determines to liquidate the property and business of a member.

Financial Code - FIN - FIN § 18502

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18502

Memberships issued by Guaranty Corporation shall be nontransferable and shall be exempt from the provisions of the Corporate Securities Law of 1968.

Financial Code - FIN - FIN § 18503

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18503

The commissioner and the commissioner’s duly designated representatives may at any time investigate the affairs and examine the books, accounts, records and files used by Guaranty Corporation. The commissioner and the commissioner’s duly designated representatives shall have free

Financial Code - FIN - FIN § 18504

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18504

Any member or industrial loan company making application to participate in Guaranty Corporation aggrieved by any action or decision of Guaranty Corporation may appeal to the commissioner within 30 days from the action or decision.

Financial Code - FIN - FIN § 18505

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18505

(a) After consultation with, and approval by, the Thrift Guaranty Corporation, the commissioner shall adopt rules and regulations regarding information to be given to holders of investment certificates of industrial loan companies including, but not limited to, information contai

Financial Code - FIN - FIN § 18506

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18506

No person shall advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any manner any statement or representation with regard to its membership in Guaranty Corporation or that

Financial Code - FIN - FIN § 18507

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18507

In order to permit Guaranty Corporation to fulfill its obligations under this chapter, the commissioner shall furnish to Guaranty Corporation a list of all industrial loan companies that are not insured companies which have outstanding thrift obligations and one copy of the indep

Financial Code - FIN - FIN § 18508

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18508

An industrial loan company or its successor shall not be entitled to receive a refund, return, withdrawal, or distribution of the amount in its member’s account or of any assessments paid by it except upon liquidation of Guaranty Corporation.

Financial Code - FIN - FIN § 18509

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 18509

(a) Guaranty Corporation may elect to wind up and dissolve upon approval of the commissioner, the board, and the members in accordance with Section 8610 of the Corporations Code, after (1) each industrial loan company has become a member of the Federal Deposit Insurance Corporati

Financial Code - FIN - FIN § 1851

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 1851

The provisions of Chapter 1 (commencing with Section 99) of Division 1 applicable to, or with respect to, banks shall apply to, or with respect to, as the case may be, corporations.