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Financial Code - FIN - FIN § 5850
Financial Code - FIN - FIN § 5850
(a) An association may dissolve pursuant to the General Corporation Law (Division 1 (commencing with Section 100) of Title 1 of the Corporations Code). (b) In the case of a mutual association, the required vote of members to elect voluntarily to wind up and dissolve shall be by m
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Financial Code - FIN - FIN § 586
Financial Code - FIN - FIN § 586
If the commissioner finds that any of the factors set forth in subdivision (a) of Section 585, any of the factors set forth in subdivision (b) of Section 585, and any of the factors set forth in subdivision (c) of Section 585 are true with respect to a subject person of a subject
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Financial Code - FIN - FIN § 5860
Financial Code - FIN - FIN § 5860
Notwithstanding any other provision of law, but subject to prior approval of the commissioner, any mutual association may reorganize so as to become a mutual holding company by causing a reorganized savings and loan association to be incorporated and organized as a stock associat
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Financial Code - FIN - FIN § 5861
Financial Code - FIN - FIN § 5861
Upon transfer of assets and assumption of liabilities pursuant to Section 5860, persons who prior thereto held savings accounts with, or other rights as creditors of, the mutual association with respect to accounts and liabilities transferred shall have such accounts and rights s
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Financial Code - FIN - FIN § 5862
Financial Code - FIN - FIN § 5862
A reorganization of a mutual association pursuant to this article shall be approved by the board of directors and by the members of the mutual association.
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Financial Code - FIN - FIN § 5863
Financial Code - FIN - FIN § 5863
An application to the commissioner for approval of a reorganization under this article shall contain such relevant information as the commissioner may require. The commissioner may disapprove any proposed mutual holding company formation and refuse to issue a certificate of autho
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Financial Code - FIN - FIN § 5864
Financial Code - FIN - FIN § 5864
In connection with reorganization pursuant to the provisions of this article, a mutual association may, subject to the approval of the commissioner, retain capital assets at the holding company level to the extent that the capital exceeds adequate reserves as prescribed by state
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Financial Code - FIN - FIN § 5865
Financial Code - FIN - FIN § 5865
A mutual holding company shall be deemed to be a savings association continuing its organization under this division and may engage only in activities authorized for an association, but may not issue or accept savings accounts or other deposits and the provisions of subdivision (
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Financial Code - FIN - FIN § 5866
Financial Code - FIN - FIN § 5866
Sections 5801, 5802, and 5803 shall not apply to a reorganization pursuant to this article.
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Financial Code - FIN - FIN § 5867
Financial Code - FIN - FIN § 5867
Notwithstanding any other provision of law, a reorganized stock association may exercise any and all powers, rights, and privileges of and be subject to all limitations not inconsistent with this article which are applicable to stock associations as provided in this division.
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Financial Code - FIN - FIN § 5868
Financial Code - FIN - FIN § 5868
A reorganized stock association shall have the power to issue additional amounts of capital stock to the mutual holding company of which it is a subsidiary and, in addition, to other persons an amount of capital stock and securities convertible into capital stock which in the agg
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Financial Code - FIN - FIN § 587
Financial Code - FIN - FIN § 587
(a) If the commissioner finds that any of the factors set forth in paragraph (1) and the factor set forth in paragraph (2) are true with respect to a subject person or former subject person of a subject institution or holding company, the commissioner may, without any prior notic
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Financial Code - FIN - FIN § 588
Financial Code - FIN - FIN § 588
(a) Any subject institution, subject person of a subject institution, or former subject person of a subject institution to whom an order is issued under Sections 585 to 587, inclusive, may apply to the commissioner to modify or rescind the order. In deciding whether to grant or d
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Financial Code - FIN - FIN § 589
Financial Code - FIN - FIN § 589
(a) In this section, “subject financial institution” means any: (1) Licensee or any bank or credit union that maintains an office in this state. (2) Affiliate of any of the institutions specified in paragraph (1). (3) Subsidiary of any of the institutions specified in paragraph (
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Financial Code - FIN - FIN § 590
Financial Code - FIN - FIN § 590
The commissioner may revoke or suspend any license issued by, or under the authority of, the commissioner, if, after notice and opportunity to be heard, the commissioner finds any of the following: (a) The licensee has violated, is violating, or that there is reasonable cause to
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Financial Code - FIN - FIN § 591
Financial Code - FIN - FIN § 591
If the commissioner finds that any of the factors set forth in Section 590 is true with respect to any licensee and that it is necessary for the protection of the public interest, the commissioner may issue an order immediately suspending or revoking the licensee’s license.
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Financial Code - FIN - FIN § 592
Financial Code - FIN - FIN § 592
If the commissioner finds that any of the factors set forth in subdivisions (a) to (k), inclusive, is true with respect to a licensee, the commissioner may by order, without any prior notice or opportunity to be heard, take possession of the property and business of the licensee:
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Financial Code - FIN - FIN § 593
Financial Code - FIN - FIN § 593
(a) If the commissioner takes possession of the property and business of a licensee pursuant to Section 592, the licensee may, within 10 days, apply to the superior court in the county where its head office is located to enjoin further proceedings. The court may, after citing the
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Financial Code - FIN - FIN § 594
Financial Code - FIN - FIN § 594
(a) Upon taking possession of the property and business of any licensee, the commissioner shall give notice of that fact to all persons holding or having in their possession any assets of the licensee. No person knowing of the taking, or who has been notified thereof, shall have
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Financial Code - FIN - FIN § 595
Financial Code - FIN - FIN § 595
The commissioner is deemed to take possession of the entire property and business of a licensee when the commissioner takes possession of the business and property of the head office of the licensee.
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Financial Code - FIN - FIN § 6
Financial Code - FIN - FIN § 6
Whenever a power is granted to, or a duty imposed on any person or board by any provision of this code, it may be exercised or performed by any deputy or person authorized by the person or board to whom the power is granted or on whom the duty is imposed, unless it is expressly p
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Financial Code - FIN - FIN § 600
Financial Code - FIN - FIN § 600
In this chapter, “Federal Insurance Agency” means the Federal Deposit Insurance Corporation or the National Credit Union Administration, as appropriate, or their respective successors-in-interest.
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Financial Code - FIN - FIN § 6000
Financial Code - FIN - FIN § 6000
An annual meeting of the members of each mutual association shall be held at a time and place fixed in the bylaws of the association.
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Financial Code - FIN - FIN § 6001
Financial Code - FIN - FIN § 6001
Special meetings of the members of a mutual association may be called at any time by the president or the board of directors, and shall be called by the president, a vice president, or the secretary upon the written request of members holding of record in the aggregate at least 1
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Financial Code - FIN - FIN § 6002
Financial Code - FIN - FIN § 6002
Notice of each annual and special meeting shall be either published once a week for the two successive calendar weeks (in each instance on any day of the week) immediately prior to the week in which such meeting shall convene, in a newspaper printed in the English language and of