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Financial Code - FIN - FIN § 6003
Financial Code - FIN - FIN § 6003
In the consideration of all questions requiring action by the members of a mutual association, each member shall be entitled to cast one vote for each one hundred dollars ($100), or fraction thereof, of the withdrawal value of his or her savings account or accounts. No member, ho
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Financial Code - FIN - FIN § 6004
Financial Code - FIN - FIN § 6004
(a) In order that the association may determine the members entitled to notice of any meeting or to vote or entitled to receive any distribution or entitled to exercise any rights in respect of any other lawful action, the board of directors of the association may fix, in advance
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Financial Code - FIN - FIN § 6005
Financial Code - FIN - FIN § 6005
At any meeting of the members, voting may be in person or by proxy, provided that no proxy is eligible to be voted at any meeting unless it has been filed with the secretary of the association, for verification, prior to the meeting. Each proxy shall be in writing and when filed
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Financial Code - FIN - FIN § 6006
Financial Code - FIN - FIN § 6006
Any number of members present at a regular or special meeting of the members shall constitute a quorum. A majority of all votes cast at any meeting of members shall determine any question unless this division specifically provides otherwise.
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Financial Code - FIN - FIN § 601
Financial Code - FIN - FIN § 601
Upon taking possession of the property and business of any licensee, the commissioner has authority, and it is his or her duty, to collect all moneys due to the licensee and to do other acts as are necessary or expedient to collect, conserve, or protect the licensee’s assets, pro
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Financial Code - FIN - FIN § 602
Financial Code - FIN - FIN § 602
No attachment shall be issued against the property of any licensee subject to conservation or liquidation pursuant to this article.
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Financial Code - FIN - FIN § 603
Financial Code - FIN - FIN § 603
Upon taking possession of the property and business of any licensee pursuant to Section 592, the commissioner may proceed to liquidate or conserve the licensee in the manner provided by this article.
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Financial Code - FIN - FIN § 604
Financial Code - FIN - FIN § 604
Upon taking possession of the property and business of a licensee pursuant to Section 592, the commissioner may tender to any person or persons an appointment as conservator, liquidator, receiver, or liquidating committee of the licensee.
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Financial Code - FIN - FIN § 605
Financial Code - FIN - FIN § 605
The commissioner shall supervise the acts of the conservator, liquidator, receiver, or liquidating committee appointed under this article and may remove the conservator, liquidator, receiver, or any or all members of the liquidating committee in his or her discretion.
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Financial Code - FIN - FIN § 6050
Financial Code - FIN - FIN § 6050
(a) The register of stockholders or members, the books of account, and the minutes of an association shall be subject to inspection upon the written demand of any stockholder or member or group of stockholders or members at any reasonable time during usual business hours, for a p
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Financial Code - FIN - FIN § 6051
Financial Code - FIN - FIN § 6051
(a) If any member, members, stockholder or stockholders desire to communicate with other members or stockholders of an association about any question pending or to be presented for consideration at a meeting of the members or stockholders, the association shall furnish upon reque
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Financial Code - FIN - FIN § 6052
Financial Code - FIN - FIN § 6052
(a) No action may be instituted or maintained in the right of any association by any savings account holder who is not a stockholder or member of the association. (b) An action may be instituted or maintained in the right of an association by a stockholder or member of that assoc
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Financial Code - FIN - FIN § 6053
Financial Code - FIN - FIN § 6053
In the case of an association which converts from a mutual association to a stock association, for a period of up to five years from the date of conversion, special meetings of the stockholders of a stock association may be called at any time by the president, or the board of dir
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Financial Code - FIN - FIN § 606
Financial Code - FIN - FIN § 606
If required by the commissioner, the conservator, liquidator, receiver, or members of the liquidating committee appointed under this article shall provide proof of bond coverage that extends to the conservator, liquidator, receiver, or members of the liquidating committee. The bo
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Financial Code - FIN - FIN § 607
Financial Code - FIN - FIN § 607
(a) If the commissioner retains possession of the assets of the licensee for the purpose of liquidation or conservation, the commissioner shall, to the extent possible, use the services of civil service employees of the commissioner’s office, and the attorneys employed by the com
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Financial Code - FIN - FIN § 608
Financial Code - FIN - FIN § 608
The compensation of civil service employees, special deputies, counsel, and other employees and assistants appointed to assist in the conservation or liquidation of any licensee and the distribution of its assets and all expenses of supervision and liquidation shall be fixed by t
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Financial Code - FIN - FIN § 609
Financial Code - FIN - FIN § 609
If a licensee is not insured by a Federal Insurance Agency, upon the commissioner taking possession of the business and property of the licensee, the superior court of the State of California for the county in which the head office of the licensee is located shall have exclusive
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Financial Code - FIN - FIN § 6100
Financial Code - FIN - FIN § 6100
Each association shall prepare and publish annually within the time prescribed by the commissioner in a newspaper of general circulation in the county in which its home office is located, and shall deliver to each member or stockholder upon request, a statement of its financial c
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Financial Code - FIN - FIN § 6150
Financial Code - FIN - FIN § 6150
(a) The business of each association shall be directed by a board of directors elected by ballot by a plurality of the votes of the members or stockholders present or voting by proxy. (b) Each director and officer of an association has a legal responsibility and fiduciary duty to
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Financial Code - FIN - FIN § 6151
Financial Code - FIN - FIN § 6151
No person shall be eligible for election or shall serve as a director or officer of an association who has been convicted of a criminal offense involving dishonesty or a breach of trust.
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Financial Code - FIN - FIN § 6152
Financial Code - FIN - FIN § 6152
(a) A director shall automatically cease to be a director upon becoming the subject of an order for relief in bankruptcy or upon conviction of a criminal offense involving dishonesty or a breach of trust. (b) In the case of an association which converts from a mutual association
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Financial Code - FIN - FIN § 6153
Financial Code - FIN - FIN § 6153
Directors shall be elected for periods of three years and until their successors are elected and qualified, but provision shall be made for the election of approximately one-third of the board of directors each year.
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Financial Code - FIN - FIN § 6154
Financial Code - FIN - FIN § 6154
If the members or stockholders fail to elect a director to fill each vacancy created by an increase in the number of directors, the current directors may fill the vacancy by electing a director to serve until the next annual meeting of the members or stockholders at which time a
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Financial Code - FIN - FIN § 6155
Financial Code - FIN - FIN § 6155
Whenever the number of directors is changed and vacancies caused by the change are filled, the directors so elected shall be elected to terms in accordance with the provisions of Section 6153.
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Financial Code - FIN - FIN § 6156
Financial Code - FIN - FIN § 6156
(a) Any vacancy among directors, not filled by the members or stockholders, may be filled by a majority vote of the remaining directors, though less than a quorum, by electing a director to serve until the next annual meeting of the members or stockholders, at which time a direct