California Statutes
§ 1132. — 1132. (Added by Stats. 2011, Ch. 243, Sec. 3.)
California·Code FIN Financial Code - FIN·Div. 1.1. DIVISION 1.1. BANKING·Ch. 5. CHAPTER 5. Corporate Requirements·Art. 3. ARTICLE 3. Distributions to Shareholders
Neither a bank nor any majority-owned subsidiary of a bank shall make any distribution to the shareholders of such bank in an amount which exceeds the lesser of:
(a)The retained earnings of the bank; or
(b)The net income of the bank for its last three fiscal years, less the amount of any distributions made by the bank or by any majority-owned subsidiary of
the bank to the shareholders of the bank during such period.
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California § 1132. (1132. (Added by Stats. 2011, Ch. 243, Sec. 3.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.