California § 18018.2. 18018.2. (Added by Stats. 1989, Ch. 663, Sec. 1.2.)

California Statutes

§ 18018.2. — 18018.2. (Added by Stats. 1989, Ch. 663, Sec. 1.2.)

California·Code FIN Financial Code - FIN·Div. 7. DIVISION 7. INDUSTRIAL LOAN COMPANIES·Ch. 1. CHAPTER 1. General Provisions·Art. 1. ARTICLE 1. Definitions

“Secondary capital,” as used in this division, means the sum of mandatory convertible debt that is not included in primary capital, limited life preferred stock, and subordinated notes and debentures, all in an amount up to 50 percent of primary capital. Issues of limited life preferred stock and subordinated notes and debentures, except mandatory convertible debt, shall have original weighted average maturities of at least seven years to be included within capital surplus under primary capital.

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“Secondary capital,” as used in this division, means the sum of mandatory convertible debt that is not included in primary capital, limited life preferred stock, and subordinated notes and debentures, all in an amount up to 50 percent of primary capital. Issues of limited life preferred stock and subordinated notes and debentures, except mandatory convertible debt, shall have original weighted average maturities of at least seven years to be included within capital surplus under primary capital.

California § 18018.2. (18018.2. (Added by Stats. 1989, Ch. 663, Sec. 1.2.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.