California Statutes
§ 18448. — 18448. (Amended by Stats. 1980, Ch. 418, Sec. 10.)
California·Code FIN Financial Code - FIN·Div. 7. DIVISION 7. INDUSTRIAL LOAN COMPANIES·Ch. 6. CHAPTER 6. Prohibited Practices and Penalties
No director, officer, stockholder, or employee of an industrial loan company, its holding company, or its affiliates shall purchase, directly or indirectly, or be interested in the purchase of, any of the company’s assets for an amount less than the then current market value thereof and any such purchase may not be made without the express approval of the board of directors of the company. Title and possession of assets shall not be transferred to the purchaser until full consideration in cash has been received by the industrial loan company. Every person violating this section shall be liable to the company for twice the market value of the assets so
purchased.
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California § 18448. (18448. (Amended by Stats. 1980, Ch. 418, Sec. 10.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by Stats. 1980, Ch. 418, Sec. 10.