§ 5860. — 5860. (Added by Stats. 1988, Ch. 718, Sec. 10.)

California § 5860.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 2.: DIVISION 2. SAVINGS ASSOCIATION LAW
• Ch. 2.: CHAPTER 2. Corporate Organization and Corporate Changes
• Art. 10.: ARTICLE 10. Mutual Holding Companies

Text

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 association under this chapter, transferring to the reorganized stock association a substantial part of the assets of that mutual association and causing the reorganized stock association to assume all or a substantial part of the liabilities of the mutual association, including all of its savings account liabilities.

Legislative History

Added by Stats. 1988, Ch. 718, Sec. 10.