Home/California/Statutes/Code FIN: Financial Code - FIN/Div. 2.: DIVISION 2. SAVINGS ASSOCIATION LAW/Ch. 3.: CHAPTER 3. Corporate Administration/Art. 7.: ARTICLE 7. Statutory Net Worth; Reserve Accounts/§ 6477.
California Statutes

§ 6477. — 6477. (Added by Stats. 1986, Ch. 1158, Sec. 3.)

California § 6477.
JurisdictionCalifornia
Code FINFinancial Code - FIN
Div. 2.DIVISION 2. SAVINGS ASSOCIATION LAW
Ch. 3.CHAPTER 3. Corporate Administration
Art. 7.ARTICLE 7. Statutory Net Worth; Reserve Accounts

This text of California § 6477. (6477. (Added by Stats. 1986, Ch. 1158, Sec. 3.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Cal. Financial Code - FIN Code § 6477. (2026).

Text

Any association which, for the purpose of evading provisions of this division or any order of the commissioner, knowingly participates, directly or indirectly, in an exchange with another association of any loan, investment, or other asset held by either association in violation of any provision of this division or any order of the commissioner, shall, upon direction of the commissioner, set up and maintain a reserve in the full amount of the asset acquired and shall not include that reserve in its statutory net worth.

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Legislative History

Added by Stats. 1986, Ch. 1158, Sec. 3. Effective September 26, 1986.
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California § 6477., Counsel Stack Legal Research, https://law.counselstack.com/statute/ca/FIN/6477..