California Statutes
§ 6477. — 6477. (Added by Stats. 1986, Ch. 1158, Sec. 3.)
California·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
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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California § 6477. (6477. (Added by Stats. 1986, Ch. 1158, Sec. 3.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Stats. 1986, Ch. 1158, Sec. 3. Effective September 26, 1986.