Notwithstanding any other law, transfers of greater than ten thousand dollars ($10,000) or 5 percent of an association’s total combined reserve and operating account deposits, whichever is lower, shall not be authorized from the association’s reserve or operating accounts without prior written board approval. This section applies in addition to any other applicable requirements of this part.
Cal. Civ. Code § 5502
Accounting
Showing this section's text as in effect on January 1, 2019 (in force January 1, 2019 – January 1, 2021). View current text →
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.