Section 500 of the Corporations Code does not apply to the making by a bank or by any majority-owned subsidiary of a bank of any distribution to the shareholders of such bank.
Cal. Fin. Code § 1131
Distributions to Shareholders
Added by Stats. 2011, Ch. 243, Sec. 3
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.