Where the commissioner finds that on the date of filing with the Secretary of State of the certificate of election to wind up and dissolve, the credit union does not have sufficient assets to return to its shareholders their investment in full, the credit union shall not be liable for the costs of administration assessed under Article 4 (commencing with Section 14350) of Chapter 3.
Cal. Fin. Code § 15260
Dissolution
Known as the California Credit Union Law
The act spans §§ 14000–16906 (329 sections).
Added by Stats. 1979, Ch. 112.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.