No licensee shall, except with the prior approval of the commissioner, make, or obligate itself to make, any distribution to its shareholders.
Cal. Fin. Code § 31231
Distributions to Shareholders
Known as the Business and Industrial Development Corporations Law
The act spans §§ 31000–31952 (132 sections).
Amended by Stats. 1996, Ch. 1064, Sec. 652
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.