In connection with reorganization pursuant to the provisions of this article, a mutual association may, subject to the approval of the commissioner, retain capital assets at the holding company level to the extent that the capital exceeds adequate reserves as prescribed by state or federal law.
Cal. Fin. Code § 5864
Mutual Holding Companies
Known as the Savings Association Law
The act spans §§ 5000–10009 (387 sections).
Added by Stats. 1988, Ch. 718, Sec. 10.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.