In the consideration of all questions requiring action by the members of a mutual association, each member shall be entitled to cast one vote for each one hundred dollars ($100), or fraction thereof, of the withdrawal value of his or her savings account or accounts. No member, however, shall be entitled to cast more than 1,000 votes nor shall votes be cumulated for the election of directors.
Cal. Fin. Code § 6003
Meetings of Members of Mutual Associations
Known as the Savings Association Law
The act spans §§ 5000–10009 (387 sections).
Amended by Stats. 1984, Ch. 287, Sec. 14.7
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.