Each association shall set up and maintain the reserves required by, and may set up and maintain any additional reserves that are permitted by, this division.
The board of directors may make additional transfers to surplus or other reserve accounts.
Cal. Fin. Code § 6476
Statutory Net Worth; Reserve Accounts
Known as the Savings Association Law
The act spans §§ 5000–10009 (387 sections).
Added by Stats. 1983, Ch. 1091, Sec. 2.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.