No member of a mutual association is responsible for any losses of the association, no savings account is subject to assessment, and no savings account holder is liable for any unpaid installments on the account.
Cal. Fin. Code § 6603
Savings Liability
Known as the Savings Association Law
The act spans §§ 5000–10009 (387 sections).
Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.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.